Mortgage Lender – Portsmouth, VA

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Portsmouth, VA - Homespire Mortgage Company

What is a home mortgage? A home mortgage is a loan on a property. In return, the lender puts a lien on the property. This means that if you default on your mortgage, the lender can sell your property to recover its losses. The terms of a home purchase loan typically range from 10 to 30 years. You must make regular repayments to the lender, but the length of the loan can vary. There are several factors to consider when applying for a home mortgage.

Lenders determine the cost of a home mortgage loan in two ways: based on a borrower's creditworthiness and debt-service coverage ratio. Lenders use these figures to determine the loan amount and interest rate. They may also charge fees based on how long the property has been owned. This process can take months, and some lenders can require multiple applications. However, a home mortgage broker can save you time and energy.

Lenders offer different home mortgage programs. They want to make sure they are lending to the best applicant, so they will customize the loan according to their own requirements. Lenders want to know that a borrower can fulfill their financial obligations. Lenders will often require a detailed application so they can ensure that you can meet the requirements of the loan. While these loans may be more expensive, they will provide a lower interest rate and a shorter term.

We are based in Newport News, VA, but we have clients also from Portsmouth, an independent city in the Commonwealth of Virginia. It is situated across the Elizabeth River from Norfolk and southwest of Virginia Beach. The population of Portsmouth, Virginia was 97,915 at the 2010 census. Residents in the city live in the Hampton Roads metropolitan area. It has a long history in maritime industry and has a thriving arts scene. There are many attractions in Portsmouth. Listed below are a few things to do while visiting the city.

Historic Sites and Buildings: If you want to get a sense of the history of the town, you can visit Pollard's Chicken Ranch. It started in 1953 as a catering company, specializing in chicken dishes. The city is famous for its fried chicken, as well as its philanthropic efforts. Located in the Olde Towne neighborhood, this restaurant is a fun and easy place to find local fare.

Education: Those looking to pursue higher education in Portsmouth can attend a number of colleges and universities in the city. Old Dominion University has a campus in Portsmouth. The Fred W. Beazley Portsmouth Campus is a two-year public college. Tidewater Community College, established in 1968, has campuses in Chesapeake, Norfolk, and Virginia Beach. The city is home to Angelos Bible College. The city also has several art galleries and museums.

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