Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by Arlington Realty, Inc. Maximize your real estate investment with the team by visiting www.arlingtonrealtyinc.com or calling 703-836-6000 today!

Please note: While Arlington Realty, Inc. provides this information for the community, it may not be the listing company of these homes.

As of May 29, there are 139 detached homes, 24 townhouses and 123 condos for sale throughout Arlington County. In total, 13 homes experienced a price reduction in the past week, including:

• 3430 N. Abingdon Street, 22207 — NOW: $4,500,000 (Reduced: $350,000 on 5/23)

• 232 N. Fillmore Street, 22201 — NOW: $2,850,000 (Reduced: $145,000 on 5/24)

• 6907 30th Street N., 22213 — NOW: $1,749,000 (Reduced $49,000 on 5/25)

• 1311 S. Quinn Street, 22204 — NOW: $925,000 (Reduced $10,000 on 5/25)

• 5041 12th Street S., 22204 — NOW: $874,900 (Reduced $25,000 on 5/22)

• 3600 S. Glebe Road #818W, 22202 — NOW: $709,900 (Reduced $10,000 on 5/22)

• 1021 N. Garfield Street #118, 22201 — NOW: $435,000 (Reduced $4,000 on 5/28)

Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Arlington Realty, Inc.

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Eli Residential channel. Enjoy!

Question: How does assuming a low interest rate VA loan work?

Answer: Thank you to all who have served and to their families who have sacrificed or lost loved ones for our freedom. I hope you and yours had a special Memorial Day weekend with friends and family to celebrate our country and those we’ve lost defending it.

The Eli Residential Group is donating to Arlington, Virginia-based TAPS (Tragedy Assistance Program for Survivors) in honor of Memorial Day. Since 1994, TAPS has provided comfort and hope 24/7 through a national peer support network and connection to grief resources, all at no cost to surviving families and loved ones.

In keeping with the theme of Memorial Day, I will revisit a column about assuming low interest rate VA (Veteran Affairs) loans.

An assumable loan is a loan that can be transferred from a seller to a buyer, allowing the buyer to maintain the interest rate of the seller’s existing loan rather than accept a market-rate interest rate. This can be valuable in a high-interest rate environment like we’re in now when most homeowners have an interest rate well below current market rates.

To help me provide the best information about assumable VA loans, I reached out to Skip Clasper of Sandy Spring Bank ([email protected]), who I highly recommend for a range of loan products including VA loans, construction/rehab loans, and jumbo loans.

Only Some Loans Are Assumable

VA loans (available to Veterans, service members and surviving spouses), FHA loans, and USDA loans are the only traditional loan products that are assumable. They make up a relatively small percentage of existing home loans in Arlington (likely single-digit percentage of total loans). I’m not aware of any conventional loans that can be assumed.

Key Details about Assuming a VA Loan

There are some important details and caveats to assuming a VA loan that both buyers and sellers need to understand prior to transferring a loan:

1. Buyers do NOT have to be a Veteran or otherwise qualify for a VA loan to assume a VA Loan.
2. Sellers can NOT obtain a new VA loan until the previously assumed loan is paid off (or refinanced out of) unless the new buyer is a Veteran and uses their eligibility on the assumed loan.
3. It is less expensive (closing costs) to assume a loan than to originate a new loan. The VA Funding fee is only 0.5% for assumable VA loans.
4. You need a down payment that covers the gap between the assumable loan balance and the purchase price. For example, if the seller’s loan balance is $200,000 and the purchase price is $500,000, the buyer is assuming $200,000 is debt and will have to cover the remaining $300,000 via down payment or alternative debt such as a second trust.
5. Buyers need to qualify for the loan using normal income, debt, and credit guidelines.

As you can probably determine from the above details, there are only a limited number of scenarios where assuming a VA loan makes sense for both parties. The biggest hurdle to VA loan assumption is that the VA loan eligibility stays with the loan so if the buyer does not have their own VA loan eligibility, the seller must be sure they are okay giving up this very valuable benefit until the new buyer pays it off or refinances.

If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].

If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at (703) 539-2529.

Video summaries of some articles can be found on YouTube on the Eli Residential channel.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. (703) 390-9460.

Memorial Day is a special time to remember and show appreciation for the courageous men and women who sacrificed their lives for our country. It’s also an opportunity to come together with loved ones and celebrate the spirit of freedom and unity.

The Arlington and Washington, D.C. areas are among the most meaningful places to honor our country’s fallen heroes. From meaningful commemorations to joyful gatherings, there’s something for everyone to observe on Memorial Day.

Inspired by the historic photo taken during the Battle of Iwo Jima during World War II, the US Marine Corps War Memorial is an awe-inspiring monument. This iconic memorial holds a special place in the hearts of Americans as a tribute to the valor and dedication of the Marine Corps throughout history. The memorial is open to the public, and visitors can explore the surrounding grounds, which are beautifully landscaped and provide an opportunity for reflection. Many individuals come to pay their respects, leave flowers or mementos, and honor the memory of those who have served and sacrificed.

Just before Memorial Day weekend, the 3rd U.S. Infantry Regiment (the “Old Guard”) honors America’s fallen heroes by placing American flags at gravesites for service members buried at Arlington National Cemetery and the U.S. Soldiers’ and Airmen’s Home National Cemetery.

This tradition, known as “Flags In,” has taken place annually since the Old Guard was designated as the Army’s official ceremonial unit in 1948. Every available soldier in the 3rd U.S. Infantry Regiment participates, placing small American flags in front of more than 228,000 headstones and at the bottom of about 7,000 niche rows in the cemetery’s Columbarium Courts and Niche Wall. Each flag is inserted into the ground, exactly one boot length from the headstone’s base.

At the Tomb of the Unknown Soldier, the Sentinels (who are members of the Old Guard) place flags to honor the Unknowns.

All flags are removed after Memorial Day, before the cemetery opens to the public.

Immerse yourself in the patriotic atmosphere by attending the National Memorial Day Parade which marches down Constitution Avenue. The parade honors men and women who have died while serving in the US military. Pre-parade festivities will begin at 1 p.m. and the parade starts at 2 p.m. This grand procession features marching bands, veterans’ groups, military units, and festive floats, all coming together to honor our fallen heroes. Show your support by joining the enthusiastic crowd along the parade route.

If you’re looking for a small-town experience, join the Memorial Day Parade in Falls Church. This delightful parade showcases local marching bands, veterans’ groups, scout troops, and community organizations united in honoring our fallen heroes. Enjoy the cheerful procession, wave to the participants, and feel the warmth of community spirit.

Discover the vibrant spirit of Memorial Day by attending community events such as Viva Vienna. The Rotary Club of Vienna has been running ViVa! Vienna! for over 39 years in concert with the Town of Vienna. Each year the proceeds support over 70 local organizations. Enjoy music, amusement rides, arts and crafts, and delectable food options. Join the festivities, connect with your community, and support local vendors and organizations.

For more than 30 years, the National Memorial Day Concert has featured star-studded performances honoring the military service and sacrifice of men and women in uniform, their families at home, and those who have made the ultimate sacrifice. While aired nationally on PBS, the public is welcome to attend this free event on the west lawn of the Capitol Building. Bring your blankets, relax under the starry sky, and enjoy an evening filled with uplifting music and heartfelt moments.

If you’re looking for something to do, but not big crowds, hosting friends and family for a delightful backyard BBQ or picnic may be the ticket. Fire up the grill, savor mouthwatering burgers, hot dogs, and all your favorite BBQ treats. Enjoy the warm weather, play lawn games, and spend quality time with loved ones, all while reflecting on the importance of Memorial Day.

Memorial Day marks the unofficial start of summer, and for many people, it’s a time eagerly anticipated for the opening of pools and the refreshing splashes of water under the warm sun. As the weather becomes warmer and more inviting, communities and recreational centers across the country make preparations to welcome swimmers of all ages to their sparkling pools.

This Memorial Day, let’s take a moment to remember and honor the brave men and women who made the ultimate sacrifice for our nation. Whether you choose to visit memorials, participate in meaningful traditions, attend parades and concerts, host a backyard BBQ, or join local festivities, the key is to commemorate their sacrifices while creating cherished memories with your loved ones.

May this Memorial Day be a meaningful occasion as we express gratitude and celebrate the freedom we enjoy today.

For 40 years, McEnearney Associates has been a premiere residential, commercial and property management firm with 11 offices located in the Washington metro region. With service excellence, hyper-local expertise, powerful data insights, innovative technology and cutting-edge marketing, McEnearney Associates have helped their clients make informed decisions on their most valuable real estate investments. There is an important difference at McEnearney: It’s not about us, it’s about you. To learn more, visit us at www.McEnearney.com.

Address: 1824 N. Inglewood Street
Neighborhood: Tara
Type: 6 BR, 4 (+1 half) BA single-family detached — 3,800 sq. ft.
Listed: $1,475,000

Noteworthy: Expanded with 4 bedrooms upstairs, 2 main level bedrooms, 2 garages and a carport

A delightful combination of character and space, this expanded home is well sited on an 11,000 square foot lot in the leafy Tara neighborhood.

Renovated kitchen with center island flows into sun-filled breakfast room, dining room and living room with fireplace. A laundry area with pantry opens to the carport, making it convenient to bring packages directly into the home. Two bedrooms are on the main level along with both a full and half bath. Upstairs, the primary bedroom has a vaulted ceiling, two walk-in closets, a bathroom with double vanity, soaking tub, and separate shower. Three other bedrooms on this level have architectural detailing, large closets, and are served by a hall bathroom.

The lower level features a rec room with 10 foot ceilings, tall windows, built ins, and areas for media, play, and relaxing. A door leads to the patio and well landscaped back yard. A gym, second laundry room, workshop, and storage room complete this level.

Located between Westover Village and Lee-Harrison Center, the home is near parks, bike path, and amenities. Glebe Elementary School, Swanson Middle School, and Yorktown High School are nearby.

Listed by:
Betsy Twigg
[email protected]
(703) 967-4391

Join us Sunday, June 4 from 1-4 p.m. for the 20th annual Green Community Celebration & Tour: Homes, Gardens & More!

This is your chance to learn from your Arlington neighbors on greening your home and garden.

Arlington County’s Office of Sustainability and Environmental Management is proud to  partner again with Arlington Public Libraries, EcoAction Arlington and Virginia Cooperative Extension to sponsor this event.

Visit the homes and gardens of homeowners as they showcase their green homes, renovations, and watershed-friendly gardens during the Green Community Tour. Choose as many sites to visit as you’d like, in any order. The tours are self-guided and available between 1-4 p.m.

Plus, come to Shirlington Library Plaza for a showcase of electric vehicles, demos, and learn more about local programs to encourage energy efficiency, solar, native plants, wildlife habitat, and more!

Register here (FREE) for addresses to all homes and gardens on the tour!

Location: Shirlington Library Plaza at 4200 Campbell Avenue, and homes, gardens, and community spaces throughout Arlington.

For questions about this event, please email [email protected].

Parking/Transit Options: Shirlington garage offers free parking for up to 4 hours, as well as free all-day street parking. Check here for public transit and biking options.

COVID-19 Safety: Participants entering homes on the tour are asked to wear a mask or face covering.

Masks are optional at the Celebration taking place at Shirlington Branch Library. Stay home if you are feeling sick and/or experiencing symptoms of COVID-19.

This sponsored column is by Law Office of James Montana PLLC. All questions about it should be directed to James Montana, Esq., Doran Shemin, Esq., and Laura Lorenzo, Esq., practicing attorneys at The Law Office of James Montana PLLC, an immigration-focused law firm located in Falls Church, Virginia. The legal information given here is general in nature. If you want legal advice, contact us for an appointment.

Our loyal reader(s) will recall that we have covered various programs which allow foreign nationals from countries suffering from difficult circumstances to travel legally to the United States and obtain work authorization.

Most notably, the first was the Uniting for Ukraine program; then came a similar program for Venezuelans; and finally, a program for Cubans, Haitians, and Nicaraguans.

On April 27, 2023, the Department of Homeland Security and the Department of State jointly announced new measures to help decrease irregular regional migration to the United States. The biggest part of that announcement is the creation of a family reunification parole process. This process will apply to nationals of El Salvador, Guatemala, Honduras, and Colombia.

This parole process has important differences from the earlier parole processes that have come to fruition during the Biden Administration. The earlier processes require a sponsor who requests that the foreign national be able to come to the United States. The sponsor and the foreign national do not have to be related in any way.

By contrast, as the name “family reunification” suggests, the new parole program announced at the end of April will require a family relationship. In fact, a U.S. citizen or lawful permanent resident must have filed a family petition for their relative and the petition must be approved. U.S. citizens can file family petitions for parents, children, adult sons and daughters regardless of marital status, and siblings. Lawful permanent residents can file family petitions for spouses, children, and adult, unmarried sons and daughters.

As part of the family petition adjudication process, U.S. Citizenship and Immigration Services will determine whether the foreign national relative should be invited to participate in the parole program. The invitation from the U.S. government is a requirement; the relative cannot simply request parole to travel to the United States.

If the relative is invited and approved for parole, the relative may travel to the United States legally. The relative would also be eligible for work authorization.

For now, this is the only information we have. U.S. Citizenship and Immigration Services expects to release more details in mid-June. But what do we think about this?

If this program works well, we expect that it will indeed assist with family reunification, especially for those family members who have to wait a long time to apply for their green cards due to visa unavailability. For example, there are only 65,000 visas allotted for brothers and sisters of U.S. citizens each year.

Read More

This column is sponsored by BizLaunch, a division of Arlington Economic Development.

By Alex Held

Relocating a small business to a new space is a significant undertaking that presents many challenges. Moving to a different location can be a daunting task for small businesses, whether due to expansion, cost considerations or changes in the business landscape.

When Reena Bawa, Founder of Beauty Fair Hairstylists, learned she needed to find a new location after running her Columbia Pike business at the same location for more than 35 years, the process seemed daunting. Luckily, she had BizLaunch to help her find a new space for her business.

First and foremost, finding a suitable space that meets the needs of the business can be a significant hurdle. Generally, this process can take one to three years. In Arlington, particularly along Columbia Pike, vacant retail space can be hard to find, and with low supply, rents are rising. Currently, the retail vacancy rate along Columbia Pike is 2.8%. This challenge can be further amplified if a client is looking for industrial space, which according to CoStar has a 0.8% vacancy rate in Arlington.

In Beauty Fair Hairstylists’ case, Bawa was already about double the industry average (about 17% of sales) for rent and was facing yet another increase in the current space. However, Bawaknew she wanted to remain close to her customer base along Columbia Pike and for the space to be easily accessible.

Through ReLaunch, Beauty Fair was able to leverage Revby’s expertise in analyzing different options, such as purchasing a space, leasing another space or remaining at the existing location with a rent increase. However, with the cost of acquisition, build-out and rent rising, none of those options made financial sense nor aligned with Bawa’s goals. Thus, she decided to rent out space within an existing hair salon. Such an arrangement is commonly referred to in the industry as booth rent.

Once it was clear which direction Bawa wanted to go, the BizLaunch team identified several booth rent opportunities throughout Arlington. Finally, Bawa settled on her new location inside Samaris Hair Salon at 38 S. Glebe Road.

With the location selected, the logistical challenges of the move itself came into play. Small businesses must plan and coordinate the physical relocation of equipment, inventory, and furniture, which can be complex and disruptive to daily operations. In Bawa’s case, since she would rent space from an existing salon, much of her equipment was no longer needed, forcing her to liquidate or store equipment.

Additionally, BizLaunch supported Beauty Fair through the move, helping her update her address and apply for a partial Certificate of Occupancy for her new space while also being supportive in the transition. In this case, Bawa had been in her location for more than three decades and was understandably attached to the location. It was part of her business identity, and it was important not to lose that identity.

Another significant challenge is notifying customers, clients, and suppliers about the relocation. Small businesses rely heavily on their existing networks, and a move can disrupt established relationships. Communicating the new address and contact information is crucial to maintaining strong connections and minimizing any potential loss of business.

Thankfully Revby was able to help develop collateral material such as fliers and business cards with the new address and update the website and Google My Business page, letting customers know of the change. Additionally, the Revby team was able to assist in extracting customers’ information from the owner’s phone into a spreadsheet, easily accessible in one place.

“While the adjustment has been hard, I’m grateful for the resources Arlington has provided my business as well as the support from my customers and colleagues within Samaris Hair Salon,” says Bawa.

For businesses facing a relocation decision, reach out to BizLaunch as early as possible, as finding a suitable space for your business can take some time. Schedule some time with one of our experts today. For more information about BizLaunch, visit www.bizlaunch.org.

Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by Arlington Realty, Inc. Maximize your real estate investment with the team by visiting www.arlingtonrealtyinc.com or calling 703-836-6000 today!

Please note: While Arlington Realty, Inc. provides this information for the community, it may not be the listing company of these homes.

As of May 22, there are 143 detached homes, 23 townhouses and 130 condos for sale throughout Arlington County. In total, 27 homes experienced a price reduction in the past week, including:

• 4012 N. Upland Street, 22207 – NOW: $3,095,000 (Reduced $104,000 on 5/19)
• 3716 N. Nelson Street, 22207 – NOW: $2,950,777 (Reduced $49,000 on 5/18)
• 4200 40th Street North, 22207 – NOW: $2,499,000 (Reduced $100,000 on 5/19)
• 5806 Little Falls Road, 22207 – NOW: $2,399,000 (Reduced $80,000 on 5/19)
• 4031 Nelly Custis Drive, 22207 – NOW: $1,700,000 (Reduced $20,000 on 5/19)
• 811 N. Fillmore Street, 22201 – NOW: $1,597,000 (Reduced $52,000 on 5/19)
• 3600 S. Glebe Road #818W, 22202 – NOW: $709,900 (Reduced $10,000 on 5/22)

Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Arlington Realty, Inc.

This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Eli Residential channel. Enjoy!

Question: What is the ratio of bathrooms to bedrooms in Arlington? 

Answer: Somebody recently asked me what the bathroom-to-bedroom ratio is in Arlington and I ended up exploring Arlington market data through the lens of bedrooms. I might be the only person who finds this interesting but if you find yourself daydreaming about things like the number of bedrooms sold in Arlington and the cost per bedroom, than this is the article you’ve been waiting for!

What is a Bedroom?

Unlike many other jurisdictions, Arlington doesn’t have its own definition of a bedroom and defers to the Virginia Residential Building Code. I wrote about back in 2016, linked here. The Virginia requirements are pretty simple: minimum 70 SqFt, 7 Ft+ ceiling heights, proper egress window, heated, and ventilation.

Arlington’s Housing Market by Bedrooms

• Over the past five years, an average of 7,673 bedrooms have sold each year. 56% of bedrooms sold are in single-family homes, 25% in condos, and 19% in townhouse/duplex properties.
• There’s an average of 600 new bedrooms being delivered each year via new construction.
• The average cost per bedroom has decreased in 2023 causing an overall decrease in the cost per bedroom in Arlington, despite small increases in the cost per bedroom for single-family and townhouse/duplex homes.
• There are an average of 2.7 bedrooms in each home sold in Arlington. I expected to find that the number of bedrooms per transaction increased in the spring, suggesting that more larger homes are listed during the spring market, but the average size of homes by bedroom count is consistent each month of the year, always between 2.5 and 2.8 bedrooms per home sold.
• There is an average of .8 full bathrooms for every bedroom sold. The ratio for single-family detached homes is .73 full bathrooms per bedroom.

• The second table below shows data from 2022-2023 sales.
• The data suggests that 4BR homes are the most in demand, followed closely by 3BR and 5BR, and for good reason…4BR homes have the best cost per bedroom of any size home.
• If you are buying a home with 2-6 bedrooms, you’re most likely going to pay at or above the asking price.
• The most expensive zip code per bedroom is 22209 at $494,000/BR and the least expensive is 22204 at $244,000/BR. The average cost per bedroom in a single-family home in 22207 is $349,000.

If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].

If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at (703) 539-2529.

Video summaries of some articles can be found on YouTube on the Eli Residential channel.

Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with RLAH Real Estate, 4040 N Fairfax Dr #10C Arlington VA 22203. (703) 390-9460.

The plunger. It’s a dirty topic that no one talks about, but we all have to deal with it. We’ve all had the same experience; we plunge the toilet and don’t know what to do with that nasty plunger afterwards.

A lot of times after use, the go-to is to stick it in the tub or back on the floor to deal with the inevitable later. Two longtime Arlington residents came up with a better way.

The idea of the Schoon was a glimmer in inventor Elaine Steele’s brain one morning in January of 2020 after plunging yet another clog in her old bathroom in her old house in Arlington. A search of the internet for a plunger that has a way to clean itself yielded no results, Elaine realized a self-cleaning plunger did not exist. After an exhaustive search of the Patent and Trademark site for hours and hours to find a product that was already out there, she found that there was none.

Elaine approached her longtime friend and coworker, Pierre, about the idea of a self-cleaning plunger. Being a germaphobe, he was intrigued, and the two started collaborating on the idea that February. Several designs, a few prototypes, lots of testing, and a patent application later, the Schoon was born and is now ready for manufacturing.

So how does the Schoon work? After unclogging your toilet, the Schoon allows you to use the wand to spray disinfectant over the top and the underneath of the plunger cup, cleaning the plunger immediately after use. The Schoon’s design also allows you to spray and disinfect the surrounding bathroom area. Elaine says, “Pierre and I intentionally created a sleek design, with the intention that you leave it out and at the ready for use when you need it.”

Where can you purchase the Schoon?  You will find the evolution of the Schoon from idea, to sketches, to prototyping and testing on their Kickstarter Campaign page. Elaine says that the most common question she hears from excited parties after talking about the Schoon is, “what’s a Kickstarter???” She explains “Kickstarter is a platform where inventors go after prototyping to introduce their product to the world. Kickstarter Campaigns allow backers to pre-order and purchase their Schoon as early adopters. Once a Kickstarter Campaign reaches its Campaign goal, the invention goes right to production.” Elaine and Pierre say that once they reach their pre-order goal, the Schoon will go straight to manufacturing with Maryland’s Xometry, and the Schoon will be delivered before the Holidays.

The Schoon launched its Kickstarter campaign May 17th. You can pre-order the Schoon from May 17-June 20. This is the final stage in bringing this product to market. The Schoon is patent pending.

Pre-order the Schoon at the Kickstarter campaign here.

To learn more about the Schoon, visit www.theschoon.com.

Follow the Schoon on Facebook and Instagram.

This is a sponsored column by Joseph Woloszyn Esq. of Maximo Mortgages LLC. Have a question or comment? Contact Joseph at [email protected].

Mortgages are often seen as a complex and daunting aspect of the home-buying process.

However, understanding the intricacies of mortgages is essential for making informed decisions and ensuring a smooth home-buying experience. In this article, we will cover the basics of mortgages, the different types available, and tips on how to choose the best mortgage for your unique circumstances.

What is a Mortgage?

A mortgage is a loan that allows you to purchase a home by borrowing money from a lender, typically a bank or a financial institution. The property you buy serves as collateral for the loan. Over time, you repay the borrowed amount, including interest, through monthly payments.

Key Mortgage Terminology

• Principal: The amount you borrow to purchase the home.
• Interest: The cost of borrowing money, expressed as a percentage of the principal.
• Down Payment: The initial amount you pay upfront towards the purchase of your home.
• Loan Term: The length of time you have to repay the loan, typically 15 or 30 years.
• Amortization: The process of paying off the loan principal and interest over time through regular monthly payments.

Types of Mortgages

There are several types of mortgages available to homebuyers. The most common ones include:

• Fixed-Rate Mortgage: The interest rate remains constant throughout the loan term, providing predictable monthly payments.
• Adjustable-Rate Mortgage (ARM): The interest rate changes periodically, based on a predetermined index, resulting in fluctuating monthly payments.
• Conventional Mortgage: A loan that is not backed by the federal government, typically requiring a larger down payment and higher credit score.
• FHA Loan: A mortgage insured by the Federal Housing Administration, allowing for lower down payments and more lenient credit requirements.
• VA Loan: A loan guaranteed by the Department of Veterans Affairs, available to eligible veterans and active-duty military members.

Choosing the Right Mortgage

When selecting a mortgage, consider the following factors:

• Affordability: Determine how much you can comfortably afford by considering your monthly income, expenses, and future financial goals.
• Down Payment: Larger down payments can result in lower interest rates and reduced mortgage insurance costs.
• Loan Term: Shorter loan terms usually come with lower interest rates but higher monthly payments, while longer loan terms provide lower monthly payments but more interest paid over time.
• Interest Rate Type: Choose between fixed-rate and adjustable-rate mortgages based on your risk tolerance and financial stability.

Mortgage Pre-Approval

Before house hunting, it’s a good idea to get pre-approved for a mortgage. This process involves a lender reviewing your financial situation and determining how much you can borrow. Pre-approval gives you a better understanding of your budget, strengthens your negotiation position, and expedites the mortgage application process.

Conclusion

Understanding mortgages is crucial for navigating the home-buying process and making informed decisions. By familiarizing yourself with mortgage terminology, exploring different mortgage types, and carefully considering your financial situation, you can confidently choose the best mortgage for your needs.

If you have any mortgage related questions or would like to inquiry about applying for a mortgage, please reach out to us at Maximo Mortgage LLC at [email protected] or 703-755-0045! Happy house hunting!

Joseph Woloszyn Esq. boasts a diverse professional background, including roles as a real estate attorney, mortgage broker, real estate broker, general contractor, and real estate investor. When he isn’t working, Joseph enjoys watching football and taking trips to unwind. In his personal life, he lovingly reports to his two superiors: his wife, Haimei, and their daughter, Elizabeth.