Tuesday, November 4, 2014

Breaking Down the Mortgage Process for Northern Virginia Homebuyers

Buying a home in Northern Virginia has many steps— from house hunting to beginning the mortgage process. And while finding your dream home may not be a quick and easy feat, the mortgage process can appear much scarier to some buyers. 

As your Northern Virginia real estate expert, I look forward to simplifying the real estate process for my clients, including the process of obtaining a mortgage! I have three decades of experience and can recommend area finance professionals to put you at ease. 

What else do you need to know about the mortgage process? The following should help break it down and further calm your nerves about buying a home in communities like Alexandria, Springfield, Fairfax, Falls Church or Arlington this year.

You need: Down payment
To qualify for a mortgage in Northern Virginia, a down payment of anywhere from 5 to 20 percent is helpful. Don't let previous assumptions about money down stop you from purchasing your dream home— depending on the type of mortgage you choose, your down payment could be as low as the single digits. 

You need: Income verification, credit history
Your lender will want to see verification of your income and your credit history to ensure you have the funds to make a monthly mortgage payment. Now is the time to put together all of your documents, keep them organized and research your credit history to ensure there are no errors. If there are, correct them before you begin!

A stable income and good credit history will put you on the path to homebuyer success.

You need: Appraisal
The lender will need to verify the value of the home you wish to purchase in Northern Virginia. 

You need: A real estate agent
Remember that your real estate agent has done this before— leave it to the pros! Team up with an experienced agent in NoVA who can answer any concerns or questions you have about the process. I am happy to help!

I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore
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Tuesday, October 28, 2014

Halloween Events in Northern Virginia: Centreville, Vienna, Mount Vernon, Alexandria

Halloween is this weekend and Northern Virginia will not disappoint on their offering of festive events! From a dog costume contest to a Halloween parade to trick or treating at Mount Vernon to a haunted farm— Northern Virginia is the place to be this time of year! 

 As your local real estate expert, I love providing more ways for residents and prospective homebuyers alike to enjoy and get to know the area. These Halloween events will allow you to do just that this week, so visit as many as you can!

 Fields of Fear and Fall Festival
Cox Farms 
Centreville, VA
10 AM to 6 PM, Festival
7:30 PM to 11 PM, Fields of Fear

 Cox Farms in Centreville, VA is hosting two fall-themed events this year— their haunted night-time destination, Fields of Fear, and their annual festival noted as the largest and most famous fall festival in Northern Virginia! Find hay rides, apples and cider, entertainment, kids activities and a small patch pumpkin to take home with each paid admission! At night, you'll enjoy games, a scary corn maze and zombie zoo!

 68th Annual Halloween Parade
October 29, 2014
Maple Avenue
Vienna, VA
7 PM

 This FREE parade in Vienna is now in its 68th year! Just in time for Halloween, kids are invited to walk in their costumes and the public can attend to find out which floats won for categories like Best Youth Band and Best Float with Music.

 Dog Howl-o-ween Costume Contest
October 30, 2014
Registration at 5 PM, Contest at 6:15 PM
Jackson 20
Alexandria, VA

 Let your pets celebrate Halloween too with this costume contest in Alexandria! Up to 50 contestants will walk the runway in the outdoor courtyard to model their holiday's best! All proceeds from the costume contest will benefit the Animal Welfare League of Alexandria.

 Trick or Treating in Mount Vernon
October 31, 2014
3:30 PM to 6:30 PM
Mount Vernon, VA

 This year, Mount Vernon opens its doors for the first-time to trick-or-treaters! There will be a scavenger hunt, crafts, costume parade and awards for "Best Martha" and "Best George!"

 I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore
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Tuesday, October 21, 2014

Northern Virginia Real Estate: Mortgage Rates Low, Refinancing Looking Up

For many Northern Virginia homeowners, the spring and summer months are viewed as ideal for selling and moving on to a new property. I recently discussed three reasons why fall is quickly emerging as a great time to sell, but one other reason has made its way to the top of the list— mortgage rates!

 The 30-year fixed mortgage rate is holding steady under 4% and as a NoVA homeowner, even if you're not ready to sell your home, refinancing is once again looking promising. 

 With mortgage rates at their lowest level in over a year, there is a lot of savings to be gained. Even the smallest percentage shift in a mortgage rate can have an impact on the long-term life of your loan. 

 A Bank of America analysis recently reported that a median priced home of $221,000 could save $50 a month with just a 0.5 percentage point decline. 

 However, it's also important to keep in mind that it takes time to offset the costs of refinancing your Annandale, Alexandria, Fairfax City, Falls Church or Herndon home's mortgage. 

 The new interest rate you're getting should be low enough to balance out the fees from your lender, pay for the home appraisal, title insurance and other related costs that can arise. A lower mortgage rate could save you hundreds on your monthly payment, but could also take you upwards of one year to break even. It is always wise to factor this timeline into your decision to refinance!

Refinancing your Northern Virginia home with today's historically low rates could be a lucrative opportunity for many homeowners. If you were one of the 20 percent of eligible households who failed to refinance when rates first started to decline, consider this your second chance!

 With my expertise in Northern Virginia real estate, I can help you take advantage of this exciting time in the market! Contact me today to discuss selling your home in the area or for a financial expert recommendation to assist you with a refinance!

 I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore
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Tuesday, October 14, 2014

Older Homes in Northern Virginia More Appealing to Many Buyers

For homebuyers in Northern Virginia today, there are many choices associated with local real estate. From when to buy or when to sell, which mortgage is best and which community to move into, there is also one other important question homebuyers must ask themselves— new construction or existing? 

 The prices can vary dramatically and while you may prioritize having a brand-new home over a lived-in property, it's important to consider the financial differences between the two. 

 New Construction Upgrades
When you visit a model home in a community like Fairfax City, Centreville, Reston, Mount Vernon or McLean, it can be easy to feel attached to all of the modern features. However, each of those upgrades comes with a price tag and it can be a hefty one at that. When you realize how much everything you want in the home will cost, older homes start to become more appealing.

 More available, less expensive
Older homes in Northern Virginia are typically less expensive than new construction and more readily available in the real estate market than newer homes. Sales of newly-built homes have been hovering around historically low levels.

 Troublesome Financing
Newer homes can come with larger price tags and because of this, can be harder to finance. With stricter lending requirements, homebuyers are forced to comply with traditional guidelines of down payments and debt to income ratios. If your home will be using more than 30% of your household gross income to cover living expenses (mortgage, taxes, insurance), lenders may not see that as a sound purchase.

 Commute Cost and Time
Oftentimes, new construction homes are built where land is less expensive, which can mean  outside of town. While living in the suburbs of DC can cost you more in terms of commute time, it is worth a look with your real estate agent to see which older homes are closer to than new construction developments.

As your local real estate agent, I can help you determine which style of home and location are best for you and your needs. Contact me today to discuss!

 I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore
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Tuesday, October 7, 2014

3 Reasons to Sell Your Home in Annandale, Centreville, Arlington Virginia This Fall

Summer is widely recognized as a great time to sell your Northern Virginia home given the weather, the kids being out of school and generally, more time to devote to moving. However, what many Northern Virginia homeowners don't notice is that fall is equally as great a time to sell!

 The weather is getting cooler and with the holidays just around the corner, you'll want to move now to avoid that holiday hustle and bustle later. If you've been thinking about selling your home in Annandale, Arlington, Fairfax City, Centreville or Mount Vernon, here are three solid reasons to do so this season.

 Homebuyers are motivated
When compared with homebuyer traffic over the past year, including this past spring, there are more motivated homebuyers in the market now than there have been at any other time. Not only are these local homebuyers ready to move, but they are able to purchase a home which can make the process much more enjoyable.

 The process will be smooth
One of the reasons many home sellers shy away from making a move is the amount of time it takes to close. As banks require more paperwork to obtain a mortgage, there can be obstacles, most of which can take long during the holiday season. But you're in luck! Selling your home before the holidays roll around can bring about a smoother, quicker transaction. 

 You have less competition among other sellers
While inventory is slowly rising, the supply of homes is still historically low. What does that mean as a Northern Virginia home seller? It means that for the number of homebuyers in the market, there are not enough homes to meet demand. Not only is this great news for home prices, but also for sellers as your home will be allowed to take the spotlight.

 Many sellers are also coming out of an equity dilemma and are now able to sell their homes— so don't delay! Your competition among sellers is low now, but won't be for long!

As your Northern Virginia real estate expert, I can help you navigate the home sale process! Contact me today to chat about how you can get started.

 I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore
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Tuesday, September 30, 2014

How to Prep Your Northern Virginia Home for Halloween

October is here! Fall is officially underway which brings about its own share of tasks for Northern Virginia homeowners— raking leaves, cleaning out the fireplace, updating decor and now, preparing for Halloween. You might not have anticipated getting ready for trick or treaters, but there are a few ways you can make sure the path to your door is as safe as possible.

 Clear the way
Just as you would do to prepare for potential Northern Virginia homebuyers, you need to ensure the pathways are unobstructed. While it's still daylight, inspect your lawn, driveway and other pathways for anything that could prove an obstacle. That means tree roots, fallen branches, or even cracks in the pavement. Make updates and repairs where you can or at the very least, block off these areas.

 It's also important to make sure your Halloween decor is not in the way. Things like extension cords or small pumpkins can cause trick or treaters to trip.

 Light the way
While you don't need to install extra lighting along the pathways of your home in McLean, Mount Vernon, Arlington, Centreville, Fairfax City or Reston, there are other ways to light the way. You can use your pumpkins, glow sticks, luminaries or tea lights to help Halloween visitors find your door. And unless you're attempting to avoid the candy-giving ritual, it's always safer to keep the porch light on.

 Be fire-conscious
I know I mentioned how important it is to light the way to your door, but it's also a must to keep paper and other decorations away from any flames. Halloween tends to bring candle lit decor to the forefront and while it does help your Northern Virginia property look the part, you can achieve the same look with LED tea lights. Not an option for you? Take extra precautions to keep corn stalks, hay and paper out of the fire.

 Calm your dog
If you're a dog lover like me, chances are you'll be getting your pets in the Halloween spirit too. However, your dog might not love all of the costumes and visitors to your home that night. It's not only safe for your dog, but for the trick or treaters if you keep your pets in a calming, indoor space away from the front door. 

 I'm happy to provide tips for keeping your homes in Northern Virginia as safe as possible. If you have any questions about the local real estate market, do not hesitate to reach out! 

 Have a safe and happy Halloween this year! 

 I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore
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Wednesday, September 24, 2014

Northern Virginia Real Estate: What Earle Whitmore Can Do for You

Homebuyers today have many options when choosing to sell their current home or buy a new property in Northern Virginia. And while it may seem tempting to forgo the real estate agent altogether, it's important to remember everything an agent can do for you!

 With my decades of experience in Northern Virginia real estate, you can count on the following:

 I'll handle the paperwork and disclosures
In today's real estate industry, there are many regulations and disclosures involved in the process of both buying and selling homes. When you forgo the real estate agent, all of this falls on your shoulders to understand. But when you choose to partner with an experienced agent, you can rest assured knowing I will handle all of the documents involved in a transaction!

 I've been there before
As one of the top producing real estate professionals in the Northern Virginia/DC area, I have closed many real estate transactions. I am here to help with both your home purchase and your home sale— whichever stage of the game you may be in right now. I have been there before and am well-educated in every aspect of the sale— let my experience go to work for you!

 I'll act as the buffer
There are many people and parties to negotiate with during a real estate transaction in Northern Virginia. All of the negotiating will fall on you when you forgo the agent, but I am here to act as the buffer between you as the home seller or homebuyer and the other parties involved.

 I'll find the right pricing strategy
Agreeing on a sales price for your home in Alexandria, Arlington, McLean, Mount Vernon or Fairfax is one of the most important factors in the entire process. I know the in's and out's of the market in the Northern Virginia/DC area and will use my knowledge to find the right price for your home. Don't head into your home sale blind— together we can work to find a price that's attractive to homebuyers. 

 I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore


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