In the matter of FHA vs. VA loans, which loan is the right choice for you? While FHA loans and VA loans are both government-backed loans, there are distinct differences between them. If you’re interested in using one of these loans to purchase a home, you’ll want to explore the ins and outs of both programs so that you can choose the one that’s best for your specific situation. [Read more…] about FHA vs. VA Loans
How to Compare VA Mortgage Lenders
When you’re buying a car, a couch, or some other pricy item, you probably shop around a bit and compare prices to make sure that you’re getting the best deal. You might even try your hand at haggling with the seller to see if they’ll sweeten the offer. Though you may not think of it this way, a home loan is also a product. While you might not be able to drive it or lounge on it while you watch television, you can certainly do a bit of comparison shopping before signing on the dotted line. In fact, doing so can result in substantial savings. What if you’ve decided to use a loan from the U.S. Department of Veterans Affairs’ home loan program? Then, you’ll want to learn how to compare VA mortgage lenders. [Read more…] about How to Compare VA Mortgage Lenders
VA Streamline Refinance Pros and Cons
For homeowners, there are many reasons to refinance. You may hope to snag a lower interest rate and a lower monthly mortgage payment. You may want to swap an adjustable-rate mortgage for a fixed-rate mortgage to secure a delightfully stable monthly payment. Or, you may want to turn some of your home equity into cash. When it comes to refinancing, there are also lots of options to choose from. Sorting through the alternatives can be overwhelming. The trick is choosing an option that is a good fit for your situation and goals. If you’re considering the possibility of a potential refinance, it’s certainly worth weighing VA streamline refinance pros and cons. After all, VA loans are widely recognized for offering fantastic terms that are hard to beat. [Read more…] about VA Streamline Refinance Pros and Cons
Can a VA Loan Be Used for a Second Home?
Can a VA loan be used for a second home? That depends on what you mean when you say second home. Someone using the term the way that a professional in the real estate industry or the IRS does will hear one answer. However, someone using the phrase in a more generic way might get a different result. If you’re confused, keep reading for an explanation. [Read more…] about Can a VA Loan Be Used for a Second Home?
Tips for Rebuilding Credit
It’s a fact of modern life: Credit scores matter. Having good credit makes it easier to secure loans, credit cards, and other opportunities. Unfortunately, a job loss, health crisis, or miscalculation can send your finances spiraling in the wrong direction. Fortunately, low credit isn’t a life sentence. It won’t happen overnight, but if you put these tips for rebuilding credit to good use, your credit score will climb.
What Are the Requirements to Qualify for a VA Loan?
It’s easy to understand the appeal of a home loan that offers up to 100-percent financing, relaxed qualification standards, and competitive interest rates. If you’re an aspiring homeowner who has heard about the advantages of mortgages provided by the home loans program of the U.S. Department of Veterans Affairs (VA), it’s only natural to ask: What are the requirements to qualify for a VA loan? After all, uncovering the answer to that question might be what helps you move from renting to owning the home of your dreams. [Read more…] about What Are the Requirements to Qualify for a VA Loan?
Are There VA Loans for Land?
If you’re hoping to use a VA loan to fund the purchase of land, you may be asking a simple question: Are there VA loans for land? Sadly, the answer to that query isn’t so simple. In fact, the short answer is no, but the longer answer is yes. Talk about mixed messages! Fortunately, the advantageous nature of VA loans means that it is well worth taking the time needed to dig a little deeper and figure out how you might be able to use a VA loan to fund a land purchase. [Read more…] about Are There VA Loans for Land?
The VA Interest Rate Reduction Refinance Loan
If you’re looking for a tricky (if somewhat unusual) tongue twister, saying VA interest rate reduction refinance loan five times fast can certainly be a challenge. However, if you’re really interested in getting a better deal on your monthly mortgage payment, then you might be better served by slowing things down and taking a closer look at the ins and outs of this version of the VA loan. [Read more…] about The VA Interest Rate Reduction Refinance Loan
VA Adjustable Rate Mortgages
You’ve heard about the fantastic terms associated with the mortgages offered by the home program of the U.S. Department of Veterans Affairs (VA), but you have your heart set on using an adjustable rate loan. Fortunately, you don’t have to choose between the two. VA adjustable rate mortgages are available. [Read more…] about VA Adjustable Rate Mortgages
USDA vs. VA Loan
Government-sponsored enterprise mortgages are home loans backed by the federal government. As PocketSense explains, that backing encourages financial institutions to offer competitive terms to borrowers and helps to make home loans available to those eager to buy. The U.S. Department of Agriculture (USDA) and the U.S. Department of Veterans Affairs (VA) are among the government agencies with home loan programs, and their programs are both popular options among homebuyers. If you’re weighing the matter of a USDA vs. VA loan, how do you decide which is best? [Read more…] about USDA vs. VA Loan