Beginning October 1, 2011, if you are buying a home in Virginia and using the 100% financing USDA rural housing loan program, the upfront guarantee fee that is financed into your new loan will be reduced from 3.5% to 2% of the loan amount. That's the good news.

Your mortgage will likely be your largest and most important debt while your home often represents your most significant and largest asset.

A lender that approves your loan at the higher credit score while your account is in dispute may not be able to sell your loan in the secondary market when it is later discovered that your credit score was actually lower based on the results of the dispute. With a lower credit score, your loan may not have been approved at all or you may not have been able to receive a better rate.

Most people understand that failing to make a payment will make your score go down, but there are a number of complexities that are not so obvious. If you pay your debts on time, don't carry too much debt on any one card, don't close older accounts unless absolutely necessary and only apply for new credit when you have to, you will generally be in good shape.

Virginia Mortgage offers competitive interest rates that always beat the banks! Andy Sikora Certified Mortgage Planning Specialist and Certified Liability Advisor to take your call 24 hours a day! Apply online anytime! Purchase, Refinance, Construction, Second Mortgage, FHA home loans, VA, USDA, VHDA.

Do you want to find a home mortgage in Virginia? If so, it is easy to get Virginia home mortgage.

But before you go for Virginia home mortgage, you need to know what a premium rate is. When it comes to mortgage loans and home financing, there are two types of interest rates. One is the premium rate and the other is the market rate. The loan that will cost the bank is known as market rate while the rate that they will charge you is known as premium rate.

After this you need to find out about the fees. This is because banks tend to cover the administrative cost of the loan. Banks usually try to impose fees in the form of processing, underwriting and lots more. When you go for Virginia home mortgage, this must be imperatively addressed with the banks. If you do not address this, banks will include it cleverly without you getting to learn.

Like mortgage loans else were, discount points are an important aspect of Virginia mortgage loans. The problem is, most people fail to understand how to convert discount points to their advantage. 1% of the loan may be equal to 1 point of the fee. Many times mortgage loans are given at an interest rate that is below the par rate. However, higher point rates are charged. With a little bit of understanding you can make the discount points work in your favor. Virginia mortgage loan offered to you usually comes with a mix of all these factors. This makes it very important to shop for mortgage loans in Virginia.

A better way to procure the loans is to plan length of time you wish to be in the house and pay the mortgage. Interest rates matter more to people who wish to stay in the house longer. So, it makes sense to pay higher points for a lower interest rate. For those who wish to stay for a shorter time, the opposite rings true. Though they may be paying a higher rate, it may be only for a short time so it does not pinch them badly.

Virginia mortgage loans come in different packages. Different packages favor different buyers. Once you know in market terms, the type of buyer you are, you can get an inkling of the type of mortgage loans you need to look for.

for more visit: http://www.virginiamortgagesite.com