Virginia Mortgage News and Views

Well, it is over....

It has been awhile since the real estate business has been without a helping hand from Uncle Sam. Of course what I am referring to is the sunset of the Federal Tax Credit for 1st time home buyers... and most recently, the move up buyer. It was officially over yesterday, April 30, 2010.

Was it a success? Well, from my perspective, I believe it was. I counseled many FTHB's (First Time Home Buyers) during the last several months and many of them were not even aware of the Tax Credit existence. It was considered a bonus to purchasing a home. Interesting enough, my message to these folks during my strategy session with them was not to buy soley based on the receipt of the tax credit.

Buying a home is obviously one of the biggest purchases anyone will ever make. It is a very serious event and the most important thing for home buyer to understand is the financial responsibility that comes along with it.

That brings me to another point and observation after many years in the real estate and loan origination business in the Richmond, Virginia area. It has always been the accepted norm that a homebuyer contact a real estate agent first when they decide they want to become a homeowner or decide to sell their current home and move up to another.

Is that really the correct way to approach a major purchase? Doesn't it make sense to meet with a home loan professional first and truly determine what the best plan of action is from a financial point of view before you even set foot in a home for sale? I believe it is.

You would not believe the number of times I get a call from an individual who has gone out with a real estate agent and legally obigated themselves to purchase a home without even knowing what their payment will be... much less knowing what is involved in the entire process. Oh sure, they have gotten some ideas from their agent as to what the payment might be. But, is that really the correct way to enter into this major purchase. I don't think so.

At Village Bank Mortgage, my role is to educate the consumer before they enter into a legally binding contract with legal consequences within the 4 corners of each page of the contract.

Education is the key to a successful purchase or sale. The more you know up front BEFORE you start shopping for a home the better off you will be.... I guarantee you will be in a better position.

You will have plenty of time to choose the right real estate agent when you know the facts about the entire process. Most importantly.... you will be financially confident in your decision to purchase.

If you have taken the time to explore this website, you probably have noticed that Jamie Lee Chafin, a lifelong Richmond, Virginia native and a proud associate and manager at Village Bank Mortgage, takes his job very seriously. After having been an agent for many years and now being on the money side of a real estate transaction for over 14 years, my message to you is simple. Know all aspects of the home loan first and get the facts about the process first... then go find an agent. You will save thousands of dollars by doing it this way and have confidence along the way. It just makes sense.

Jamie Lee Chafin

Village Bank Mortgage, Richmond, Virginia, 804.897.1000