Francisco, Robinson and Assoc., Inc.,  

REALTORS®      1-800-553-9819

Frequently Asked Questions: Please follow the question links for answers or just scroll down the page.

In what geographical areas do you sell Real Estate?

Do you have Multiple Listing Services (MLS)?

Do you only sell homes and land or are you a commercial firm?

What can you tell us about the School Systems in the area we want to buy?

What kind of mortgages are currently available?

How do I find current Mortgage Rates?

Where can I find an Amortization Schedule?

How do I find County Tax Rates?

What is the range of Area Rental Rates?

What is PMI? (Primary Mortgage Insurance)

What is the difference between a Mortgage Banker and a Mortgage Broker?

What is a REALTOR®?

What is HUD?

What is the FHA?

Want More Information? Please Visit Our Links Page

DID YOU KNOW? 

Just what are all those Acronyms?

GRI:  Graduate Real Estate Institute

ABR:  Accredited Buyer's Representative

CRS:  Certified Residential Specialist

AIREA:  American Institute of Real Estate Appraisers

CVRMLS:  Central Virginia Regional Multiple Listing Service

DPOR:  Virginia Department of Professional and Occupational Regulation

EPA:  Environmental Protection Agency

FHA: Federal Housing Administration

HUD: U.S. Department of Housing and Urban Development

FNMA: Federal National Mortgage Association

GNMA:  Government National Mortgage Association

RAR:  Richmond Association of REALTORS®  

VADHCD:  Virginia Department of Housing and Community Development  

VDOT:  Virginia Department of Transportation  

WAAR:  Williamsburg Area Association of REALTORS®

WMLS:  Williamsburg Area Multiple Listing Service

For more Information please visit our links page

LUST:  Leaking Underground Storage Tank

PMI: Private Mortgage Insurance

APR:  Annual Percentage Rate

CMA:   Comparative Market Analysis

FSBO: For Sale By Owner

PITI: Principal, Interest, Taxes, and Insurance

Abbreviations seen in Real Estate Ads:

LR:  Living Room

FR:  Family Room

DR:  Dining Room

BR:  Bedroom

MBR:  Master Bedroom

FROG: Finished room over garage

Assum. fin.:  assumable financing

Dk: deck

Gar: garage (garden is usually abbreviated "gard")

FDR:  formal dining room 

Frplc, fplc, FP: - fireplace

Grmet kit - gourmet kitchen

HDW, HWF, Hdwd - hardwood floors

Hi ceils - high ceilings

In-law potential:  potential for a separate apartment. Sometimes, local zoning codes restrict rentals of such units so be sure the conversion is legal first.                              

Lo dues - find out just how low these homeowner's dues are, and in comparison to what?

Pvt: private

Pwdr rm: powder room, or half-bath

Upr: upper floor

Ww, vu, vws, vus: view(s)

Wow!: better check this one out.

For more Information please visit our links page

www.franciscorobinson.com

In what geographical areas do you sell Real Estate?

We are licensed to sell property throughout the state of Virginia. Francisco, Robinson and Assoc. - REALTORS®, best serves clients purchasing and selling from Richmond to Williamsburg, VA., including the Counties of: New Kent, Charles City, eastern Henrico, eastern Hanover, James City and upper York.   

Back

Do you have Multiple Listing Services (MLS)?

Yes,  Francisco, Robinson and Assoc. - REALTORS® is an active participant with the Central Virginia Regional Multiple Listing Service (CVRMLS) and the Williamsburg Multiple Listing Service.

Detailed, up to date, information about a majority of the residential real estate offered for sale within the Richmond to Williamsburg region is maintained within these two MLS databases. There are more than 500 participating firms and over 4500 agent subscribers within these two multiple listing services to which we belong. Additionally, our Principal Broker is a subscriber to the Commercial Information Exchange section of the Central Virginia Regional MLS.

We at Francisco, Robinson and Assoc. - REALTORS®, have years of experience with the best use and application of these important tools used in purchasing and selling Real Estate.   

Back

Do you only sell homes and land or are you a commercial firm?

Francisco, Robinson and Assoc. - REALTORS® serves customers seeking to purchase and sell homes, building lots, undeveloped land parcels, farms, commercial and light industrial sites.

We also serve customers seeking to lease homes, commercial and light industrial buildings, offices and stores. Our commercial and industrial leasing practice is primarily within the Counties of New Kent and Charles City, while our purchaser and seller representation extends throughout the region.    

Back

What can you tell us about the School Systems in the area we want to buy?

There are nine different public school divisions within the region in which we sell Real Estate. 

We recommend our clients independently evaluate the school division and particular school facilities serving the property location(s) of interest.

On our school systems link we provide contact information within the divisions, location  information, website information and published comparative score information. There are so many measures of quality that are important to different people.... size of student body, curricula offerings, standardized test results and accreditation, student teacher ratios, athletic programs, special education offerings, facility appearance and condition, graduation rates, post secondary education acceptance statistics, etc.

A generalization of a "good school vs. a bad school" is usually an inaccurate oversimplified opinion about an important characteristic in considering your Real Estate purchase. 

Back

What kind of mortgages are currently available?

• Conventional Mortgage Loans originated through mortgage bankers, mortgage brokers, commercial banks and savings banks

• Federal Land Bank Loans originated by member institutions of the Farm Credit System

• VA and FHA Loans originated by mortgage bankers and mortgage brokers

• VHDA Loans originated by mortgage bankers and brokers

• Commercial Property Loans originated by community and larger commercial banks

• Credit Union Loans for member participants

Back

How do I find current Mortgage Rates?

Ask your REALTOR® to obtain a comparative search. Mortgage rates are also posted in newspapers, at banks, the Internet, etc., but the rate you ultimately will receive is based on a combination of many factors that your REALTOR® can sort out for you.

Back

Where can I find an Amortization Schedule or Payment Calculator?

Your REALTOR® or lender representative can provide a payment calculator chart, which indicates the monthly payment or payment factor per $1000.00 of borrowed funds, is necessary to amortize a loan over various terms and at various interest rates. 

A true amortization schedule is obtained from the lender or closing agent/attorney when the loan is closed. This schedule reflects the declining principal balance on the loan, the amount of monthly payments attributed to the principle, and to interest, with each payment made during the life of the loan

Also, amortization schedules can usually be found anywhere on the Internet by typing in "amortization schedule" in a popular search engine such as Google. Here is an amortization schedule example on the our Francisco, Robinson website.

Here are some amortization schedule links:

http://www.webmath.com/amort.html (a very revealing link)

http://www.hsh.com/calc-amort.html

http://www.bankrate.com/brm/amortization-calculator.asp

Back

How do I find County Tax Rates?

The county government websites in the areas that Francisco, Robinson serves are listed on our links page. 

The links to tax rates for each county are listed for your convenience.

For example: For New Kent County, http://www.co.new-kent.va.us/comrev/real_estate.html

Back

What is the range of Area Rental Rates?

Rental rates for 2-4 bedroom single family dwellings which we lease range from $700.00 to $1750.00 per month.

Back

What is the PMI? 

In the event that you do not have a 20 percent down payment, lenders will allow a smaller down payment-as low as 5 percent, or lower, in some cases. With the smaller down payments loans, however, borrowers are usually required to purchase private mortgage insurance. 

PMI insures the lender in the event a property does not sell after loan default and foreclosure for an amount equal to or greater than the loan balance.

Back

What is the difference between a Mortgage Banker and a Mortgage Broker?

A mortgage banker or lender is generally assumed to originate and fund their own loans, which are then sold on the secondary market, usually to Fannie Mae, Freddie Mac, or Ginnie Mae. 

Mortgage banking firms are often affiliated with traditional retail banks, and in some instances will service loans in their own portfolios. The loan underwriting (decision making) is typically internal to the company.

A mortgage broker is a mortgage company that originates applications for loans, then places those loans with a variety of other lending institutions for initial funding with whom they usually have pre-established relationships.

A mortgage broker is a person or entity that specializes in loan originations, receiving a commission to match borrowers and lenders. The Mortgage Broker performs some or most of the loan processing functions such as taking loan applications, ordering credit reports, appraisals, and title reports. Typically the Mortgage Broker does not underwrite the loan and generally does not use its own funds for closing. The Mortgage is generally closed in the name of the lender who commissioned the broker's services. A Mortgage Broker will not service the Mortgage. An entity or individual engaged to handle or perform, for a Seller or correspondent, part of the mortgage application processing, underwriting, funding or post-closing functions, but not any activities related to obtaining an application for a wholesale origination. This entity is typically paid on a fee basis for services performed, with the payment of fees not being contingent on Mortgage approval or closing.

Back

What is a REALTOR®?

A real estate agent who is a member of the
National Association of REALTORS®.

The REALTOR® you work with could be one of your most valuable resources. Unlike many real estate agents who are simply licensed by their state to do business, REALTORS® have taken additional steps to become members of the local association of REALTORS® and have agreed to act under and adhere to a strict Code of Ethics.

Back

What is the GNMA? (Ginnie Mae)

Government National Mortgage Association. A government-owned agency which buys mortgages from lending institutions, securitizes them, and then sells them to investors. Because the payments to investors are guaranteed by the full faith and credit of the U.S. Government, they return slightly less interest than other mortgage-backed securities. 

Back

What is the FNMA? (Fannie Mae)

Federal National Mortgage Association. Also known as Fannie Mae. A tax-paying corporation created by Congress that purchases and sells conventional residential mortgages as well as those insured by FHA or guaranteed by VA. This institution, which provides funds for one in seven mortgages, makes mortgage money more available and more affordable throughout the United States.

Back

What is HUD?

U.S. Department of Housing and Urban Development. Office of Housing/Federal Housing Administration within HUD that insures home mortgage loans made by lenders and sets minimum standards for such homes. HUD administers the Federal Housing Administration Loan Programs.

Back

What is the FHA?

Federal Housing Administration. A division of the Department of Housing and Urban Development. Its main activity is the insuring of residential mortgage loans made by private lenders, which enables borrowers to purchase homes with lower down payments and at competitive interest rates. FHA also sets standard for underwriting mortgages.

Back

To Top of FAQ Page

www.franciscorobinson.com