This year, the highly loved Cherry Blossom festival will resume in person for the first time in two years! Predictions for peak bloom were announced in a press conference on Tuesday, March 1st by the National Park Service. They’re expecting 70% of the blossoms to be open for prime blossom-viewing between March 23rd and March 25th in 2022. Now, for the Annual Cherry Blossom Festival! It is set to take place between March 20th and April 17th and this year will mark the 110th anniversary of Tokyo Mayor Yukio Ozaki’s gift of 3,000 Japanese cherry trees to Washington, DC. Tune in to the festival’s official website “Bloom Watch”, where you can view a live cam of the trees!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Orange County, Virginia, has become one of the most popular areas for people with families. Even though it’s a mostly rural area, it is still close to large cities like Richmond, DC, Charlottesville, etc. Rural areas and suburbs have become desired locations for families looking for new homes, or vacation homes, especially during the pandemic. With that in mind, we want to cover a simple and useful Virginia home loan guide and get you one step closer to your dream house! Let’s get started!
What is a home loan?
Let’s start by defining what a home loan is. Also known as a mortgage, it is a type of loan used only to purchase a house. A lender creates a contract with the borrower for a specified amount of money. The borrower uses that money to buy a house and pays monthly installments to the lender over a period of 15 to 30 years.
When you start browsing the hottest neighborhoods in Orange County, Virginia, be sure to check with your agent what the average cost of homes is. That will tell you if your credit score will allow you to get the amount you will need to buy a house.
Let’s break down the structure of a monthly loan
One of the most critical parts of our instructional is to teach you how to calculate your monthly payment. To get the amount of your monthly loan payment, take the principal amount (the sum that the lender borrows you) and apply the interest rate to it.
conventional fixed-rate mortgage – a kind of loan that conforms to the size of the loan and your financial budget, and the interest rate is fixed until it is fully paid;
adjustable-rate mortgage – interest rate fluctuates and will change based on the predetermined index;
FHA mortgage – Federal Housing Administration loan has more flexible lending requirements than a conventional loan. It also includes insurance premiums, but more of that in the next section;
VA mortgage – Department of Veteran Affairs loan will allow eligible service members to purchase a home with a low down payment, or without a down payment;
Jumbo mortgage – this type of loan is what you would usually use if you want to purchase a luxury home when the price exceeds conforming loan limits. To get it, you need a high credit score and a low debt-to-income ratio;
What are insurance premiums and property taxes?
When buying a home in Virginia, you also need to pay an annual insurance premium that protects your home from any damage. It also protects you from a financial loss or if someone gets injured on your property. Furthermore, you need to pay quarterly property taxes to your local municipality.
It often happens that a lender pays for both the taxes and insurance premiums. In that case, you will actually pay more than your monthly mortgage payment, and that money goes into your escrow account. Then, the lender uses it to cover the expenses when they are due.
When we consider the cost of purchasing a home, paying your real estate agent, and organizing a relocation, you can see how important it is to precisely calculate all of the expenses and know your financial limit. Through this guide, we will also teach you how to save money whenever possible. Since you cannot cut corners when it comes to paying your lender, you can at least consider consulting Verified Movers, and they will connect you with affordable and licensed moving companies in the area.
What is a promissory note?
When you sign the contract with your lender, there is also a second agreement included. It is called a promissory note, and when you sign it, you oblige yourself to repay your home loan and the interest rate. Furthermore, you pledge to stick to the repayment schedule.
A second mortgage and how to use it
It is a common practice to get a second mortgage after you purchase your house. This loan comes in two forms: home equity loan and home equity line of credit.
While with a home equity loan, you borrow a sum of money and pay it back with interest over time, a home equity line of credit works a bit differently. You can borrow a granted amount of money over time, and you can split it. That means you can borrow one amount during this year and the rest during the following year. This means you can calculate how much money you need, and you are not under the obligation to get the whole sum.
A second mortgage is calculated if you take the total cost of your home and subtract the remaining mortgage balance. If you bought a home worth $150,000, and you have $100,000 to pay, that means you own a percentage of your home in the sum of $50,000. That sum is how much you can borrow for your second mortgage.
One of the major benefits of a second mortgage is that you can spend it on anything you want. While you can do home renovation projects, you can also spend money on anything else, like paying for relocation. With that money, you can hire movers that provide an easy and stress-free process. It will undoubtedly make your life a whole lot easier and free up some time to focus on other more pressing matters.
How to secure a mortgage
When you apply for a mortgage, the first step is to research lenders and find the best interest rates for your pocket. Securing a mortgage is a lengthy process, though. The main requirements are a favorable credit score, a low debt-to-income ratio, and a down payment.
A credit score is considered good if it’s above 670. You can still get it with a lower credit score, but your interest rate will be higher. Your debt-to-income ratio should be below 36%, and the down payment is at least 20% of the price. The higher the down payment is, the lower the interest.
Virginia home loan guide made easy
Do not be frightened by the process of getting a mortgage. We hope that this Virginia home loan guide has everything you need to go through the process with ease. Once you have your dream home secured, you will have a lot to do Virginia and you will never be bored. Best of luck in buying the home of your dreams!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Why moving from DC to Orange County, VA, after retirement is a good idea?
Are you planning to move out of Washington DC? If you are, we recommend you consider moving to Orange County, Virginia. If you are looking for an active area filled with beautiful landscapes, this is the place for you. Orange county is, without a doubt, one of the most beautiful spots in the entire United States of America. The majority of Orange County inhabitants own their houses. It is home to many families, young professionals, and retirees. This area is excellent for retirees because it is very peaceful, yet it offers an abundance of fun activities, making it one of the most desired places to move to. This article will show you why moving from DC to Orange County, VA, after retirement is a good idea!
There is a lot to do in Orange County
The county is full of period cottages you can rent or buy. These cottages carry the rustic spirit of Orange County and its history. They date back to the 19th century but were renovated to accommodate the modern lifestyle requirements. Experts from Allstate Moving and Storage have had many clients who either rent or have bought these cottages. Living in them will give you a feeling that you moved back into the past, which can be great for history lovers!
The area has numerous small breweries and wineries
Since the area has beautiful plains and hillsides, it is no surprise that it is rich in agricultural goods. Also, beer and wine lovers will have an opportunity to try to produce their favorite beverages. If you like experiencing new things, Orange County is the right place for you. There are plenty of breweries and wineries for you to explore. Moreover, many of them organize events and wine or beer tastings. This is just one of the many things to do in Orange County.
Orange County is full of terrific small wineries.
Orange County has beautiful historical sights
Orange County and its surroundings are great for history lovers. The area is scattered with lots of historical places and sights. If you like the historical sites in DC, you will love Orange County since it offers a different side of history to explore.
Barboursville Ruins
A great place to visit after you move to Orange County is the ruins of Governor Barbour’s mansion. In 1884, the house was wrecked by a big fire, so it’s just a historical site today. The estate is a great place to visit and get a feel of how the Governor lived back in the day.
James Madison’s Montpelier
James Madison’s home is also in Orange County. The father of the Constitution and the Bill of Rights enjoyed the beautiful sights of this place. You can visit this fantastic estate and go on a guided tour of the property, which we highly recommend.
Outdoor activities
The area is filled with magical scenery and beautiful places to hike through and enjoy what nature gave us! There are many spots perfect for picnics. You can combine multiple activities and go for a hike through the Lake of the Woods, searching for the best place to have a picnic and enjoy some of the local wines. It’s a lovely place to live in, and it is excellent for retirement because of the variety of outdoor activities.
There are plenty of different outdoor activities to do in Orange County.
Farmer’s Markets
If you like cooking, you will love farmer’s markets in Orange County. In the spring, you can forget about canned goods in your pantry and replace them with fresh ones. Since the area is rich with fields, most of the products you find on farmer’s markets are locally produced. Moreover, the products are as fresh as they can be. These markets are also a great place to meet new people that share your passion. You can exchange some recipes or ideas with them! If you arent into cooking, but you love gardening, you will think that you are in heaven when you visit the farmer’s markets. Many people sell a wide variety of different plants and beautiful flowers for you to enjoy. Gardening is a great hobby to take up when you move to Orange County.
Moving to Orange County VA after you retire
Orange County has a lot of very popular and high-quality places for retirees. It’s not only due to the slow pace of life but also nature and the fantastic weather. The county also offers excellent healthcare availability and affordability. The most desirable places for retirees are the ones that are near the amenities of big cities and with the best medical facilities. If you seek good value for your money, Orange County offers some of the most affordable property prices in the state, including the properties in senior communities. When moving as a retiree, you must get the assistance you can completely rely on and trust. The movers you hire will handle all of your belongings and take care of the complete process. This will make your move less stressful, and you will be able to enjoy Orange County right away!
Moving from DC to Orange County, VA, after retirement is an excellent idea if you like peaceful places!
In conclusion
The county is an amazing place to move to after retirement. With this many activities and incredible scenery, it is probably one of the best places to move to the USA. Orange County is ideal if you want to live in a small town with a country feel. Moreover, you can find multiple senior communities in Orange County. And if you are still unsure why moving from DC to Orange County, VA, after retirement is a good idea, come for a visit and see for yourself!
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Northern Virginia, or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
What better way to celebrate springtime than the National Cherry Blossom Festival in DC! This year’s festival will span across four weeks, beginning on Friday March 20th and ending on April 12th! During this time, there will be several different events that will be going on, starting off with the Pink Tie Party on March 20th, which features live music, an open bar, a live performance by WHITE OUT TOKYO who were the World of Dance Champions, and a truly amazing silent auction! The opening ceremony will officially kick everything on the 21st during the opening weekend. On March 28th, thousands of kites will take to the skies at the Blossom Kite Festival! Starting at 10AM at the grounds of the Washington Monument, novices and professionals alike will test their skills in through various competitions and demonstrations. You can bring your own kites or purchase them at the event. Kids can create their own at the activity station and fly them on the public field.
Make sure you’re at Constitution Avenue on April 4th from 10AM – 12PM for the National Cherry Blossom Parade! With marching bands, elaborate floats, giant helium balloons and performers marching down the street, it’s sure to be a spectacle that you don’t want to miss!
Lastly, be sure to be at Water St SE for Petalpalooza on April 11th! From 1PM – 9PM, you’ll enjoy a day full of live music and numerous engaging activities that are sure to be fun for the whole family! This is a celebration of art, music, and each other and will conclude with a spectacular firework show set to music. This yearly celebration is loved by all, and you’re sure to have an amazing time at any and all events! Make sure to save each date, as the Cherry Blossoms won’t last forever!
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
According to Zillow data the houses in the United States listed in early May tend to sell 18.5 days faster than the average listing and for nearly 1% more of the average price!
There is still low inventory of houses on the market across the country, which has influenced the prediction of the May trend. Before, homes listed between mid-March and mid-April sold quicker and for the highest price.
Another influence is weather. Here on the east coast when the colder weather sets in, houses tend to sit on the market longer. With warm weather right around the corner, Zillow’s predictions for the Washington, DC market (which is the market closest to us in Locust Grove/Fredericksburg, VA) the ideal time to list your home is April 16 – April 30th and it will have a faster than average closing time of 18 days.
Inventory is low – let us help you sell your home today!
We may already have a buyer ready for you!
Contact Pat Licata today.
