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Virginia Beach Home Loans
 The latest reports from Virginia Beach say the market has turned in favor of the buyer, despite rising interest rates and climbing sales prices. The VA Association of Realtors shows housing prices have climbed from $212,700 at the beginning of the year to $239,900 in June. "The Virginia Beach housing market has readjusted and has gotten back to a stable steady market with more realistic sales pricing," says realtor Dee Maltese. "The 30 year fixed rate interest rates have calmed down and consumer confidence has started to build back up."
The confidence shows in increased home sales from the first to second quarter. Home sales climbed from more than 5600 in the first quarter to more than 7800 during the second. "Interest rates have slid back down to 6.375-6.625% for 30 year fixed rates," says realtor Chuck Evans. "So for the home buyer, this an excellent time to make a purchase while the interest rates remains in a favorable range."
The prime interest rate has climbed steadily since the first of the year until recently leveling off at 8.25% for three months in a row. "Our current market continues to slightly side with the buyer - sellers are offering closing cost assistance and other incentives to help entice the buyer to purchase their home," says realtor Chuck Evans. "Market times have increased to more than 30 days on average and seller's are learning to be patient and to make sure their home is in the best possible "show" condition.
Nationwide Mortgage Loans offers great interest rates home purchase, refinance and second mortgages for homeowners residing in Virginia who are looking to get cash out of their home. Our mortgage brokers offer free loan comparison quotes for fixed interest, as well as, adjustable rate home equity lines of credit that feature interest only payment options.
At this time, most people are taking out fixed rate second mortgages to refinance long term debt, like credit cards or variable rate loans that have recently experienced significant increases in interest rates and monthly payments. Most people are using the adjustable rate credit lines for short term financing for construction, and home improvement projects.
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- Second Mortgages for Credit Card Consolidation to 125%
- Home Equity Credit Lines for Home Improvement and Construction
- Home Mortgages for Buying 2nd Homes and Rental Units
- 100% Home Financing with No Money Down!
- Refinance your 1st and 2nd Mortgages together
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