Current Virginia Mortgage Rates
Quick Mortgage Definitions / Terms / Facts
What is an escrow account?An escrow account is typically established at the time that you close your mortgage loan. This account is held by the lender for the future payments of recurring items relating to the mortgaged property, such as real estate taxes and insurance premiums. Lenders usually require you to pay an initial amount for each of those items to start the reserve account at the time of closing and then the lender coordinates those payments as they become due.
What is the difference between a Fixed Rate loan and an Adjustable Rate mortgage?
The interest rate of a Fixed Rate loan is set for the life of the loan. The interest rate of an Adjustable Rate loan fluctuates with the market according to the parameters set within the loan.
First Steps to Getting a Mortgage?
Get a Free Credit Report!The first step to getting a mortgage is to know your credit score. Understanding your credit report is a critical part to getting your mortgage. Raise your score while you shop for your home to get the lowest rate at closing, with a few easy steps you can easily raise your score in within a few months.
