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…] about Buying a House in the Military
How to Calculate Debt-to-Income Ratio
Are you busy plowing through the multitude of advice available regarding what you should do to improve your chances of securing the mortgage that you need to buy your dream home? You’re probably finding plenty of information about your FICO credit score, why it matters, and how to improve it. However, your credit score isn’t the only number that lenders care about. Knowing how to calculate debt-to-income ratio and what it says about your financial health can help you make smart decisions that will put you in a better position when you’re ready to apply for a mortgage. [Read more…] about How to Calculate Debt-to-Income Ratio
How to Avoid Paying PMI
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…] about How to Avoid Paying PMI
VA Home Loan Benefits for Disabled Vets
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…] about VA Home Loan Benefits for Disabled Vets
What Are Mortgage Lender Fees?
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…] about What Are Mortgage Lender Fees?
Buying Land with a VA Loan
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…] about Buying Land with a VA Loan
How to Refinance a VA Loan
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…] about How to Refinance a VA Loan
VA Home Appraisal Process
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…] about VA Home Appraisal Process
Things You May Not Know About VA Loans
Mortgages are complex financial instruments, so homebuyers need to do their homework when trying to select the right home loan for their unique situation. Are you weighing the pros and cons of various VA loan programs in preparation for a home purchase? Discovering these things you may not know about VA loans might help you make an informed decision. [Read more…] about Things You May Not Know About VA Loans
VA Housing Entitlements 101
If you’re planning to use a loan backed by the U.S. Department of Veterans Affairs (VA) to purchase a home, then you’ll want to spend a little time familiarizing yourself with the ins and outs of VA housing entitlements and how they impact your ability to borrow money. Why are these entitlements so important? [Read more…] about VA Housing Entitlements 101
