Virginia, Maryland and Washington DC Real Estate Search

Portfolio Realty is a premier real estate firm serving Virginia, Maryland and Washington DC. The DC metro area real estate market demands high levels of skill, proficiency and knowledge. Whether you are eager to buy your first home, sell your nest egg, invest or relocate to the area, it is important to protect your investment by working with a local market expert.
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Shop Around Before Choosing a Mortgage

The chances that you find the home of your dreams after the first one you visit is highly unlikely.  Well this also applies when shopping for a lender or mortgage.  You wouldn’t commit after talking to one person or looking at just one loan right? Of course not!  Make sure you take the time to shop around and browse before you commit to a lender and loan.

Here are six reasons why you should shop around so you can make the best possible decision:

  1. To find the best interest possible – You have to look at the big picture and over the life of a loan on a $300,000, 30 year fixed rate loan, 1/10 of a point difference could save or cost you thousands of dollars.
  2. To pay lower loan fees – After you have filled out the loan application for the lender, you will receive a GFE(Goof Faith Estimate) that will show the itemized costs associated with your loan.  This is the time you can compare different lenders GFEs and asked why they’re different.
  3. Avoid prepayment penalty – Nowadays individuals and families are not staying in their homes for 30 years.  Therefore they are not paying down their mortgage over decades.  You will want to find out if there is a penalty to pay off your mortgage early for relocation purposes or to refinance.
  4. Find a lender you’re comfortable with – You want to feel comfortable enough to call your lender whenever you need to ask questions or get an explanation.  It’s also important that they’re responsive and will give you all the details.
  5. Find a lender that specializes in your situation – Depending on how the market has affected your credit, certain lenders have programs that will accommodate you while others will shut the door in your face.
  6. Get a rate lock you want – After searching for the right lender and loan for your situation, you will want to “lock” your rate.  This is a commitment in writing from the lender that your loan is a specified rate.  The locks can vary from 30-90 days, but some lenders will charge if it’s beyond 30 days.  Negotiate the lock period that is suitable for you.  You may realize that it will take a little longer to close the loan and you don’t want to risk losing that rate.

Here are some tools to give you idea of costs associated with buying a home:

Mortgage Calculator

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Affordability Calculator

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Closing Cost Estimator

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