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DC
METRO REAL ESTATE
Serving
the Real Estate needs of the communities of
Manassas, Bristow, Haymarket, Warrenton, Gainesville
and Culpeper in Northern Virginia
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Dave
Scardina
Broker
/ Owner
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703-829-SOLD
866-909-0900
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Manassas Real Estate NewsManassas Lot
Financially that may be a good strategy but take heed and purchase your Manassas lot with care. Why? Because it can happen that the lot you buy today is not suited at all for the Manassas home you want to build in the future. Here are some things to watch out for.
Shopping for Your Manassas Real Estate Loan
Manassas Real Estate Loans have become part of a worldwide mortgage market and mortgage lending is impersonal and competitive. When you shop for the best loan don’t pay too much attention to who is originating the loan. Instead focus on interest rate, points, processing costs and whether you want a fixed rate or an adjustable rate loan. The reason for this is that more than likely, your Manassas real estate loan will be sold to one of the organizations made up of what is known as The Secondary Market.
Manassas FAIR MARKET VALUE
When you buy Manassas real estate or refinance your present home, your lender will ask you to pay for an appraisal to help ensure that the sales price and mortgage amount is consistent with the property's market value. The appraiser uses the Rule of Three. What that means is the lender wants to evaluate three "comparables"—recent sales of nearby homes that are very similar to the one you are buying. Based on this information, the lender will make adjustments to reflect the differences between the properties and arrive at a fair price for your home.
Building Manassas Home Equity
A popular question from prospective Manassas homebuyers relates to building home equity. Buyers like to estimate how much a home may increase in value based upon past appreciation. One of the many advantages of home ownership is that appreciation is based on the home’s market value rather than on the actual dollar amount invested or the down payment so that a $100,000.00 home that appreciates 5% is now worth $105,000.00, especially in Manassas.
With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build Manassas home equity faster by choosing a 15-year loan instead of a 30-year loan.
Manassas INFORMATION
The Internet makes it easy to get Manassas information online from dozens of Websites that all have the same data. Beyond information on the Internet, experienced real estate agents and brokers who know the area well will be able to fill you in on details that usually do not show up on these online data bases.
Manassas SALES
When you are thinking of buying Manassas, it may make sense to get a clear picture of the Manassas market before you get too far into your search. It is important to know the current market’s strengths and weaknesses so that you can make wise real estate decisions accordingly.
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