Find Out More About the Fredericksburg Area Economy & Job Market
The Fredericksburg area economy is strong and growing. There are major manufacturing, industrial, government, military, defense contracting, professional, service and retail concerns in our area. One of the fastest growing areas is new construction, residential as well as commercial. There are businesses that have been existence for 100 years or more as well as new ones opening every day. Interstate I95 or The Virginia Railway Express (VRE) allows an easy commute to the Northern Va. / Washington DC area for those involved in higher government. The Greater Fredericksburg area is a wonderful place to live and work!!
Financing Your Home >Balloon Mortgages
In loan terminology a "balloon" is the unpaid loan balance that must be paid in full on a specified due date. Federal savings and loan associations are permitted to make balloon mortgages with as little as five percent down and monthly payments that are smaller than the amount needed to fully amortize the debt. On the due date, which may be only a few years after the loan was made, the balance must be paid off or the loan must be renegotiated. Balloon borrowers must be cautious and plan carefully to avoid overlooking balloon payment obligations. It is easy to be lulled into complacency by the easy monthly payment terms.
Today's complex economics have produced a wide variety of options for potential borrowers, who are often surprised by how much house they can afford to buy. Loan approval is ultimately in the lender's hands, but your real estate agent can help you to determine your real buying power.
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Who is "Fannie Mae" and why is she a big name in real estate?
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"Fannie Mae" is the real estate industry nickname for FNMA, or Federal National Mortgage Association, the stockholder-owned corporation that purchases mortgages from mortgage lenders. |
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