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.
JANUARY 2008
Veteran Homeowners Have a Chance of a Lifetime
Mortgage interest rates have recently dropped to record lows. Veterans and active duty military now have the chance
of a lifetime to gain fabulous financing terms when buying or refinancing their home. Even if you considered purchasing a
house or refinancing recently, you might be surprised at how much more today's rates work to your advantage.
If you have a VA loan at this time, you can refinance on the VA Streamline Refinance Program. For certain loan amounts,
rates today are 5.50% on 15 year loans, 5.50% on 30 year loans and 6.25% on VA 3/1 Adjustable Rate (ARM) loans.
Remember that rates and terms are subject to change without notice. See the
simple guidelines for VA
streamline refinances. You can also see what is needed for home purchases and regular refinances.
Households are finding they can accomplish goals now that seemed far-fetched just a year ago. Taking the time to look
into how today's rates can help you may pay off big for you in years to come. Let us be your guide in today's exciting
mortgage marketplace. We'll make certain you have the opportunity to consider different loan programs. Choosing a
mortgage that suits your individual finances and temperament is just as important as obtaining a low rate. You may
want a 15-year mortgage, so you can retire debt-free. Or you may find now is the perfect time to move up to your
dream home, while enjoying affordable payments. Households eager to make their all-important first home purchase
also should act now. You'll find that we listen to you, and work hard to gain the financing you want. Call us right
away, and start enjoying the benefits today's great rates offer you!
Here's Why We Refinance VA Home Loans
Many veterans should refinance for several reasons. In addition to improving their rate, they can
also keep reaching new financial goals in the process. Here's an example:
- Your first refinance lowers your rate, and gives you the opportunity to take cash out to pay off expensive, non-deductible credit card bills.
- A second refi cuts your monthly payments again. More equity may be taken out as cash to fund home improvements, add to retirement investments, or pay for children's college educations.
- Refinancing another time allows you to move from a 30-year mortgage into a lower-rate 15-year loan. Although the monthly payments are higher, you build equity much faster with the shorter mortgage.
Reviewing your mortgage on a regular basis is just as important as going over your investments or tax
planning. Make sure that you're advancing towards your financial goals before taking a step such as
refinancing your home loan. We'll go over your options with you, answer your questions, and work with
your tax and investment advisors to help you achieve important objectives.
Smart Selling Tips
Homeowners are aware that making their house stand out from the competition speeds up the selling process today.
Painting inside and out and refreshing your landscaping are two of the best ways to attract a buyer. Doing more extensive
improvements may not provide much benefit to sellers. Often it's best to lower your asking price, and let the new
buyers upgrade the house to suit their needs and budget.
Reviewing the features and asking prices of nearby homes currently on the market is the best way to find out how attractive your house is compared to others.
Three out of five buyers begin making home improvements immediately after moving in, reports the National Association of Realtors. Remodeling kitchens and bathrooms are the primary projects undertaken within three months after purchasing.
Your buyers then can choose the bathroom cabinets they prefer - and decide if they want to splurge on a pop-up TV next to their tub.
Making a Purchase Possible
Some U.S. consumers report they're eating out less frequently now to conserve funds. Americans remain willing to make
sacrifices so they can purchase their own home. The best time to buy a house is when you find a property you'll enjoy
living in for years, and have affordable financing. We'll help you gain financing that lets you move into the home you
want soon. We're aware of changing requirements for mortgage borrowers, and will go over your options with you.
Today increasing numbers of late mortgage payments are causing lenders to tighten their standards.
Yet rates remain attractive, and softer home prices also are making it easier to purchase. Some consumers benefit today because lenders don't emphasize a borrower's credit report as much as in the past. A stable work history and cash on hand also are viewed as being important now.
Our experience can guide you into a mortgage that lets you realize your housing goals. Together we'll review your financial picture to help us identify a loan you'll be happy with.
Once we've located a mortgage you qualify for, we can reassure home sellers that financing won't be a problem. In today's market sellers are eager to work with buyers who have been pre-approved for a loan. You then can confidently make an offer once you've found the home you want.
Managing a Divorce
Divorce situations can create financial chaos. One reason is that married couples usually have taken out a mortgage together.
If the marriage breaks up, both parties still are obligated to make those monthly payments. Taking one person's name
off the title doesn't change their loan responsibility. One partner may want to continue living in the home, and
in that case it's often best to refinance the mortgage so that it's in his or her name only.
Yet the newly-single homeowner may not have adequate income to qualify for a new loan. A family member then may help
by co-signing the mortgage application. However, remember that child support payments increase your income when your
loan application is being evaluated. Another strategy is to rent out part of the house to help meet the payments.
Protect Your Credit
Your credit rating will play a part in determining your loan rate. So it's important for divorcing couples to protect
their credit history. Do so by closing joint bank accounts and credit cards, and opening new individual accounts as
quickly as possible. Otherwise one partner may take out funds or run up charges on joint accounts. If a joint credit
card account can't be closed, send a certified letter to the card provider asking that new charges not be accepted
in the future. Explain that you won't be responsible for additional purchases after a certain date.
Feel free to contact us whenever you have questions concerning housing finance. We can review your credit
report with you to check for errors, and make certain everything's in order for you to positively move on with your life.
