Buying a home in West VirginiaWhen buying a home in any state, it’s good to know the best time to start looking for a property as seasonal changes can make all the difference. In West Virginia, there's a large and varied range in topography … from valleys to mountains, and large suburban areas as you get closer to Washington, DC. The summer months are usually considered the best place to start as there will be more properties on the market — and therefore, a wider selection to choose from. However, if the price is the main concern, it is probably better to start looking in the fall when those homes that have been on the market all summer and not sold will perhaps be available at a reduced cost. After finding a home, it is important that a buyer remembers to check what the property taxes will be. These will change from county to county, so it’s important to take this annual cost into consideration. In one county the cost could be 0.5% of the value of the property, and in the very next county it could be 0.7%. This can make a big difference even at the lower end of home value, but rises considerably in more expensive homes.
Refinancing a home in West VirginiaThe West Virginia State Treasury publishes a handy (if somewhat old) online booklet, called "Mortgages: What You Need to Know." It’s mostly intended for those applying for their first home loan, but a number of sections apply to refinancing, too. In particular, the section on page 19 is helpful. It reads, "Don’t sabotage your loan," And it urges borrowers to:
- Return calls from your lender quickly. The refinancing process can be slow enough without your adding to delays
- Avoid lying on your application. Your lender will likely want evidence for most of your claims (unless you’re getting a streamline refinancing) and you’re almost certain to be caught out. And that could put your loan at risk. Heck, you could even face federal charges
- Stay in your job until the loan closes. Your lender may call your employer at the last minute to verify you’re still in the same job
- Steer clear of opening or closing credit accounts or running up your card balances in advance of closing. Wait until you have your refinance before you borrow to buy that new car, couch, drapes or dishwasher you’re planning to get. Lenders routinely pull credit reports in the days leading up to closing
- Stay in touch with your loan officer. Don’t call so often you stop her doing her job properly. But make sure you’re on top of progress