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?
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
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?