There are many reasons to consider refinancing. You may want to get a lower interest rate or change your loan term. You might be interested in cashing in some of your equity or buying out someone who’s currently on the deed. Alternately, you might want to get rid of private mortgage insurance or change from an adjustable-rate loan to a fixed-rate loan or vice versa. Could a VA streamline refinance help you reach your goals? Exploring the pros and cons of VA streamline refinance can help you find out. [Read more…] about The Pros and Cons of VA Streamline Refinance
Termites strike terror into homeowners’ hearts. That might sound extreme, but it’s actually a reasonable response. Consider these statistics from Orkin. Experts estimate that property owners in the U.S. spend some $5 billion annually to control termites and repair the damage that these wood-eating insects cause. Does that seem like a lot of money? It’s also a lot of structures. Each year, termites damage roughly 600,000 homes in the U.S. In some cases, the damage is minor. In others, the cost of repairs will total thousands of dollars. Occasionally, termite damage is so extensive and so harmful to the structural integrity of the building that the only reasonable path forward is to demolish the house and start fresh.
With that kind of track record, termites are rightfully recognized as a serious threat to the health and safety of a home, so lenders often require that homebuyers get a termite inspection. What if you’re using a VA loan from the home loan program offered by the U.S. Department of Veterans Affairs (VA)? Let’s explore what’s involved in getting a VA termite inspection. [Read more…] about The VA Termite Inspection: What You Need to Know
You’re shopping for a home with your significant other, and you’ve determined that one or both of you are eligible for a VA home loan. That means that you have a fantastic opportunity to snag a great deal on a mortgage featuring both favorable terms and built-in consumer protections. However, the ins and outs of this government-backed mortgage program are different from conventional mortgages, so you’ll need to make sure that you’re checking all the right boxes. What are the VA loan spouse requirements? What impact do they have on your mortgage? [Read more…] about Exploring VA Loan Spouse Requirements
VA loans are widely recognized for their many advantages. They’ve helped numerous military service members and their families purchase homes. However, the U.S. Department of Veterans Affairs (VA) and the Consumer Financial Protection Bureau have issued a warning regarding unsolicited offers to refinance VA home loans: if something sounds too good to be true, it probably is. Under the right circumstances, refinancing can be a fantastic choice, but you must choose wisely. Check out our refinancing tips for a VA home loan below. [Read more…] about Refinancing Tips for a VA Home Loan
Bad credit can happen to good people. Illnesses, accidents, job losses, bad luck, and other nasty surprises can leave even the most credit-savvy person struggling to make ends meet. Whether you got off to a shaky financial start as a young adult or watched helplessly as life did a number to your previously healthy credit history, you don’t have to settle for bad credit. Credit scores are constantly changing, and with a little time, effort, and discipline, you can improve yours. How long does it take to rebuild credit? That’s a tricky question to answer accurately. [Read more…] about How Long Does It Take to Rebuild Credit?
Owning a home is often touted as an essential part of the American dream, but in the real world, many families struggle to decide: Should we buy or rent a home? This dilemma is especially challenging for military families. On one hand, Permanent Change of Station (PCS) orders are a fact of military life and often require frequent moves. On the other hand, access to VA loans and their borrower-friendly terms can make purchasing property an attractive prospect and an excellent investment. Every reassignment raises the question of housing. How do you decide what to do? [Read more…] about Should You Buy or Rent a Home?
It’s no secret that VA loans offer fantastic advantages or that these government-backed home loans come with certain restrictions. It is only natural to wonder how your opportunities to refinance your mortgage might be impacted by using a VA loan. After all, under the right conditions, refinancing can be a smart strategy for securing a lower interest rate, reducing your monthly mortgage payments, or transforming your home equity into cash. It’s smart to know your options. That’s why astute borrowers ask, “Can you refinance a VA loan?” [Read more…] about Can You Refinance a VA Loan?
You found the perfect home, purchased it with a VA loan backed by the U.S. Department of Veterans Affairs (VA), and have been living there happily ever since. Now, you’ve received Permanent Change of Station orders and need to relocate. Do you have to sell your dream home? Selling is an option, but it’s not your only one. After exploring the pros and cons of being a landlord, you may decide to try renting the property out. [Read more…] about The Pros and Cons of Being a Landlord
Ice cream is all that’s required for a tasty treat; however, anyone who has sunk their spoon into the silky, decadent deliciousness of a hot fudge sundae knows that bringing something extra to the table can make a good thing even better. VA loan down payments are another great example of this. While it may not be necessary, making a VA loan down payment can offer a borrower significant benefits. [Read more…] about The Benefits of Making a VA Loan Down Payment
Homeownership has long been a part of the American dream, and as the National Association of Realtors points out, it offers significant benefits to both individuals and society. Research indicates that owning a home allows individuals to build wealth and status and improves health outcomes. It also tends to spur greater participation in civic activities, increase volunteering, improve the educational performance of children, reduce dependence on welfare, and decrease crime rates. With so many positive effects, it is no wonder that the government works to promote homeownership with government-backed loan products like FHA loans and VA loans. Having trouble deciding between the two? Exploring the difference between FHA and VA loans can help you decide. [Read more…] about The Difference Between FHA and VA Loans