VA Loan / Veteran Mortgage News
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JULY 2009
Military Banking - One Account at a Time
We have the pleasure of speaking with veterans from all over the country and have built a business on catering to the veteran community one loan at a time. We have closed over $3 billion in VA Loans and are happy to announce that we have partnered with the military division of Westbound Bank in Houston, Texas. Several of the founders of VALoans.com are Directors of the Bank and Westbound will build its military customers one account at a time. There are no gimmicks or free money to give away - other banks have to raise their fees to you to get back their free money.
Westbound Bank - "Building Wealth and Saving Money"
3.96% APY* 24-Month Certificate of Deposit - Because you want one more opportunity to get a better rate after you lock it in the first time.
GIVE YOURSELF A RAISE!
Choose the 24-month Step Up CD for the flexibility to raise your rate. With a Step Up CD of $10,000 or more, you get a great opening rate, compounded quarterly. And then, you get the opportunity to increase your rate any one time during the term if rates should go up. Just pick up the phone and say the word. It's like giving yourself a raise.
Click here for rates and to apply.
*APY Annual Percentage Yield. Assumes interest will remain in deposit until maturity. A withdrawal will reduce earnings on the account. If any of the principal is withdrawn, a penalty may be imposed. Rates subject to change without notice. All deposits are FDIC Insured by Westbound Bank. Annual percentage yields as of 7/29/2008.
Facing the Challenge
Currently Americans are concerned about rising gas and food prices, along with declining home values in some areas. Yet it's important to remember that we've gotten through tough times in the past. Certainly we're adjusting to new conditions - yet that's something we can handle. Today's "bad news" needs to be taken in context, since we had gotten used to low interest rates and booming house prices. A recent editorial in The Wall Street Journal states:
"The fact is that basically things are pretty good. Unemployment is at 5.5%, low by historical standards; income is rising slightly ahead of inflation; housing prices are down, but the typical house is still worth a third more than in 2000; 94% of Americans do not have threatened mortgages, and of those who do, most will keep their homes. "Inflation was up in 2007, but this stands out because the 16 previous years were close to inflation-free; living standards are the highest they have ever been, including living standards for the middle class and for the poor."
Actually we're aware of the good circumstances we've enjoyed in recent years. Last November a national survey asked, "Do you consider yourself to be a part of America's haves or part of America's have-nots?" Three out of four said they were part of the "haves" group. Yet a similar poll taken in 1988 found that less than 60 percent of Americans believed they were "haves."
Today's Positive Opportunities
Recent changes in the mortgage marketplace could "make it easier for people to buy a home with a down payment of five percent, or even less," reports The New York Times. Government-chartered mortgage purchasers Fannie Mae and Freddie Mac "are loosening restrictions on the sorts of loans they'll buy in many markets," explains The Times.
Higher loan limits also are allowing more buyers to obtain fixed-rate home loans. Today's attractive real estate prices are making it easier to purchase, as well. National Association of Realtors Chief Economist Lawrence Yun forecasts an economic slowdown this year, but believes a full-blown recession won't occur. He expects home sales to grow in the second half of this year due to increased affordability, greater availability of home loans, and improved economic growth.
Getting Better
Last year another poll revealed that more than 80 percent of us said our life situation had either held steady or improved over the last five years. And more than 60 percent believed the next five years would show additional progress. That's not surprising, since experts note that today's overall outlook isn't as difficult as times we've emerged from earlier. In 1980 "the jobless rate was 7.5 percent and inflation was 14.4 percent," reports The Washington Post. "Now those numbers are 5.5 percent and 4.2 percent respectively."
Don't underestimate our ability to solve today's challenges. Power generated by wind turbines "may contribute as much as a fifth of the world's electricity" in ten years, says The Economist. Electric cars also may be recharged for free in store parking lots, it adds. Energy would be obtained from solar panels which also would provide shade for the parked cars. In other words, cars would fill up for free while their owners shopped! Such ideas may seem fantastic now, but look back at recent innovations such as the Internet. Our lives can change for the better very quickly.
Be a Smart Shopper
Local real estate market conditions vary greatly around the country, reports the National Association of Realtors (NAR). Communities which saw prices bid up sharply in the last few years are seeing some of those gains being reversed. Syndicated columnist Kenneth Harney notes that "national numbers - especially on the downside - get all the attention. But unless you bought at the peak of the boom," he adds, "things probably aren't near that bleak."
Some areas actually are experiencing healthy demand now, and seeing home sales and prices rising. NAR expects sales to keep edging up, in part because lenders today are more eager to work with buyers than they were a few months ago. Lenders are "maintaining underwriting standards without going overboard in being too stringent," NAR explains. Rates on jumbo loans have fallen this year, which has helped reduce the number of homes for sale.
NAR Chief Economist Lawrence Yun adds that "bargain hunters have entered the market." Today offers opportunities to find a great deal and obtain excellent financing. Housing affordability has risen about 35 percent since its low point in 2005, notes one economist. Savvy shoppers are looking into purchasing soon, in order to take advantage of this situation. No one can be certain how home prices will change in the future. But if you plan on staying in your house for years, you're likely to see its value rise while you enjoy living there.
Today could be the time for you to find an affordable home which suits your needs. Talk with us before you begin looking at properties. We'll explain how different mortgages work, and show you how specific ones would fit into your budget.
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