What You Need to Know to Get a VA Mortgage
If you’re a military veteran, you’ll be glad to know that the Department of Veterans Affairs has a program to help you buy a home. This program, known as VA loans, makes it much easier for a veteran to get a VA mortgage through a private lender. The VA does not make loans directly and instead, guarantees home loans for veterans.
One advantage of a VA loan is that a down payment isn’t always necessary. Other advantages are that mortgage insurance is not required, plus there is no VA requirement of a minimum credit score.
VA loans are available to active duty military personnel and also military veterans, who generally find that they can qualify for a VA loan easier than a conventional mortgage, especially View full post…
How To Know If a Mortgage Refinance Is Your Best Option?
When interest rates are low, applications for a mortgage refinance are a major portion of the total of all mortgage applications. This is due because when mortgage interest rates fall, many borrowers see an opportunity to restructure their debt hoping to get a more favorable rate or term.
Simply having a drop in mortgage interest rates doesn’t mean that its the right thing to do for everyone. We all have different situations and lifestyles and everyone doesn’t fit into the “average” cookie cutter mold. Because of this, the following 9 points may help you if you are considering refinancing your mortgage.
The equity in your home
Equity is one of the first items that a refinance lender will look at. If it’s not there within the banks’ guidelines, most conventional lenders will decline your request. During the last recession, many homeowners were underwater, some very deep.
The value of homes has been rising as of late and the number of underwater loans has dropped. This varies from state to state and is determined by a number of factors. If your home has little equity, a conventional lender probably View full post…