Mortgage Lender – Smithfield, VA

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Smithfield, VA - Homespire Mortgage Company

Many homeowners may be unsure about the terms used in mortgages, but they are important to understand the basics. Each monthly payment for a home mortgage includes both payments to the lender for the loan and a portion toward the loan's principal balance. Amortization is the way that these payments are divided over the life of the loan. During the early years of the loan, a larger portion of your payment goes to the interest and less to the principle.

Mortgage brokers help people obtain mortgage loans and process applications. They can negotiate prices with lenders and earn a commission. Some brokers partner with real estate agents to generate new business. Some mortgage disruptors operate exclusively online and in mobile apps, which allow borrowers to submit applications on their cell phones. These companies are more likely to target borrowers with student loans than other types of borrowers. They can also be a good option for those who want to lower their monthly payments without using a traditional broker.

Although you can make a down payment based on your income and credit score, many lenders still require a down payment. The amount of down payment you have can be as high as 20 percent. Increasing your down-payment will lower your mortgage payment. You can get a down-payment assistance program, receive a gift, or take a loan from your 401(k) account. A small down payment can mean the difference between an approved mortgage and a denial. It is especially important if you have low credit or a high DTI.

We are based in Newport News, VA, but we have clients also from Smithfield, a town in Isle of Wight County, Virginia, United States. It is part of the Hampton Roads and South Hampton Roads subregions. The population was 8,089 at the 2010 census. The area is a popular tourist destination. The town offers numerous attractions, including the historic downtown. For those looking for a more laid-back atmosphere, Smithfield is a great choice. It offers a variety of dining and shopping options.

The food scene in Smithfield is a major draw, especially with the countless local and regional restaurants. The restaurants on Main Street feature classic and unique cuisines. If you are looking for a no-frills lunch option, the ice cream parlor is a great option. The quaint, checkered floor and countertop service make it the perfect spot to grab a treat. It is a convenient way to get a sweet treat without paying for a meal.

There is a lot to do in Smithfield, VA. The town has a rich history. The native American tribe called the Warraskoyacks lived in the area. The British discovered the town in the early 1600s and settled it. During the Revolutionary and Civil Wars, Smithfield was a major player. The town is home to over 70 historic buildings and has a vibrant arts and culture scene. Explore historic homes, and a museum dedicated to the city's culture.

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