VA Mortgage News for Veterans
Markets on the Mend
One factor working in your favor is that today is an excellent time to move. Years of real estate uncertainty are gone, and we now can proceed confidently. Property prices are back to their pre-crisis peaks in many areas, according to the S&P/Case-Shiller Home Price Indices. Some families put off moving in recent years because they didn't want to sell their house at a discount. However, today you can place your residence on the market knowing you'll obtain full value for it.
In some communities buyers are bidding up homes above the asking price, due to a shortage of sale properties. You'll also benefit by purchasing a move-up property with a low mortgage rate. Contact us soon to learn the benefits offered by today's real estate market. We'll assist you throughout your home buying experience.
Our Favorite Home
For many Americans, their all-time favorite home is where they're living now. That's as it should be – your home should enhance your lifestyle and daily routine. However, our needs change with time. Once we realize we'd be happier in a new neighborhood or a house with different features, it's time to start looking for another place to live. Our residence should be a spot that provides all the comfort and convenience we crave. If you don't feel that way about your current home, take some time to consider what you're missing.
Begin by making a list of property features that you'd truly appreciate. And talk with us to determine what your monthly payments would be on a new home. You'll then know how much you can afford to spend, and will be ready to shop for a new place to live. Starting the loan process early puts you in a position to make a strong offer once you find a house you'd love to own.
Recent Posts in the VA News Blog
- Getting a VA Loan Certificate of Eligibility
- VA Loan Appraisals and Home Defects
- VA Adjustable Rate Mortgages: Basic Rules
- VA Loans Versus Conventional Loans
- Recent VA Loan Benefit Updates and Joint Loans
- VA Loans and Powers of Attorney
Knowing what to expect when you're shopping for a place to live can help you feel comfortable when it's time to make important decisions. Whether you're buying a starter home or looking for a retirement property, you'll be more likely to have successful results after reviewing these concepts:
- Rates remain low. In fact, they were on a downward trend as we entered autumn. Mortgage rates will continue to fluctuate, and we'll help you select an appropriate time to lock in a rate. We'll start by calculating your monthly payments at current rates. We'll also determine your housing costs under different mortgage types, and go over their features.
- Home prices are rising. Most of the rock-bottom bargains are gone, since aggressive purchasers moved in quickly to snatch them up. Property values aren't expected to go up as rapidly in the future as they have over the past year. We had a definite bounce off the low points – and now the market is moving into a pattern of steady growth. Of course, we can't expect real estate prices to move up in a straight line. Yet compared to other investments, owning your home typically provides stable returns over time.
- Affordability is high. A combination of realistic home prices and attractive rates produces monthly payments which will fit your budget. In many areas it costs less to own than it does to rent a home. We'll help you make a home financing decision that you'll benefit from for years. Contact us before you begin looking at properties. In today's vibrant market, it's advantageous to be ready to make a firm offer soon after you find a home that you want to own.
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It's Time to Buy
House price increases are settling into a sustainable pace, after advancing rapidly in recent months. Values have been on an upward trend for four years, and gone up steeply over the last 18 months, says real estate data firm CoreLogic. Strong demand for home purchases was created as many Americans chose not to move when values were falling. Once the market turned around, sales and prices both quickly rose.
Now real estate is normalizing, and traditional market dynamics are asserting themselves. Seasonality always has been an important factor in home sales. Generally springtime is the busiest part of the year for real estate. Many families prefer not to move when the weather is cold and we're nearing the year-end holidays. Fewer buyers make this season an ideal time for bargain hunters, however. Homeowners who have their residence on the market in the winter often have a compelling need to sell quickly.
A job transfer or desire to enroll children in a new school district by January could be factors that would encourage them to immediately accept a reasonable offer. Obtaining loan pre-approval from us turns you into a preferred buyer. You put sellers at ease when they know financing the purchase of their home won't be an issue. Get in touch with us right away if you're ready to look for a great deal in today's market. We'll let you know what you can afford, so you can identify sale properties which will give you reasonable payments.
You Still Can Save
Refinancing to gain lower monthly payments remains possible for millions of Americans, according to the Federal Housing Finance Agency (FHFA). A special government-authorized refinancing program can provide many households with savings. The Home Affordable Refinance Program (HARP) is designed to help owners who have little or no equity in their residence. Even if your mortgage balance is larger than your home's current value, you still may qualify for HARP.
Unfortunately, many owners haven't found out if they're eligible for a HARP refi, even though their mortgage's interest rate is higher than current rates are. FHFA estimates that between one and two million American homeowners fall into this category. Persons who can refinance through HARP must have a mortgage that was issued before June 1, 2009 which then was sold to either Fannie Mae or Freddie Mac. Loan payments must be up-to-date, and owners are required to have no more than 20 percent equity in their property.
We'll give you the full details on HARP, and show you how it can work in your situation. Call us soon to find out more about how you may be missing out on monthly savings!
No Housing Costs
A 15-year mortgage allows you to pay off your home loan within a reasonable time frame. Many households find a 15-year loan allows them to retire debt-free. Today you can refinance into a 15-year mortgage with very attractive rates. Rates on 15-year loans are lower than what's available on 30-year home loans. Even if you move before you totally pay off your mortgage, a 15-year loan lets you build equity faster. You'll then enjoy a larger profit after selling your home. We're ready to answer all your questions about 15-year mortgages, and show you how one would fit into your budget. Make sure to get the facts about this terrific financial planning tool!