Fairfax County VA Home Search Website Blog

There are many reasons why a mortgage loan for Alexandria VA homes for sale could be declined.  It doesn’t have to be the end of your real estate dreams.  Here are a few things to consider if you’ve been turned down for a mortgage:

Loan-To-Value Ratio
The loan-to-value ratio (LTV) is the percentage of the appraised value of the Alexandria VA real estate that you are trying to finance.  For example, if you are trying to finance a home that costs $100,000, and want to borrow $75,000, your LTV is seventy-five percent.

Lenders don’t like a high LTV.  The higher the ratio, the harder it is to qualify for a mortgage.  To reduce the percentage, you can save up a bigger down payment.  Some lenders may approve the loan if you buy private mortgage insurance (PMI),  which protects the lender in the case of default, but makes your mortgage payment higher.

Credit To Debt Ratio
Lenders will be less likely to approve your mortgage loan if you have a high credit to debt ratio.  The ratio is figured by dividing the amount of credit available to you, on a credit card or auto loan, and dividing it by how much you are currently using.

High debt loads will scare away most lenders.  Try to keep your debt to under fifty percent of what is available to you.  Lenders will appreciate it, and you will be more likely to be approved for your mortgage.

No Credit or Bad Credit
Few things can derail your mortgage loan approval like credit issues.  Having no credit record, can be as bad for your approval chances as bad credit.  With no record of timely loan payments from anywhere, a lender is unable to determine your likelihood to repay the mortgage.  Some lenders will consider other records of payment, like utility bills and rent reports from your landlord. 

If you have frequent late charges or collections, you’ll need to work on getting those paid on time, every time.  There aren’t many lenders who’ll approve someone with bad credit, especially in today’s real estate market.

Talk to your loan officer to determine which problem applies to you, and learn the steps to fix it.  Then, you can finance one of the Alexandria VA homes for sale of your dreams.

If you’re ready to buy a home or condo, I can help.  Together, we’ll determine how much you can afford, and I’ll negotiate to get the best price and terms for you.  Drop me an email at Steve@HomeSearchWebsite.com or give me a call now at 703-909-3939 to get started!

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

There are a lot of financing options to buy Fairfax County Virginia real estate, if you can meet the credit guidelines. 

Most lenders’s prefer to use 30-year mortgage loans.  With a longer loan term, the lender can collect more money in interest over the life of the loan.  For those who are credit-worthy, a 15-year mortgage term may be offered.  So, what is the difference between the two?  Here are a few guidelines:

What About A 30-Year Mortgage?
Thirty-year mortgages are becoming the normal term for Fairfax County Virginia real estate loans.  The payments are usually more affordable and lenders are quick to recommend them.  Lenders are more likely to offer you a higher loan amount with a 30-year loan, but the trade off is usually a higher interest rate. 

What Are The Benefits Of A 15-Year Mortgage? 
Signing up for a 15-year mortgage can save you a lot of money in interest payments.  True, your monthly payment will be higher than with a 30-year loan, but the impact on your long-term finances may be worth it.
 
After just 16 years, you can start investing the money that you’re no longer spending on your mortgage, into other real estate properties or investment opportunities.  You can build your investment portfolio with just the money you would’ve spent on your monthly mortgage payment.

What About Prepayments?
Even if you do decide to take out a 30-year loan, you can still have some of the same benefits of the fifteen-year loan.  By making prepayments, you can take years off a 30-year loan and still have the freedom of making smaller monthly payments, if you need to.  Before finalizing your decision, be sure and ask your lender if there are any penalties for making prepayments.

A 15-year mortgage is usually the better financial decision, because you can save thousands of dollars over the life of the loan.  The interest on a loan may be halved by choosing a 15-year loan.

No matter how you choose to finance your Fairfax County Virginia real estate, I can help you get the best buy.  Call me today at 703-909-3939 or email Steve@HomeSearchWebsite.com now!

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

You’ve finally decided to sell your Alexandria VA home.  Now, how are you going to make it stand out from the rest of the Alexandria VA homes for sale; make the most money selling it, and getting it sold quickly?  Perhaps you should consider providing owner financing, also known as seller financing. 

Why Isn’t The Buyer Getting Bank Financing?
Usually a buyer gets bank financing when buying a home.  But, if the buyer approaches you with a deal that will involve you providing the financing, you’ll want to ask why.  It could be that they can’t afford a big down payment, and can’t be approved for a loan without it.  Or, they may not be able to get financing at all, due to no credit or bad credit.

In that case, you’ll want to evaluate if you can afford the risk.  Can you make the monthly mortgage payment in the event they default? If you determine that the deal isn’t too risky, you can finance the home yourself for a greater profit.  But, there are some instances when you won’t be able to owner finance your Alexandria VA home.

When Can’t I Owner Finance My Home?
You may not know that in order to finance your home yourself, you have to be able to pay off your current mortgage in full prior to making the sale.  If you can’t afford to make the full payment, you won’t be able to owner finance the property.

If you already own the house outright, you’ll be able to finance the property.  You may decide to owner finance part of the sale price at a higher interest rate.  This would be an ideal situation for a buyer who can qualify for a bank loan for most of the sale price, but is unable to be approved for a higher loan amount to get the rest.

After a year of making payments to the bank, the buyer may be able to finance the remaining amount, and then you’ll receive a lump sum for that amount. 

What Else Do I Need to Know?
There are a lot of things to take into consideration before deciding if owner financing is right for you.  Be sure to do your homework and understand there are not only benefits, but also risks when you owner finance. It is also wise to consult with a real estate lawyer and a professional Alexandria VA real estate agent.

Listing Alexandria VA homes for sale and offering owner financing can sound like a daunting and risky task.  Let me help you determine if owner financing will benefit you.  Call me now at 703-909-3939 or email Steve@HomeSearchWebsite.com.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

Most of us want to do everything we can for our condos in Arlington VA so we’re ready for an emergency.  There are a few things that most experts agree should be in every emergency kit.  Here is a quick list:

• Durable container: You’ll need to buy a plastic container that will securely latch and will be waterproof to keep food and clothing dry.
• Radio: A small radio is all you’ll need to keep in tune with the latest in weather news and emergency broadcasts.  It would be a good idea to pack extra batteries, or invest in a hand-crank radio to be sure you always have access to the news.
• Light Source: Pack a few flashlights and several sets of batteries in case of a power outage.  For added back-up, put in some candles and matches.
• Water: Pack bottled water and store larger bottles of water in a cool place.  You can add a few bottles of a sport drink for variety.
• Food: Store non-perishable food, such as canned fruits and vegetables.  Pack a protein source like peanut butter or canned tuna.  Packages of crackers and cookies are a good idea, too.  Nuts and dried fruits are nutritious, tasty, and have an added bonus of lasting a long time.
• Blankets:  Include a blanket or two in the emergency kit.  A change of clothes is also a good idea.
• First-Aid Kit: A first-aid kit should include antiseptic, bandages, aspirin, an ace bandage and an allergy medicine for allergic reactions.  
• List of Emergency Contacts: Make a list of all your utility companies.  Write down the best numbers to contact friends and family and include it in the kit.  Don’t forget to add your primary care physician’s number.

Keep the emergency kit in an easy to find location in your Arlington condo.  You don’t want to be stuck looking around for it in an emergency. 

A little preparation can go a long way in an emergency.  Be sure to weather any crisis that could come up by preparing an emergency kit for your home or condos in Arlington VA.

Like this tip?  Subscribe to my blog today!  You’ll get money saving home maintenance tips and valuable real estate tips automatically sent to your email inbox about twice a week.  Give me a call at 703-909-3939 or drop me an email at Steve@HomeSearchWebsite.com if you’re interested in buying or selling real estate.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

Is your home one of the Alexandria VA homes for sale?  A good way to save money during the sale of your home is to improve your home’s energy efficiency.  You can save as much as four to nine percent a year on water heating costs by installing a water heater jacket.  They’re quick and easy to install, here’s how:

Prepare to Shop
Before you go shopping, make sure you know if your water heater is gas or electric.  The access panels and materials can be different between the two.  The installation of a water heater jacket on a gas heater is more difficult.  You may want to have a professional do the installation on a gas water heater.

Write down your water heater model number.  Most water heater jackets list the compatible water heater models on the packaging.  Choose a jacket with a value of R-8.  

Installation
Before beginning, shut the water heater off.

Water heater jackets are pre-cut to make it easier to install in your home.  Take off the packaging and separate the pre-cut pieces.  You should have a top, body and belts.  You’ll need to have plenty of duct tape on hand, too. 

Shape the top of the water heater jacket to fit the model.  Cut around the pipes that enter the water heater, and then tape the areas closed to form a good seal. Tape the edges of the top down to the sides of the water heater.

Wrap the body of the water heater jacket around the heater.  Have the belts ready to go around the jacket.   Make sure you don’t put them on too tight.  The belts shouldn’t push down on the insulation more than a quarter of its width.
 
You’ll need to mark the area of the access plate. Carefully outline it and then cut the insulation out.  Tape around the edges of the cut so you’ll prevent the insulation from fraying.  Take care not to set the water heater above 130 degrees; it can cause the wiring to melt under the water heater jacket.

Congrats!  You’ve learned how to install and save energy by using a water heater jacket in your Alexandria home. 

Thinking of buying one of the new Alexandria VA homes for sale?  With the lowest interest rates in decades and extremely low prices, this is an amazing time to purchase a home.  Give me a call at 703-909-3939 or send me an email Steve@HomeSearchWebsite.com right now!

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

You need to protect homes and condos in Arlington VA during cold weather.  Frozen pipes can burst and cause water damage that is very expensive to repair.  Here are a few things to think about before the cold weather harms your property.

Locate Your Pipes
If your pipes are located next to an outside wall, you’ll need to inspect that wall for cracks and other damage.  To keep the cold air away from your pipes, thoroughly caulk all the damaged areas. 

Protect Your Pipes
The best way to protect your pipes from freezing and bursting is to insulate the walls where the pipes are located.  If that’s too expensive, you can buy pipe jackets to cover the pipes.  Pipe jackets can be made of plastic foam, wool felt, or fiberglass.  They have a lengthwise split down the middle to make them easy to install.

If the area is too small for a pipe jacket, heat tape is a good alternative.  Heat tape is applied to the pipe and then plugged into an electrical outlet.  It can keep the entire length of the pipe warm, and can be used on faucets and valves as well. 

If your Arlington home or condo has pipes that are inside cabinets, it’s a good idea to open the cabinet doors to keep warm air circulating around the pipes.

When the weather is really cold, you can turn the water faucets on just slightly so water drips out.  The open tap decreases the amount of air pressure that can build up when water freezes, and reduces the risk of your pipes bursting.

Drain Your Pipes
If you’re planning on taking an extended trip during the cold weather season, or if you have a vacation home you don’t visit often in the winter, you should drain the water system.  Just shut off the main valve, and turn on all the water faucets until the water stops running.  When that’s done, leave one hot water faucet and one cold-water faucet open.  Pour a little RV antifreeze into each drain and the toilet, and your home or condos in Arlington VA are ready for the cold weather.

If you’re ready to buy a new home that is so well insulated you won’t have to worry about bursting pipes, give me a call.  I can help you find the perfect home or condo to keep you warm this winter.  Call me today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

A bathroom renovation is one of the best things you can do for Fairfax County VA homes for sale.  Remodeling a bathroom is an expensive project and in today’s market you may not get all the money back that you put into the project.  So, here are a few inexpensive changes you can make to spruce up your bathroom:

Fixtures
Most sellers will notice if the fixtures in the bathroom are old, and it can have a negative effect on their view of your Fairfax County VA home.  To help your home stand out among all of the other Fairfax County VA homes for sale; buy a set of bathroom fixtures at a home improvement store.  Most stores have matching towel racks and bathroom tissue holders, too.  There is a good selection of stainless steel, wood or ceramic fixtures available at most stores. 

Paint
A fresh coat of paint is a good way to improve the overall look of the bathroom.  This is an inexpensive way to give your bathroom a brand new look.  Choose paints in a light, neutral color to make the room seem more spacious. Don’t spend time doing faux painting because many people may not like the textures you’ve chosen.  Keep it simple!

Floors
If your bathroom floor has tiles, it’s a good idea to add fresh grout to brighten it up or at least clean the grout so it looks new.  Remember to seal the grout when you’ve finished.  Scratched linoleum will need to be replaced.  You can buy rather inexpensive flooring that is easy to install in a variety of patterns and colors.

De-Clutter
You want the prospective buyers to be able to imagine themselves living in your home.  It’s easier for them to do that if your home is free of clutter.  This is even true in the bathroom. 

Clear out your medicine cabinet.  (Yes, many buyers will look in there.) Leave only essentials like toothpaste and hairbrushes.

Making a good impression on your prospective buyers can be easier when you’ve redone your bathroom.  It’s easy to increase the value of Fairfax County VA homes for sale without spending a lot of your hard earned money. 

As an experienced Fairfax County Virginia REALTOR®, I can help you prepare your home for market.  I have many more tips like this to inexpensively prepare your home so that it sells faster and for the most money.  If you’ll let me, I’d love to share them with you.  Give me a call today at 703-909-3939 or email Steve@HomeSearchWebsite.com now to get started!

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

Have you made your New Year’s Resolution to de-clutter your home?  Are you thinking of putting your home on the market?  Owners of Alexandria VA homes for sale need to de-clutter their home prior to putting it on the real estate market.  This will help it sell faster and for more money.  De-cluttering can seem like a daunting process, but if you follow these few suggestions, you’ll be on your way to keeping your New Year’s Resolution.

Work in Small Bits of Time
It’s best to break the project down into smaller pieces.  You could work as little as fifteen minutes at a time or up to a few hours, if you prefer.  Just be sure to pick a time frame that doesn’t overwhelm you.  Set a timer to make sure you quit when the time is up.  Here’s a great online timer you can use.

Pick a Room
Choose one room to start in. It doesn’t have to be the messiest room, just one you think you can handle. Look for a shelf or closet that needs sorting, and don’t forget to look under your bed. If the whole room is in need of de-cluttering, start in the corner farthest from the door.

Gather Supplies
Wait!  Don’t just dive in.  Before you’re ready to start sorting through your Alexandria VA home, you’ll need to find a couple of boxes and trash bags. Label the boxes with KEEP and GIVE AWAY.  You’ll use the trash bags for stuff that isn’t useful to anyone and needs to be thrown away.

KEEP: These items are useful or have sentimental value.  Here’s a good rule of thumb:  If you can’t remember why you kept it, it’s time to let it go. 

• KEEP: These items are useful or have sentimental value. Here’s a good rule of thumb:  If you can’t remember why you kept it, it’s time to let it go!
• GIVE AWAY: Some of the stuff you’ve accumulated may be useful to someone else.  If you loved it once, most likely someone else will too. Clothes that don’t fit anymore go in here, and anything in good condition that you haven’t used in six months. After all, one person’s trash is another person’s treasure.  
• TRASH:  Anything that didn’t make it into the first two boxes goes here.  Clothes that are beyond repair, household items you don’t use and out-of-date magazines that can take up a lot of space are all trash.  Remember to shred anything that has your social security number or other sensitive information on it.  If you have a lot of things to shred, there are services that will pick up the materials and shred them for you at amazingly reasonable rates.

Be honest with yourself about what you should keep.  Before you keep that favorite sweater that hasn’t fit in years, check your “honesty” radar.  In no time at all, you’ll have your Alexandria home de-cluttered and ready for sale. And, you’ll have kept your New Year’s Resolution this year!

Want more tips like this one?  Subscribe to my blog today!  You’ll get money saving home maintenance tips and valuable real estate tips automatically sent to your email inbox about twice a week.

BUYERS
Are you thinking of buying one of the many Alexandria VA homes for sale?  I’d love to talk with you and together we’ll find out what type of home best fits your needs and mortgage budget.  Give me a call at 703-909-3939 or email Steve@HomeSearchWebsite.com today!

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

When buying Fairfax County Virginia real estate that is a newly constructed home, you have a chance to decide what type of lighting to use.  If you don’t know about lighting styles and uses, or want to learn more, read these lighting guidelines.

Types of lighting

• Ceiling lights are generally used in living rooms, dining rooms and bedrooms – large areas.  One type of ceiling light is called a can, or recessed light, and is set into the ceiling to provide extra lighting when necessary.
• Track lights give a spotlight look, and focus light on a specific area of a room.  You can use these to highlight artwork on walls and pedestals, or above fireplaces.  Track lighting gives any room a more contemporary feel.
• Fluorescent lights add a lot of light without a lot of heat.  This type of lighting is good for workspaces like kitchens and garages.
• Floor lamps and table lamps add a warm glow to a living room or bedroom, or add a concentrated beam of light, depending on which type you choose.

Lighting tips
With a newly constructed Fairfax County Virginia real estate home, the lighting you choose should depend on the style and purpose of the room: 

For the living room, wall sconces and lamp light bring a warm, inviting glow.  Though you can use a ceiling fixture, most cast harsh light throughout the room – perfect for when you want to find something, not so perfect when trying to relax.

The kitchen is more suited to ceiling fixtures, can lights and fluorescent lights.  However, pay attention to the light bulbs you use, as some can color the food.  “Natural light” bulbs, for instance, make it hard to tell when meat is cooked.  Yellow lighting can make food look like it has gone bad.

In the dining room, chandeliers can add elegance if you have high enough ceilings.  Another idea is four smaller hanging lights, one in each corner.  You can also use light ropes running around the top of the walls for a private, candle light feel.

Being able to choose your lighting is one of the best things about buying newly constructed Fairfax County Virginia real estate homes.  Ultimately, choose the lightning that fits your style – never mind what the experts say!

Did you know that as an experienced Fairfax County real estate agent, I can help you find the right newly constructed Fairfax County Virginia real estate?  I can also assist you in obtaining the best price and terms for your newly constructed home.  And you won’t pay a dime in commission.  Call me today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939