VA Loan / Veteran Mortgage News
Bruce Reichstein (NMLS #273132) is Sr. Loan Officer specializing in VA Home Loans with Emery Federal Credit Union and VALoans.com. Bruce has originated and underwritten VA loans in all 50 states for over 25 years and is a Nationwide Lender.
MARCH 2007
Federal Benefits for Veterans and Dependents
The 2007 Edition of VA's Federal Benefits for Veterans and Dependents booklet is now available on-line. Printed copies will be available from most VA facilities sometime in April.
The booklet, updates the rates for certain federal payments and outlines a variety of programs and services provided by VA and other federal agencies. It also includes toll-free phone numbers, Internet addresses and a directory of VA facilities throughout the country.
TOP Department of VA Websites for Veterans
Selling Made Simpler
Selling your house can be a stressful time. Weeks may pass while prospective buyers tour your home. It's especially
disheartening when someone comes back to look at your property several times, and then doesn't offer to buy it. But you
can find ways to cope with this new situation. Knowing that it's temporary makes it easier to adopt short-term
lifestyle changes that will help get your house sold.
One challenge while marketing a home is to be ready at a moment's notice to leave so a real estate agent can show your
house to potential buyers. Households with young children or pets often find it hard to make their house
presentable and get everyone out on short notice.
Planning ahead can make that task a little easier. Start by storing, giving away, or selling items that will make
lookers less likely to buy your house. Most of us accumulate items over time that we don't really need.
You'll save money and effort by not moving furniture you don't like and clothing that no one wears anymore.
Having more open space in your rooms and storage areas then makes your home appear larger, and more inviting
to prospective buyers. It's also a good idea to store personal items that are on display in your home. You want potential buyers to imagine
it as being their house - and that's hard to do when your collections are highlighted throughout the home.
Ready to Show
Removing clutter makes it easier to keep your home clean for showings, as well. Simplify your life in other ways while selling your house. Use the microwave or order pizzas more often, so you don't have a sink full of dirty dishes when an agent calls.
You then can put away what you're working on at that moment, then open drapes and turn on lights to brighten up your house.
Don't forget to store or hide small valuables that a stranger might be tempted to pick up while going through your home. Prescription drugs, your cell phone and portable music player, jewelry, car keys, and checkbooks are examples of items to safeguard.
Selling a house is an exciting time, because you'll also be looking for a new place to live. All this activity can cause emotional highs and lows, so be aware of that as you go through the process.
You can count on us to make the purchase of your new home easier by taking care of the financing details. Once we've pre-approved you for a home loan you'll also be able to move without worrying about money.
Better Loan Decisions
Home purchasers often make sacrifices in order to buy the house they want. Eating out less frequently or selling a
seldom-used vehicle can help them reach their goal. But it's also possible to purchase now by making choices
which may have long-term negative consequences. Buying with a loan that isn't suited to your situation is
one example.
You may have heard stories of consumers who found purchasing was affordable with the help of a loan providing
interest-only payments or minimal payments that actually increased their loan balance. In the right circumstances
these mortgage features are helpful. However, when used incorrectly those features can backfire, and entrap
buyers financially. Payments on some of these home loans could double in a few years, when their adjustable
rates reset and borrowers must start paying down the principal owed.
What You Need to Know
We'll give you the information you need to assess whether an adjustable-rate loan will work in your situation.
First, we'll tell you how long the initial rate will last.
We'll also review how your payments could change over the first few adjustment periods.
We'll show you payments under "most-likely" and "worst-case" scenarios. You then can see how this
would affect your household budget.
Some owners plan to move before these adjustments take place. Or you may see your income rising or expenses
falling over that period. You can tolerate higher loan payments in the future if a spouse will be returning
to work or a child will graduate from college soon.
Other homeowners may plan to refinance their loan in the future. That can be a good option if your
credit score will improve, and you can refi on better terms.
Or you may choose to put less pressure on your finances, and buy a house that costs less. Considering a smaller
residence or a fixer-upper can be a smart move. In a few years you'll have built equity and can add on to your
home or move up. Our experience will allow you to make an informed decision when buying real estate.
And if you're struggling to make your house payments today, we can show you positive options that you might not be aware of.
Trusting Americans
A recent survey of 2,000 American adults shows that most of us believe others generally try to be helpful, rather than simply looking out for themselves. That's good, since trust is essential before people can work together.
Young adults and city dwellers tend to be less trusting than older folks and people living in rural areas. Americans with more education and those with military experience also are more likely to trust others, according to the Pew Social Trends Survey.
Buying a house is something most of us rarely do, so it's crucial to work with professionals that you trust during a purchase. Our business is built on helping people reach their long-term goals every day.
In fact, many of our clients contact us after being recommended by a family member, neighbor, or co-worker. We'll answer all your questions about getting a loan, so that nothing about the process will surprise you.
We work with people of all backgrounds who share the common objective of buying real estate. Let us show you how easy it is to accomplish your goals soon.
