Our REALTORS® know getting a mortgage on the best terms is something all buyers think about. That's especially true of first-time buyers! When you're exploring the best Richmond homes for sale, sound financing means peace of mind.
Luckily, the mortgage process is a lot easier than it seems at first!
The more you know, the simpler it is to get a mortgage loan you can be happy with. We'd like to address one of the most common questions about home financing our team gets: The difference between pre-qualifying for a loan versus receiving pre-approval.
When it comes to getting a great home loan, starting sooner makes life easier.
Prequalification and preapproval are steps you take to smooth the path to your final loan package. You can think of one of them as the trial run, while the other is the "real deal."
Pre-qualifying can happen in a matter of minutes the first time you talk to your lender. You discuss your finances and get a ballpark estimate for what loan amount you can expect. It's not necessary to document your income, and you're not committing.
Pre-qualification is often the first or second step someone takes before starting a house hunt since it indicates what homes and neighborhoods to focus on. It's a good idea to check with several different lenders and take an average of their estimates.
Pre-approval, on the other hand, represents a conditional commitment by your lender. During the pre-approval process, you submit detailed documentation of your income. The lender takes extra steps to verify your financial health, including a detailed credit check.
Once you "pass" pre-approval, your loan package is effectively ready. You can bid on a home at or below your conditional loan approval amount. However, you need to act quickly. Specific loan amounts and rates are usually only locked in for 30-90 days.
A loan commitment is a final step. It's issued only when the lender approves both the funding amount and the property. This takes longer because lenders want to make sure the home is insurable, usually by awaiting the results of a home inspection.
Technically, you can skip pre-qualification if you wish. It is not a requirement, but it will give you some beneficial advantages as you move through the buying process.
First and foremost, you'll never have to guess how much funding you may qualify for. That saves you time and effort you might otherwise waste on properties that won't fit your budget.
Plus, you have the chance to see whether a given lender seems right for you. How a lender responds to your questions and discusses your needs can provide you with plenty of insight.
Pre-approval is valuable, too. Although it's not the same as a loan commitment, it gives you a negotiating edge when working with sellers. They'll know you are ready to move forward right away. Only cash bidders can offer sellers a faster process.
Whether you're pre-approved, pre-qualified, or just getting started, Napier ERA is here for you.
Our experienced team members are experts in the Richmond area. We'll work with you to find properties fitting your needs and your budget. Contact us to find out more.
There is plenty to celebrate as the year comes to a close, especially in the Richmond area! As the year winds down and 2020 is set to begin, the following venues are the perfect place to say farewell and adieu to the past and welcome in the new year.
Our REALTORS® wish you a happy and exciting 2020! If one of your goals for 2020 is to start looking at Richmond homes for sale, our team is here to help! As your year takes shape, we invite you to contact us to learn more about real estate in the area and to start the process of finding the perfect Richmond home for you and your family.
For first-time buyers, furnishing a new home is equal parts fun and intimidating. Give a gift this holiday season that will help warm up a new home.
Get holiday gift inspiration from this baker's dozen list of holiday gifts for first-time homebuyers compiled by our REALTORS®.
Are you trying to decide between the gorgeous Richmond homes for sale right in the city or in one of Richmond's delightful suburbs? Although both are great, according to recent reports, many people including millennials are choosing homes in a suburban area. Our REALTORS® give five reasons why suburbs are gaining popularity and benefits you'll enjoy with suburban living.
If you're ready to find your dream home in the Richmond suburbs, you're in the right place! Find a suburban home just west of Richmond when you check out our Midlothian homes for sale. Or look further north and at Glen Allen homes for sale.
Contact us today and will tell you more about the Richmond area and its many charming suburbs!
During this time of year, people gather to give thanks for all the good in the world and Napier ERA agents & staff are working hard to create that goodness. This giving season, Napier ERA is giving to organizations that serve Central Virginia with donations of food, toys, hygiene products, and technology. We love our community and we're not afraid to show it!
Our offices have been busy with donations to fantastic charity – Toys for Tots! Every Napier ERA office is an official drop off zone and we are loving seeing the boxes get filled. Books, toys, bikes and more will be collected from our offices on December 13 – make sure you drop off your donations before the official collection date so we can get these goods in the hands of Virginia's kids. We also have quite a few agents contributing to the Chesterfield Christmas Mother project, building boxes of toys and goodies for children to enjoy during the holidays.
Our offices have also been collecting donations for Tech for Troops – an organization dedicated to giving veterans and their families the technology and skills they need for a modern world. We've collected dozens of tablets, phones, computers and other electronics to aid their mission and support veterans in our community. If you have donations, take them to your favorite Napier ERA office and we'll get them to Tech for Troops to support their mission of helping veterans.
And how could we forget our friends at Backpacks of Love? BPOL is a Powhatan organization whose mission is to serve children by assisting with health and hunger. Not only are our offices collecting peanut butter for their food donations, our Powhatan agent Mike Williford has teamed up with Phillip Coon of C&F Mortgage and Jessica and Jason of Grey Ridge Builders to donate over 800 dental hygiene packs for Central Virginia kids! These donations will go from Goochland to Chesterfield and beyond thanks to our good friends at Backpacks of Love.
It's our pleasure to have worked in this area for over 60 years and giving back is part of who we are. The Richmond Metro area is a wonderful place to live and we're happy to do our part to make it even better!
When you're selling a home, every detail matters. From the smallest closet wall to the largest exterior wall, you need to showcase your property as well as possible. Upgrading appliances, repairing fixtures, and renovating rooms can increase your home's value. But don't overlook completing painting projects that can transform your house into a buyer's dream. Our REALTORS® have identified these four simple painting projects that you can easily accomplish before you list your home.
Simple painting projects can help you sell your property if you apply the right colors to the right spaces. When in doubt, remember that neutral is always the best option because potential home buyers may not love the same color scheme that you adore. For more help selling or buying Richmond homes for sale, feel free to contact us!