Hampton Roads Real Estate and Community News

Feb. 21, 2023

7 Things to Know about VA Loan Assumptions

VA assumable home loans are a great option for those looking to become homeowners.


What is a VA loan assumption?


When a veteran (or active-duty service member) purchases a home with a VA loan and then transfers the mortgage to another buyer, it's known as an assumable home loan. The new buyer assumes full responsibility for the existing mortgage agreement. In other words, the buyer takes over the seller's current loan payment. At first glance, the low interest rate can be very attractive, but there can be some drawbacks to assuming a loan.  As with any big financial commitment, it's important to understand exactly what you're getting into.  To help, we've put together some essential pointers for those considering assuming a VA loan.

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Feb. 17, 2023

Sherwin Williams + HGTV 2023 Color Trends Forecast

Ready to refresh your home?  Check out the 2023 Color Trends Forecast from Sherwin Williams & HGTV and add a splash of personality to your home!

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Posted in Home Ownership
Feb. 16, 2023

Understanding Your Debt to Income Ratio

Are you considering buying a home? If so, it’s important to understand the concept of debt-to-income ratio as it relates to home mortgages. A debt-to-income (DTI) ratio measures the total amount of debt you have against your income. This ratio can be used by lenders to determine your eligibility for a mortgage loan. Understanding this concept is key when preparing to buy a home. Let’s take a look at what DTI is and how it affects getting approved for a mortgage loan. 

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Feb. 12, 2023

Super Bowl Sunday: Real Estate Version

Are you ready to score BIG with a new home this season? Let's get into the REAL estate game and find your dream home! Happy Super Bowl Sunday! 🏈🏈🏈🏈

Posted in Buying a Home
Feb. 9, 2023

Pre-Qualification vs. Pre-Approval: What's the Difference?



When it comes to getting a mortgage, one of the most important things you can do is get preapproved or prequalified. Preapproval and prequalification serve as indications from a mortgage lender that you may be eligible for a loan. Although these terms are often used interchangeably, there is an important difference between them worth noting. 

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Feb. 8, 2023

January 2023 Market Review

The first market review of 2023 is in, and the numbers are reassuring. Sellers can take comfort in the fact that sales prices remain fairly stable, even with higher interest rates. Buyers can take comfort in the fact that new listings are up, so we won’t be seeing the highly competitive buying frenzy we experienced during 2022.
Are you wondering if now is the right time to buy or sell? In most cases, the answer is yes. We’d love to help you analyze the numbers in your unique circumstance to see what works best for you. Give us a call; we’re here for you! 757-714-2692
Posted in Market Updates
Feb. 3, 2023

Top Factors Affecting Homeowners Insurance


Homeowners insurance is essential to protecting your home and possessions, but what factors determine the rate? From location to building materials, there are many elements that can affect how much you pay for homeowners insurance. 

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Feb. 1, 2023

What is PITI?

What is PITI?

PITI is an acronym for Principal, Interest, Taxes, and Insurance. These are the 4 components of a borrower's monthly mortgage payment to the lender. The principal, or the amount borrowed, plus the interest, goes to the lender as repayment of the loan. The property taxes and homeowners insurance go into an escrow account set up by the mortgage company, which will make those payments on the borrower's behalf.
The PITI system provides a convenient way for borrowers to pay all their bills related to the loan - principal, interest, taxes, and insurance - in small installments throughout the year. This makes it easier on the borrower financially and gives assurance to the lender that all payments are being made adequately.
Jan. 23, 2023

Real Estate Vocabulary: Earnest Money

What is Earnest Money? 


It’s a deposit a prospective homebuyer makes as evidence of good-faith intention to complete the purchase, and it’s generally submitted once all parties ratify the contract.  You may see it abbreviated to EMD (earnest money deposit).


The amount of the earnest money is negotiable between the buyer and seller, and it's typically held by the title company or the buyer’s broker in an escrow account until the home sale closes.


At closing, the earnest money goes toward the down payment or the buyer’s closing costs.  If the sale falls through, the deposit is either returned to the buyer or given to the seller, depending on how the purchase agreement is written.  



Have a real estate question? We'd love to help you find the answer!

March 21, 2022

Newest Virginia Beach homes for sale

sandy beach with beach grass and search bar that reads newest Virginia Beach homes for sale


From an oceanfront condo in Virginia Beach to investment properties near Oceana Naval Base, many different types of homes are currently for sale in Virginia Beach.  Check out the latest VB listings here:  https://bit.ly/NewinVB