VA loans are a popular form of financing for eligible borrowers who are eager to buy a home, make repairs, or refinance an existing loan. Guaranteed by the U.S. Department of Veterans Affairs (VA) and issued by approved lenders, these loans come with incredibly favorable terms that help to place homeownership within easier reach. However, today’s homebuyers are not the first to utilize these loans. The history of VA loans is a proud one that extends across generations, stretching back nearly 75 years. [Read more…]

When it comes to selecting a home loan, there is a wide range of possibilities to consider. Each of these loan programs come with their own mix of benefits and drawbacks, so savvy borrowers will take some time to educate themselves about both the good points and the less desirable aspects of each type of loan before making their choice. Are you wondering if a VA loan is the best way to finance your home purchase? If so, you’ll want to explore the pros and cons of VA loans. [Read more…]

Is purchasing a house while serving in the military a smart idea? At first glance, many people assume the answer is no because military life typically requires frequent relocations. However, a closer look makes it clear that homeownership can be a rewarding experience for people who are on active duty. For some service members, renting is the best option. For others, buying a house in the military makes the most sense. Ultimately, it’s a personal decision that depends on your wants, needs, and circumstances. [Read more…]

Private mortgage insurance, or PMI, can be a good thing. If you’re an aspiring homebuyer who cannot afford a sizable down payment to secure an affordable mortgage, PMI could help make your dream of homeownership a reality. However, most homebuyers wish to know how to avoid paying PMI to keep their monthly payment as low as possible. Luckily, there are several ways for you to bypass PMI. [Read more…]

Thanks to its favorable terms, a VA home loan can be an appealing option for any aspiring homebuyer who qualifies for the program. But how much do you know about VA home loan benefits for disabled vets? This type of financing offers a few extra perks to eligible veterans dealing with service-connected disabilities. [Read more…]

When you visit a lawyer, accountant, or any other professional and request that they put their particular expertise to work for you, you know that you will be billed for their services. What are mortgage lender fees? Although the exact terminology used can vary from lender to lender, the simplest explanation is that these charges are payment for the work done by the lender to secure your home loan. These fees are normally included in the closing costs that buyers pay when they close on a house. [Read more…]

Most aspiring homebuyers decide to purchase an existing house and make it their home. Others yearn for a chunk of land that they can call their own. Whether it’s due to a tight housing market, a very specific wish list, or a strong desire to construct a house from the ground up, building a new home is the only way that some would-be homeowners can transform their dream home into a reality. Fortunately for eligible buyers who want to use a VA loan, buying land with a VA loan is possible. [Read more…]

With their attractive terms, competitive interest rates, and consumer protections, VA loans have long been a popular financing option for eligible homebuyers. What if you’re a homeowner interested in refinancing? VA loans are worth exploring. Learning how to refinance a VA loan can help you make smart decisions about what refinancing product best suits your needs. [Read more…]

You’ve worked with a lender to confirm your eligibility for a VA loan, found the perfect house, and signed a purchase agreement. Your lender has ordered a VA appraisal from an independent appraiser. Now you’re waiting for the results of the VA home appraisal process. It can be a bit nerve-wracking. After all, a low appraisal has the potential to disrupt the sale. Why does the U.S. Department of Veterans Affairs (VA) insist on appraisals? What is the appraiser looking for? What happens if the appraisal doesn’t match your expectations? Exploring these questions can help you appreciate the value of a VA appraisal. [Read more…]