813.910.8020 Apply Now

Mortgage Broker Tampa, FL | Mortgage Lender Tampa Florida | Marimark Mortgage

  • Home
  • Homebuyers
  • Homeowners
  • Realtors
  • Investors
  • About Marimark
  • Contact Us
  • Mortgages
  • Apply Now
  • Current Mortgage Rates
  • Calculators
  • Testimonials
  • Blog
  • Videos
  • Featured In
Home / Virginia Mortgages / Home Mortgages in Virginia

Home Mortgages in Virginia

January 14, 2016 By Mary Catchur

Virginia home mortgage
Photo Credit: Jack Duval/Flickr.

Virginia is a beautiful state with unique history and opportunities. From the bustling city life in Richmond, to the waves of the Virginia Beach Boardwalk, there’s something for everyone in the Commonwealth. Of course, if you are looking to move to the “Old Dominion,” you’ll most likely need a mortgage to help finance your home purchase.

So here are some important facts on real estate in this beautiful state, as well as tips to get a mortgage in Virginia.

Real Estate in Virginia

Currently, the median home price in Virginia is significantly higher than the national average, signifying a more expensive than average real estate market overall. National medians currently hover around $188,900, but the median home price in Virginia currently sits at $230,800. Of course, that’s a statewide average only, and some cities in Virginia are less expensive than the national average. However, very high home prices in wealthy areas like Fairfax, and in bustling metro areas like the D.C. suburbs, drive statewide prices up.

While prices are currently high in Virginia, they aren’t projected to rise quickly over the next year, at least on a statewide level. Last year, real estate prices in Virginia rose only .4%, and this year they are projected by Zillow to rise another .7%. While any growth is better than none, recent statewide home prices in Virginia have risen slower than national home prices.

Why High Home Prices in Virginia

If the median home price in Virginia seems surprisingly high, there are a few things to consider that help explain the high median. For one, the area around Arlington, in the greater Washington, D.C. metro area, is one of the hottest economies in the country, and a lot of investors have been purchasing real estate there. Plus, older communities like Virginia Beach are beautiful and offer amazing history, but there are very few homes available to purchase in light of the high demand.

The busier areas of Virginia currently provide a lot of job opportunities, and of course that access to opportunity comes at a price. There are certainly places to live in Virginia that are affordable, but the statewide average is drawn up none the less by high priced areas like Fairfax and the D.C. suburb area. If you are hoping to move to Virginia, know that there are less expensive places to live, but any of the hot spots will come with a higher price tag.

Getting a Mortgage in Virginia

Even with high property prices, many people choose to move to Virginia for its natural beauty and interesting history. And if you are one of the many who are ready to make Virginia your home, you may need a mortgage to move in. So, here are some tips for getting a mortgage in Virginia.

#1 Choose a Mortgage Loan Officer

When selecting a mortgage loan officer, search NMLS Consumer Access to make sure the loan officer and mortgage company are licensed. Here is the license information for Mary Catchur and Marimark Mortgage.

Also check online reviews to see how well the mortgage company and loan officer have performed.

Also understand the difference between getting a mortgage from a bank and a mortgage broker.

  • Always ask for a fee estimate, because banks and brokers have different requirements for how they disclose fees. On the surface, a bank may appear to have a lower fee than a broker unless you compare the fee estimates.
  • Always inquire about the experience and licensing of the loan officer. Loan officers who are bank employees are not required to be licensed by the state, but mortgage brokers are required to be licensed and adhere to continuing education guidelines.
  • Ask your lender what their typical days to close are, and whether they foresee any issues in making your closing date. Some banks may take longer to close if they are large institutions with a backlog of loans, and some mortgage brokers may also take longer than other brokers.
  • If you are refinancing an existing loan, know who holds your current home mortgage. In many cases, it is better to refinance with a different institution than the one holding the current loan, especially if you refinance using Fannie Mae, Freddie Mac, or another government mortgage program.

#2 Get Pre-Qualified and Pre-Approved

Realtors and homeowners work with homebuyers who are pre-qualified for a mortgage, because they want to have confidence in your ability to buy a home. Therefore, the first step in looking for a home is to be pre-qualified, which will also enable you to know the amount you can afford to spend on a home as a qualified buyer.

After you are pre-qualified, and while you shop for a home, you will begin the mortgage pre-approval process, which is a more detailed process that gets you ready to quickly close on a home.

#3 Finalize Your Mortgage Application

Once you are pre-approved for a mortgage, the lender submits your application to underwriting, along with all of the supporting documentation. Upon completion of the review, the underwriter will usually issue an “approval with conditions.” This means that the file continues to meet the guidelines for approval, but there are still some documents that must be reviewed – in other words – still some “conditions” to be met before final approval.

Once all of the documents have been received and approved by underwriting, they will issue a “clear to close”, and the lender will send a complete loan package to the title company/closing agent to prepare for closing.

#4 Close On Your Mortgage

The last step is to close on your home. The closing of your mortgage and the closing of your home purchase usually occur at the same time. You will pay the closing costs, and receive and/or sign several documents.

Marimark Mortgage

Marimark Mortgage serves the mortgage needs of borrowers in all of Virginia, Pennsylvania, and Florida, and has its corporate office in Tampa, Florida.

Please see our testimonials from past clients, and check our reviews on prominent websites such as Zillow, Trulia, BBB, LinkedIn, and Facebook.

Because of our streamlined mortgage process, and our highly qualified team, we usually close on mortgages in 30 days or less from the time borrowers place a contract on a home.

To get pre-qualified and pre-approved, and start the mortgage process, fill out our Quick Application or contact us direct.

Opt In Image
Stay Informed, It's Your Money
Marimark Mortgage Newsletter

The Marimark Mortgage Newsletter will keep you informed with important events in the mortgage industry that could impact your finances.

We especially focus on ways to save money on your current and future mortgages. And, we continually share the information we share with our clients, because we believe informed consumers are the best consumers.

Real estate agents, and other professionals in the industry, will receive an ongoing wealth of information that will help them serve their clients.

Thank you for signing up!

Filed Under: Virginia Mortgages Tagged With: Mortgages in Virginia

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

Save with a Mortgage from Marimark

Whether you are buying a home or refinancing, you can save with a mortgage from Marimark Mortgage!

    Search

    Post Categories

    Testimonials

    Refinancing with Mary an absolute pleasure

     
    Refinancing with Mary has been an absolute pleasure. I have never been through the process before and she took the time to explain each step. She was prompt (had a rate locked in right away) and most importantly always answered the phone or emails almost immediately! The communication line alone made the refinancing process every bit worth it. Would recommend to anyone, and will be back for any future purchases! Bret Brennan, March 2021
    See More Reviews
    Marimark Mortgage LLC
    5327 Primrose Lake Circle
    Tampa, FL 33647-1328
    (813) 910-8020
    (866) 910-8020

    Accessibility
    Privacy Policy
    Terms of Service
    Sitemap

    Reviews

    Website Testimonials
    Google Reviews
    Zillow Reviews
    Trulia Reviews
    Facebook Reviews
    Yelp Reviews
    BBB A+ Rating

    FOLLOW US

    • ‎
    • ‎
    • ‎
    • ‎
    • ‎
    • ‎
    Marimark Mortgage is a BBB A+ Accredited Business

    Recent Posts

    • FHA Announced a 30-Basis Point Reduction to Annual Mortgage Insurance Premiums
    • How Can You Improve Your Credit Score?
    • Historical Mortgage Rates From The 1970s
    • What You Need to Know About Mortgage Forbearance
    • Top Tips to Save Money for a Down Payment

    © 2023 Marimark Mortgage, LLC All Rights Reserved. | Internet Marketing by Image Building Media. | RSS Feed

    Reviews / Recommendations: Google, Zillow, Trulia, LinkedIn, Facebook, Yelp, BBB

    Licensed in Florida by the Office of Financial Regulation, Mortgage Lender License #MLD77.
    Licensed in Virginia by the Virginia State Corporation Commission, License MC#4556.
    Licensed in Pennsylvania by the Department of Banking and Securities, License #40222.
    NMLS#248318 – www.nmlsconsumeraccess.org.