State Wide Realty Explains: Common Financing Terms
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State Wide Realty Explains:
Common Financing Words
When purchasing a property, most individuals will need to finance all or a portion of it. There are a lot of different terms when it comes to borrowing money that can leave anyone asking-what does that mean? So we decided to take a few of the most common terms you may see and help you understand what they mean.
Pre Qualification: This means that you have been provided an estimate of what a sort of loan you can expect to obtain based on your credit score and what’s currently available. It is a good idea to get a prequalification letter to take with you on your house hunt. Pre Approval: This means you have been approved for the loan that you have applied for. There is a time limit for the approval in which the terms quoted are guaranteed. Locked In: This means that you have a certain interest rate if you acquire the loan within a certain amount of time, usually 30 days. The Loan Deconstructed Principal: Amount that is owed on the loan excluding interest. Interest Rate: Percentage amount of loan that you will be paying on the loan. APR (Annual Percentage Rate): The yearly cost of financing the loan amount. Term: The length of time over which the loan will be repaid. Amortization: Schedule of payments over a period of time to pay off the loan amount. Points: Amount of money that a buyer can choose to pay to the lender in order to get a lower interest rate. A point equals one percent of the loan amount, this is usually paid at closing. Closing: the point at which the loan is complete and the terms become active. Everything will be signed and completed at closing. Closing Costs: The amount of money that must be paid at closing to make the loan active.
Talk to the local bank and find out how they set up their loans and what other resources they can offer. A local bank will be familiar with the types of properties and homes that are being borrowed on and what is out there for the customer.
We are here to help with finding the right home, land, farm, or commercial property that is in your budget. Call State Wide Realty Today at 434-392-6163 or visit our website atwww.VaStateWideRealty.com.
In whatever season you decide to buy a home there are factors to consider when making your choice.
What to consider about a home for the Winter Season:
How is the home heated/cooled? Depending on the heat source and the size of the home your heating bill could run high.
Is your area likely to get a lot of snow? How accessible is the home from main roads for traveling and getting in and out. If your home is on a back road, up a big hill you will have to think about shoveling your driveway and how long it might take for your road to be cleared.
Things to consider for Spring
April showers bring beautiful May flowers but that rain has to have somewhere to go. Does the home you are buying have good drainage systems such as gutters and ditches. You want to make sure that water doesn’t pool up against your home or erode the ground around your foundation.
Also look at the size of the yard and decide if you are able/willing to maintain it. A large yard might sound nice but having to cut the grass, weed eat and landscape a large yard might not be something you want to deal with.
What direction does the house face? Does it get a lot of sun? These things can affect your cooling bill so it is important to consider when buying.
Will you have to water the yard? This could be an added expense if a system isn’t already in place and it is a dry summer.
The tree-lined drive is on the must have list but what about when the leaves fall off of them or they get damaged in a storm? Are you able to keep up with raking leaves or tree removal? These are certainly things to consider before you buy.
Your home should suit you in every season. Make sure you consider what your home will be like all year long and not just in this moment. It will save you a lot of heartache and time in the seasons to come.
Need help finding a home to suit you all year long? Call State Wide Realty Co at 434-392-6163 and have one of our 15 local real estate experts help you with their combined 375+ years of experience.
Fishin’ Pig Restaurant: Wine my Valentine 21 and up starts at 6:30
This limited seating event will have several courses included each one paired with a wine that compliments what is being served. You must buy tickets and register in advance. Click the link below for more details.
Whatever you decide to do or not do on Valentine’s Day we hope you have a fun and safe time.
Looking to make this great place your home? Call one of our 15 local realestate agents that will work for you. With over 375 years of combined real estate expertise, we will help you find just the place. Call 434-392-6163 or visit www.VaStateWideRealty.com today!
Central VA Regional Library
1303 W Third St
Farmville, VA 23901
Saturday February 15, 2020
2 PM to 3 PM
Looking for something to do with the kids? Well look no further than the Central VA Regional Library in Farmville, VA. On Saturday, February 15, 2020 kids (ages 12 and under) can bring their favorite doll, stuffed animal, or action figure for an afternoon of fun! The staff will share a picture book, provide snacks, games and crafts. All are welcomed and encouraged to call or stop by to sign up. For more information please visit the library’s Facebook event page at:https://www.facebook.com/events/447920389423909/
Looking to move to this great area? Let one ofState Wide Realty Company’s15 localagentshelp you find just the right property. We have over 375 years of combinedreal estateexpertise to put to work for you.Call434-392-6163or visitwww.VaStateWideRealty.comtoday!
As exciting as the destination may be very rarely is the move to get there any fun. So we have some tips to help make the process of moving a little easier for everyone.
Tip #1: Pace yourself. Once you know the date you are moving, start a schedule of times to pack and focus on one area at a time. Trying to box up a whole house or even an apartment in a weekend makes it more likely things will be forgotten. As you get each area done, you can tag separate items that will go with you and others that will be sold or donated.
Tip #2. Have a Moving Sale. This will help cut down on the items you have to haul and can also help offset some of the moving costs. Whatever doesn’t sell you can donate to a local charity or organization that collects the items you have left.
Tip#3 Make a List. When you are moving it is important to keep track of what has been done and what still needs to be done. A list is a great way to reference your progress and help you not forget a step along the way. It is easy to forget having your address changed or scheduling to have utilities turned off when you are surrounded by boxes and coordinating a move. Make notes as needed on your list so you will remember if a follow-up action is required.
Tip#4 Pack Smart. Try to get moving boxes that have handles and are sturdy. Use packing materials and make sure your fragile items are well protected. Label your boxes clearly so you will know what is inside. Don’t over pack boxes or try moving heavy items alone. This will only hurt you and make the move that much harder. If you hire a company to move you make sure you do your homework by making sure they have insurance, what is included in the price and how others have felt about their service.
These are just a few things to help make your move out of and to a new adventure a little less stressful.
Looking for a realtor to help with selling your home or buying a new one? Look no further than State Wide Realty Co with our over 375+ combined years of experience matching people and property is what we do. Call 434-392-6163 or visit our website www.VaStateWideRealty.com today!
Local Events: Prince Edward Co Taste of Farmville 2020 Farmville, VA
When: Thursday January 30, 2020
Where: Fireman’s Sports Arena 1328 Zion Hill Rd Farmville, VA 23901
Time:5 PM to 8 PM
Get your tastebuds ready!This annual event is a delicious way to get to know your community. The Ruritan club hosts the event and local businesses, organizations, clubs, etc. sign up to provide a treat for event goers. The food offerings vary and are always a fun aspect of the event.