Krista Ellis at Certainty Home Lending (NMLS #482295)

A 3/1 ARM is a mortgage with a fixed interest rate for three years and then fluctuates each year for the rest of the mortgage. 5/1 and 7/1 ARMs are similar but with a 5-year or 7-year fixed-rate period in the beginning.

Depending on your situation, you may qualify for specific government programs to help you afford a home. If you are a veteran or the surviving spouse of a veteran, you may be eligible for a VA loan, which is insured by the US Department of Veterans Affairs. These are low-interest loans with no down payment. Some qualifying homebuyers, specifically those with suboptimal finances, may qualify for an FHA mortgage. These are government-backed mortgages with lower down payments and lower monthly payments. USDA loans are another loan program that offers a zero-down option. These are usually reserved for rural buyers and are funded by the US department of agriculture.

To help you understand how much you can afford, you’ll want to look at your finances and current budget. There are many factors to take into account, though, and using a calculator can help with this. Call to have a discussion that is unique to your personal situation.

Pre-qualification and pre-approval are both mortgage application processes that get you on the road to finalizing a mortgage. Pre-qualification is a much less certain and much less involved process. Essentially, pre-qualification is when a lender gives you an estimate of how much you can borrow. It doesn’t provide you definite approval, but it’s a good indicator of how much you will be approved for. Pre-approval is much more involved, and you usually have to provide information for an extensive check of your finances. The result is that the lender will give you a conditional offer of how much you will be approved for.

This varies based on the lender but will likely include proof of income, proof of assets, profit and loss statements if you own a business, proof of debts, credit information, social security number, and tax information from the last few years.

Applying for a mortgage requires that you provide financial documents, fill out an application, and have that application evaluated by a lender. The lender may ask you additional questions, so watch out for communications from them. The lender will then schedule an appraisal and do a title search to make sure that there are no conflicts with the ownership of the home you are buying.

Refinancing is a process wherein you replace your mortgage with a new one using the new mortgage to pay off the old loan. You stop making payments on the old loan and resume payments on the new mortgage.

People often choose to refinance when refinancing will save them money monthly or over the life of the whole loan. People usually refinance when interest rates for mortgages have dropped. Some people refinance to drop mortgage insurance. Some people refinance to shorten the length of their mortgage and save interest over time.

Failing to make your monthly mortgage payments can quickly become a significant issue. If you run into a financial hardship and are unable to pay your mortgage, reach out to your loan servicer right away to have a discussion.

Krista Ellis helps with home purchase loans and refinancing, simplifying the mortgage process for homeowners in Arlington.

The office is open Monday to Friday from 7:00 AM to 7:00 PM, and on weekends from 9:00 AM to 6:00 PM.

You can reach Krista Ellis by phone at (202) 246-6020 or via email at krista.ellis@certaintyhomelending.com.

PMI protects the lender if you default on your loan and is usually required if your down payment is less than 20% or if you have poor credit.

A fixed-rate mortgage keeps the same interest rate throughout the loan, while an ARM has an interest rate that can fluctuate within limits.

You'll need proof of income, assets, debts, credit information, Social Security number, and recent tax returns, though exact requirements vary by lender.

The office is at 4501 North Fairfax Drive, Suite 603, Arlington, VA 22203.

Nearby medical facilities include AllCare Family Medicine & Urgent Care of Ballston and Greenbrook TMS NeuroHealth Centers - Arlington, useful if you need urgent or specialized care.

Yes, Sandy Spring Bank is nearby, which might be helpful for additional banking or financial services related to your mortgage.

FedEx Office Print & Ship Center is close by, offering printing, shipping, and mailing services helpful during the mortgage process.