It’s no secret that VA loans come with some appealing perks. Available through the loan program offered by the U.S. Department of Veterans Affairs (VA), VA loans make it possible for eligible borrowers to purchase a home with 100-percent financing and attractive interest rates. Plus, they offer relaxed credit requirements and limits on closing costs, and they don’t require private mortgage insurance. All that said, keep in mind that these loans have certain rules that must be followed if you hope to get the maximum benefit. To make the process go as quickly and smoothly as possible, review our essential VA loan tips below. [Read more…] about Essential VA Loan Tips

Home loans are not one-size-fits-all products. The priorities and circumstances of aspiring homebuyers vary widely, and a multitude of loan products with different terms and requirements have evolved to meet their needs. With so many options to weigh, smart borrowers tend to ask a lot of questions as they explore the possibilities for financing a home purchase. What are some common questions about VA loans? [Read more…] about Common Questions About VA Loans

Experts typically encourage prospective homebuyers to visit their mortgage lender before they put any significant effort into scouring the internet for home listings and attending open houses. Why? So that they can get prequalified before they invest their time and emotions in serious house shopping. Once you’ve learned how to prequalify for a VA home loan, you can feel confident moving forward with your search for the perfect home. Scroll down to learn what’s involved in prequalifying for a VA loan. [Read more…] about How to Prequalify for a VA Home Loan

Is securing a VA rate-and-term refinance on your to-do list? If it’s not, should it be? Taking a little time to explore this option and its potential pros and cons can help you decide.

“When it comes to mortgages, VA loans are about the best you can get,” according to Forbes. With their competitively low interest rates, relaxed qualification standards, possible 100-percent financing, and freedom from mortgage insurance, VA loans have many appealing qualities. It’s easy to see why both financial experts and borrowers are fond of the various purchase and refinance offerings from the loan program of the U.S. Department of Veterans Affairs (VA). What does the VA offer for those interested in a rate-and-term refinance?

[Read more…] about The VA Rate-and-Term Refinance

How long does it take to close a VA loan? If you’re considering funding your next home purchase with a VA loan, it’s smart to have the answer to this question handy. After all, government-backed loan programs have a bit of a reputation. Many people mistakenly believe that buying a home with this type of loan or selling to someone who is using one will lead to headaches, delays, and extra stress. Once you understand that closing on a VA loan won’t be a marathon event, you might find that it’s an excellent option for your situation.  [Read more…] about How Long Does It Take to Close a VA Loan?

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