Why the Lowest Mortgage Rate Could Cost You Thousands

Why the Lowest Mortgage Rate Could Cost You Thousands

As a loan officer, many borrowers tell me they want the lowest possible interest rate. I listen carefully, and then I begin to ask questions.  Experience has shown me that the lowest possible interest rate could actually end up costing borrowers thousands of dollars!

INTERNET RATES

JSRealty4U Mortgage Lowest Rate Real EstateMany borrowers will scour the internet for the lowest possible mortgage rates. Low rates will indeed pop up, but most often they won’t apply to most borrowers. The rates may assume a very high credit score, a large down payment, or even the cost of paying discount points to get the advertised rates. Many of the low rates that are advertised are also coming from mortgage brokers. Typically, mortgage brokers are third parties that have relationships with multiple investors. This means they can “shop around” for the lowest rates when it is time to lock in. Because the broker is a third party, they don’t control the processing and underwriting aspects of the loan. If something unusual is found during the loan process, many times the issue is not communicated immediately and causes loans to close late. Once a sale is postponed due to loan issues, the buyer can face the possibility of losing their earnest money deposit and can be sued for damages by the seller. This is why lower rates aren’t always the best way to go for a borrower.

ADJUSTABLE RATE MORTGAGE

JSRealty4U variable mortgage rates lowestGenerally, an adjustable rate mortgage (ARM) will offer lower rates than a 30 year fixed rate mortgage with the shortest term on the ARM offering the lowest rate. For example, a 5/1 ARM may have a rate of 3.375% while a 30 year fixed loan may be at 3.75%. The monthly payment for the ARM will be less than the 30 year fixed rate for the first 5 years. After five years, the rate will adjust based on the then current market. Since rates today are close to the lowest ever, it is likely that in five years the interest rate will soar – causing the monthly payment to skyrocket!

FHA LOANS

JSRealty4U lender man mortgage assumption lowest rateFHA loans also offer lower rates than a conventional loan. Currently, a conforming FHA loan may offer a rate of 3.375% with the corresponding conventional loan offering the same 3.75% as in the previous example. The difference is the FHA loan adds an additional 1.75% to the loan amount in what is referred to as an “Upfront Mortgage Insurance” premium. The FHA loan also has a monthly mortgage insurance premium that remains on the loan for as long as you own it. The rate for this monthly mortgage insurance payment is most often much higher than a corresponding monthly mortgage payment on a conventional loan. The result: a higher monthly payment on a loan with a lower interest rate.

MORTGAGE INSURANCE

JSRealty4U paper deposit real estate lowest mortgageAnother thing to factor in is Mortgage insurance. Mortgage insurance comes into play when a purchaser is putting less than 20% down on their desired home. There are a couple of ways in which the mortgage insurance can be paid. One way is to make monthly mortgage insurance payments. If making the minimum payment required each month by the lender, these mortgage insurance payments continue until the loan-to-value reaches 78%. In the case of a beginning loan-to-value of 95%, these payments may take as much as 9 years before reaching the 78% threshold where the payments stop.  The second method of dealing with mortgage insurance is to have the lender pay for the mortgage insurance premium. This results in a higher interest rate – but no mortgage insurance payment. The overall monthly payment will be lower on this option even though the rate may be up to .5% higher. Paying even $25 more each month for 9 years will cost the borrower $2,700!

WHAT YOU NEED TO KNOW

JSRealty4U mortgage rate lowestIt is always important to let a lender help you determine the best possible loan solution. Some of the most important factors for the loan officer to know are:

  • Monthly Income
  • Monthly debt
  • Credit score
  • Credit history
  • Cash available for down payments and closing costs
  • Length of time you expect to own the loan

With this information, your loan officer should be able to provide multiple loan options. In addition, they should provide explanations as to why one would be preferred over another. And more often than not the loan with the higher interest rate becomes the best long term solution!

Thinking about buying or refinancing a home? Make sure you speak to a lender first! You can reach Keith Harris, Senior Loan Officer at Intercoastal Mortgage Company online or by calling 703.259.0788.

Keith Harris at Intercoastal Mortgage Company
NMLS ID # 838973
Company NMLS ID # 56323
(www.nmlsconsumeraccess.org)
Intercoastal Mortgage Company is an Equal Housing Lender.

2 Bedroom Condo in Ballston For Sale

2 Bedroom Condo in Ballston listed For Sale

This highly sought after 2 level condo is located at 1029 N Stuart Street. Conveniently located in the heart of Ballston, this unit, #505, offers one of the largest floorplans at over 1,300 sq ft! The condo includes a storage unit and parking space. jsrealty4u katie hofer ballston condo

Community Features

Enjoy shopping and dining at the restaurants and shops that line the streets surrounding the building. The building features an updated party/recreation room. Great location for commuters, with I-66 and the Dulles Toll Road minutes away. It’s also just 1 block from the Ballston Metro.

Main Level Features

Gorgeous Bamboo Hardwood floors are located throughout the entire main floor. The open floor plan concept creates a great flow through the home. jsrealty4u katie hofer ballston condo

A completely Renovated Kitchen has Stainless Steel Appliances and Granite Countertops. There is also a large Pantry for storage. jsrealty4u katie hofer ballston condo

A spacious dining room off the kitchen is great for entertaining. jsrealty4u katie hofer ballston condo

A generous sized Living Room features a huge window that lets in tons of natural light. A spacious Patio is perfect for relaxing. jsrealty4u katie hofer ballston condo

Upper Level Features

The Master Bedroom features a walk in closet and plush carpets. jsrealty4u katie hofer ballston condo

The attached Master Bathroom boasts a quartz vanity and upgraded custom tile. jsrealty4u katie hofer ballston condo

A large, 2nd Master Bedroom has a closet and plush carpet. jsrealty4u katie hofer ballston condo

The 2nd Master bathroom features custom tile floor and bath with a granite vanity. jsrealty4u katie hofer ballston condo

A separate laundry room with new washer & dryer, along with shelving and plenty of space for storage is located on this level.

Contact Real Estate Agent Katie Hofer at 703-508-6654 or visit KatieSellsVirginia.com.

6926 Westlawn Drive For Sale in Falls Church

Charming Cape Cod Home For Sale on Westlawn Drive

Listed For Sale is this charming Cape Cod style home in the heart of Falls Church, Virginia! Located at 6926 Westlawn Drive, the home features an extended private driveway with additional street parking.

Community Features

Enjoy easy access to shopping, dining, and entertainment at the Loehmann’s or Graham Park Plaza Shopping Centers. This home is also perfect for commuters, as it’s located just a short distance from Routes 7, 29, & 50. I-66 and 495 are close by as well, and the East Falls Church Metro is less than a 3 mile drive.

Main Level Features

The Living Room has hardwood floors, decorative crown molding, chair railing and has plenty of natural light. Cape Cod JSRealty4U Real Estate For Sale westlawnA separate Dining Room features hardwood floors, a chandelier, a pass-through to the Kitchen, crown molding, and chair railing.Cape Cod JSRealty4U Real Estate For Sale westlawn

The Spacious Kitchen offers tons of granite countertops and cabinet space. Built-in shelving is perfect for storing cookbooks and recipes. Cape Cod JSRealty4U Real Estate For Sale westlawn

The Family Room overlooks the large backyard and has new laminate floors, recessed lighting and tons of windows. Cape Cod JSRealty4U Real Estate For Sale westlawn

The Master Bedroom features a 2nd entrance, closet, ceiling fan, and hardwood floors.Cape Cod JSRealty4U Real Estate For Sale westlawnThe 2nd & 3rd Bedrooms both have hardwood floors, closets, and ceiling fans. A Full Bathroom has shower/tub combo, single vanity, and tile floors.

Upper Level

Upstairs, 2 lofts and an extra space offer ample storage and endless possibilities. Cape Cod JSRealty4U Real Estate For Sale westlawn

Lower Level & Backyard

The Basement features multiple, fully finished rooms perfect for whatever fits your needs! Cape Cod JSRealty4U Real Estate For Sale westlawn

Bedroom #4 offers a large closet and shelving.Cape Cod JSRealty4U Real Estate For Sale westlawn

A 2nd Full Bathroom has a shower/tub combo single vanity & tile floors. Cape Cod JSRealty4U Real Estate For Sale Westlawn

The Spacious Laundry Room boasts a full size washer & dryer, built-in shelving & nook for storage. Additional storage rooms have recessed lighting and there is a utility sink in one room. Cape Cod JSRealty4U Real Estate For Sale Westlawn

Outside, a large double entry shed allows for two separate storage spaces within the shed. It also has electric and water. The spacious patio is perfect for entertaining guests. Westlawn Cape Cod Real Estate Sale JSRealty4u

Contact our Expert Realtor Sarah Taylor at 703.475.1003 to schedule a private tour of this charming home on Westlawn Drive!

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417 Spring Ridge Ct For Sale in Sterling

Single Family Home on Spring Ridge Court For Sale

This charming 2 story home is located at 417 Spring Ridge Ct in Sterling’s Seneca Ridge Community. Tons of privacy on this cul-de-sac with beautiful walking/jogging/biking trails right off the property. The home includes a spacious 1-car garage with a paved driveway. Great location for commuters, right off Routes 7 & 28 and the Fairfax County Parkway. Just minutes to shopping and dining at the Dulles Town Centerspring ridge sterling for sale jsrealty4u

Main Level Features

Windows galore fill this home with tons of natural light! The Living Room features a wall of windows, hardwood floors, & crown molding. spring ridge sterling for sale jsrealty4u

A spacious Kitchen features recessed lighting and a breakfast bar, with gorgeous tile floors. spring ridge sterling for sale jsrealty4u

The Breakfast Room has designer light fixture, crown & chair molding. spring ridge sterling for sale jsrealty4uMain Level Master Bedroom features a walk in closet, 3 windows, & hardwood floors. spring ridge sterling for sale jsrealty4u

The attached Master Bathroom boasts a corian vanity, shower/tub combo, heat lamp & window. spring ridge sterling for sale jsrealty4u

Bedroom #2 is also on the Main Level and features a large closet and hardwood floors. A full bathroom is located in the hallway.spring ridge sterling for sale jsrealty4u

Lower Level & Backyard Features

The partially finished basement also includes a walk-out entrance to the backyard. Bedroom #3 is located on the lower level of the home. It features plush carpet, 2 windows, & an adjacent full bathroom. spring ridge sterling for sale jsrealty4u

A separate laundry room with washer & dryer also has plenty of closet space for storage. spring ridge sterling for sale jsrealty4u

An expansive wood deck overlooks a huge fully fenced backyard that backs to trees. spring ridge sterling for sale jsrealty4uRequest a private showing of the cozy home on Spring Ridge Court! Contact Scott Koval at 703.625.3446 or send him an e-mail here.

Belle View Community Condo in Alexandria For Sale

Belle View Community Condo in Alexandria For Sale

This charming 2 bedroom condo is located at 6515 Potomac Ave in the Belle View Community of Alexandria. Windows in every room fill this home with tons of natural light. Enjoy views of the beautifully landscaped courtyard. There is plenty of permit parking available in the private lot with additional parking on the street. Belle View Alexandria Condo Sale JSRealty4U

Community Features

The Belle View Community features tot lots, tennis courts, mixed use courts, common areas, courtyards and bike trails. It is also convenient to I-495, I-95, Belle Haven Park and the Waterfront. Activities include Spring and Fall yard sales, The Annual Tree Lighting Celebration, Family Pool Parties, and Holiday Events. Belle View Alexandria Condo Sale JSRealty4U

Condo Features

Brand new carpet and fresh paint throughout entire unit. Spacious and open living room. Belle View Alexandria Condo Sale JSRealty4U

The separate dining area features a ceiling fan and windows that overlook the beautifully landscaped courtyard. Belle View Alexandria Condo Sale JSRealty4U

The Kitchen has window, a large pantry cabinet and ceramic tile. Belle View Alexandria Condo Sale JSRealty4U

Spacious Master Bedroom features ceiling fan, 2 windows and a large closet with built-in shelving. Belle View Alexandria Condo Sale JSRealty4U

Bedroom #2 features double windows, a closet and designer light fixture. Belle View Alexandria Condo Sale JSRealty4U

The shared full bathroom features ceramic tile, shelving and window. Belle View Alexandria Condo Sale JSRealty4U

Request a private tour of this charming Belle View Condo by calling Expert Realtor Sarah Taylor at 703.475.1003 or visit JSRealty4U.com.

Beautiful Ashburn Farm Home Listed For Sale

Beautiful Ashburn Farm Home Listed For Sale

This beautiful home in the Ashburn Farm Community is conveniently located at 43257 Preston Court.There are 3 levels with 4 bedrooms, 4 full bathrooms and 1 half bathroom. There is also a spacious, 2 car garage. The home has new floors, a new roof and siding. In addition, the HVAC and hot water heater are new as well. Ashburn Farm features tons of community amenities, including: tot lots, tennis courts, pools, baseball fields, walking trails, and more! The home is convenient to the Dulles Greenway, Routes 7 & 28, and just moments to the Shoppes at Ryan Park.

Main Level Features

The 2 story foyer features hardwood floors, decorative pillars, and a designer front door. Ashburn Farm Preston Real Estate jsrealty4uThe Spacious Living Room feature huge front-facing windows that let in tons of natural light. Ashburn Farm Preston Real Estate jsrealty4u

The Gourmet Kitchen boasts granite counters, hardwood floors, updated appliances. Ashburn Farm Preston Real Estate jsrealty4u

There is a center island and breakfast room, along with a Butler’s pantry with built-in wine rack. Ashburn Farm Preston Real Estate jsrealty4u

A separate Dining Room features large windows, chair rail, and crown molding. Ashburn Farm Preston Real Estate jsrealty4u

An enormous Family Room boasts a 2-story ceiling, giant windows, built-in shelving, and a gas fireplace. Ashburn Farm Preston Real Estate jsrealty4u

The Office/Den has custom wood paneling and built-in bookcases. Ashburn Farm Preston Real Estate jsrealty4u

A separate laundry room with new front loading washer & dryer and utility sink are also found on the main level.

Upper Level Features

The large Master Bedroom features a sitting room, a huge walk-in closet, and 3 additional closets. Ashburn Farm Preston Real Estate jsrealty4u

A luxurious Master Bathroom boasts double oversized vanities, a walk in shower, and 2+ person soaking tub. Ashburn Farm Preston Real Estate jsrealty4u

Bedrooms 2 & 3 feature large walk-in closets, plush carpets, ceiling fans, and share a Jack & Jill bath. Bedroom 4 has plush carpet, a ceiling fan, and a private bath with shower/tub combo.

Lower Level Features

The fully finished, walk out basement features large windows, a wet bar with sink & refrigerator, plush carpet, and billiard table. Ashburn Farm Preston Real Estate jsrealty4u

The basement also features a full bathroom, a bonus room and walks out to a patio with hot tub. Ashburn Farm Preston Real Estate jsrealty4u

The large, beautifully landscaped yard is fully fenced and features a sprinkler system. Ashburn Farm Preston Real Estate jsrealty4u

Request a private tour of this gorgeous Ashburn Farm Community home! Contact Expert Realtor Sarah Taylor at 703.475.1003 or email her at Sarah@JSRealty4U.com. 

7717 Glenister Drive in Springfield For Sale

5 Bedroom Home on Glenister Drive in Springfield For Sale

Just listed For Sale! Located at 7717 Glenister Drive in Springfield, this community does not have an HOA! This bright and spacious Single Family Home is in the Lee District of Springfield. Windows Galore and Vaulted Ceilings fill this home with Natural Light. There is tons of Shopping and Dining nearby, along with the Lee District Rec Center. Commuters will love the convenience to the MetroBus, VRE, I-95, I-395 & I-495. It’s also less than 4 miles to the Franconia-Springfield Metro Station! for sale real estate jsrealty4u glenister

Main Level Features

Living and Dining Room Combo boasts Gleaming Hardwood Floors, and a Vaulted Ceiling. for sale real estate jsrealty4u glenister

The Dining Room features French Doors that lead out to the deck. for sale real estate jsrealty4u glenister

A large Eat-in Kitchen offers 48” Cabinets, Stainless Steel Appliances, Backsplash, Breakfast Bar and Custom Ceramic Tile. for sale real estate jsrealty4u glenister

The Master Bedroom features a large closet and hardwood floors. for sale real estate jsrealty4u glenister

The attached Full Master Bathroom has a vanity with Corian and a walk-in shower. The bathroom also features a heat lamp. for sale real estate jsrealty4u glenister

Bedrooms 2 and 3, also located on the Main Level, feature spacious closets, hardwood floors, and share a full Bathroom in the hallway.

Lower Level & Backyard Features

The lower level features a laundry room and Large Recreation Room with a wood burning, brick surround Fireplace. for sale real estate jsrealty4u glenister

A full 2nd Kitchen, situated off the Rec Room has Double Doors for Privacy. This area would make a perfect In-Law Suite! for sale real estate jsrealty4u glenister

Bedroom 4 has Full Windows, Closet and Beautiful Laminate Flooring. Bedroom 5 offers Closet, Laminate Flooring and its own Entrance to the Walk-up through a French Door. There is also a 3rd full bathroom in the hallway.

The large backyard is fully fenced and includes mature trees and a shed. for sale real estate jsrealty4u glenister

Ready to see this great home on Glenister Drive in person? Contact Expert Realtor Sarah Taylor at 703.475.1003 to request a private showing. 

 

Marsh Creek Drive Home For Sale in Broadlands

Marsh Creek Drive Single Family Home For Sale in Broadlands

Beautiful 4 Bedroom Home in Broadlands Community of Ashburn For Sale

This impeccable home For Sale is located at 21352 Marsh Creek Drive in the Broadlands Community of Ashburn. The home features 4 bedrooms and 3.5 bathrooms. A High End HVAC and Water Heater were recently installed and the Trex Deck was replaced recently as well. This gorgeous home is located on a pipestem. The Broadlands Community offers tons of amenities such as pools, tennis courts, and walking trails. marsh creek broadlands ashburn jsrealty4u for sale

Main Level Features

The entryway features hardwood floors and fresh paint throughout. The living room has wall to wall carpet and a large window.marsh creek broadlands ashburn jsrealty4u for sale The spacious and updated Kitchen features new granite counters and new appliances. There’s also a center island with bar and designer light fixture.marsh creek broadlands ashburn jsrealty4u for sale

In addition, the kitchen has a large breakfast area that overlooks the family room. marsh creek broadlands ashburn jsrealty4u for sale

Beautiful columns separate the Dining Room, which features large windows that let in tons of natural light. There is also plush carpet and a chandelier. marsh creek broadlands ashburn jsrealty4u for sale

The bright and spacious Family Room features a vaulted ceiling and fireplace with floor to ceiling brick surround. marsh creek broadlands ashburn jsrealty4u for sale

Head up a flight of stairs to the private Office or Den. It’s a bright space on it’s own level between floors. marsh creek broadlands ashburn jsrealty4u for sale

Upper Level Features

The Master Bedroom features vaulted ceiling, ceiling fan, and ample closet space. marsh creek broadlands ashburn jsrealty4u for sale

The luxurious Master Bathroom Spa is attached to the bedroom. It features a glass enclosed rain shower, designer bathtub and heated floors! marsh creek broadlands ashburn jsrealty4u for sale

In addition to the Master, there are 3 other Bedrooms with closets and ceiling fans. There is also a shared full Bathroom in the hall.

Lower Level & Backyard Features

The large, walkout Basement features a full Bathroom and plenty of room for fun and entertainment! marsh creek broadlands ashburn jsrealty4u for sale

The huge, private, fenced in Backyard features a slate patio, landscaping and mature trees. marsh creek broadlands ashburn jsrealty4u for sale

This beautiful Marsh Creek Drive single family home is truly a must see! Contact Realtor Katie Hofer at 703.508.6654 to schedule a private showing. For additional listings visit KatieSellsVirginia.com.

Flynn’s Crossing Townhome in Ashburn For Sale

Flynn’s Crossing Townhome in Ashburn For Sale 

Beautiful 3 level townhome For Sale in Flynn’s Crossing, located at 21768 Goose Cross Terrace in Ashburn. The Community is just a short distance from Ryan Park Shopping Center, the Dulles Greenway, and the new Metro station! The townhome features a 1 car garage and driveway for additional parking. 

Main Level Features

Bright Living Room features hardwood floors, large windows and a ceiling fan.jsrealty4u real estate flynn ashburn

The recently remodeled and upgraded Kitchen features new granite counters and great stainless steel appliances. jsrealty4u real estate flynn ashburn

The separate Dining Area features chair rail, a designer light fixture and access to the deck. jsrealty4u real estate flynn ashburnThe refinished deck overlooks mature trees behind the townhome. jsrealty4u real estate flynn ashburn

Upper Level Features

The large, airy Master Bedroom has new plush carpet, fresh paint and a ceiling fan. jsrealty4u real estate flynn ashburnThe en suite Master Bathroom features a double vanity and custom tiled shower/tub combination. jsrealty4u real estate flynn ashburn

Two good sized bedrooms are also located on this level and feature fresh paint and new carpet. In addition, the bedrooms share a full bathroom in the hallway.

Lower Level Features

The lower level features a walk-out basement with rec room and half bathroom. The rec room features brand new bamboo floors. jsrealty4u real estate flynn ashburn

The backyard features a low-maintenance stamped concrete patio and landscaped yard. jsrealty4u real estate flynn ashburn

This is a beautiful townhome in the great Flynn’s Crossing community! Contact Realtor Katie Hofer at 703-508-6654 or KatieB@JSRealty4U.com to schedule a private showing.

Chantilly Home on Gladwyn Court For Sale

Great Home in Chantilly on Gladwyn Court For Sale

3 Bedroom Home on Gladwyn Court in Chantilly, Virginia listed For Sale

Located at 13600 Gladwyn Court, this great home is situated on a cul-de-sac and backs to trees. The Armfield Farm community is a family-friendly and welcoming community. Residents can enjoy fantastic amenities including a Pool, Tennis Courts, Soccer/Softball/Baseball Fields, Walking/Biking Trails and much more. The community is located just north of Route 50 and offers easy access to Route 28, Dulles Airport, and shopping/dining options. jsrealty4u gladwyn ct for sale real estate

Main Level Features

The updated Kitchen features granite counters, stainless steel appliances, new tile floor and a large pantry. jsrealty4u gladwyn ct for sale real estate

The Breakfast Nook overlooks the huge family room and has a bay window. jsrealty4u gladwyn ct for sale real estate

Huge Family features crown molding, chair rail, and a gas fireplace with brick surround. jsrealty4u gladwyn ct for sale real estate

A large and bright Living Room features beautiful hardwood floors and crown molding. jsrealty4u gladwyn ct for sale real estate

The separate Dining Room offers Hardwood floors, crown molding, chair rail and a bay window. jsrealty4u gladwyn ct for sale real estate

A bright, 3-Season Sunroom is wrapped in windows and offers backyard access. jsrealty4u gladwyn ct for sale real estateIn addition, there is a separate Laundry Room on the main level with front loading washer and dryer.

Upper Level Features

The large Master Bedroom features a dressing area and vanity, and a walk-in closet. jsrealty4u gladwyn ct for sale real estate

The en suite Master Bathroom features a walk-in shower. jsrealty4u gladwyn ct for sale real estate

Bedrooms 2 & 3 have large closets, plush carpets and ceiling fans. There is a shared bathroom in the hall as well.

Lower Level & Backyard Features

The fully finished Basement offers a Rec Room, Full Bathroom, Bonus Room and Workshop. It also features recessed lighting, windows and fresh white paint. The workshop has built-in cabinets and plenty of storage. jsrealty4u gladwyn ct for sale real estate

This home sits on a large lot with beautiful landscaping and mature trees. The fully fenced Backyard offers plenty of privacy.

Come see this great home on Gladwyn Court in person! Contact Expert Realtor Scott Koval at 703.625.3446 to set up a private showing.