Northern Virginia Buyers Blog

What is Buy-Down Mortgage Loans?

A buydown is an initial lump-sum payment, which allows the lender to reduce the interest rate on a mortgage loan. The borrower "buys down" the interest rate on a mortgage by paying discount points up front. The builder or seller of the property

Financing the Home Purchase:2006 Profile of Home Buyers and Sellers

For most households, purchasing a home is one of the largest financial transactions they will ever make. The majority of home buyers do take out a mortgage in order to purchase a home and so financing is one of several important aspects of the home buying

What are Spec Homes?

What are Spec Homes? Any house or condominium that has already begun construction but doesn't have a buyer for it is a speculative or spec home (also referred to as an inventory home). They can range from holes in the ground to completely finished