VA Loan / Veteran Mortgage News
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Military Hub is about building wealth and saving money. It's about helping you make the best military financial choices for your future.
DECEMBER 2009
Happy New Year!
Twelve months of promise stretch before us now. All of us have gained experience getting to this point, and now we're ready to move ahead and keep building towards our dreams. Outward conditions will keep changing, but our hopes will remain constant.
If you're thinking about buying a home or refinancing your mortgage this year, it's imperative to work with a knowledgeable professional who understands your goals.
During 2009 we're committed to helping you gain complete satisfaction and the maximum benefits from owning real estate. We'll answer all your questions before we get started, and assist you every step of the way during the loan process.
Rates Fall Dramatically
In February, 2003, our newsletter article
Low Rates Keep Helping American Veteran Consumers talked about falling mortgage rates. Interestingly, veterans are in a better position today due to the recent rate decline.
"The biggest savings for shoppers this holiday season may be in home mortgages," states The Los Angeles Times. Mortgage rates dropped late in November after federal authorities announced further efforts to help consumers obtain credit on good terms.
Within a week rates on 30-year home loans fell half a percentage point. Owners with rising adjustable-rate loans saw this as an opportunity to lock in rates below six percent.
Lowering your monthly payments has the same effect on your budget as getting a pay raise. You'll also gain peace of mind by knowing those payments won't rise in the future.
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Ready to Move
Housing demand is expected to pick up later this year, since lower monthly payments make it easier to purchase real estate. We still consider homeownership to be a smart long-term move. A national survey shows that Americans who bought a house last year on average plan on staying in it for a decade.
Living in a great home is the first step towards larger lifetime goals. Having the right mortgage also increases the enjoyment you'll obtain from owning your home.
With our help, you may find that getting a home loan now is easier than you thought it would be. We can go over several borrowing options to determine which loan type will work best for you.
Contact us soon to go over how these recent changes can benefit you. We'll help you make the most of today's developments!
Top 10 Reasons Why VA Financing is a Good Deal for Veterans
There are more than 24.5 million armed forces veterans in the U.S. today, many of who qualify for attractive home financing programs guaranteed by the Department of Veterans Affairs. Most popular online mortgage companies do not address VA loans at all. At VALoans.com, we specialize in them, offering in one place all the expertise every veteran needs to secure VA financing via the Internet. Before arranging for a new mortgage to finance a home purchase with other types of loans, veterans should consider some of the advantages of VA home loans.
- Most important consideration, no down payment is required in most cases.
- Loan maximum may be up to 100 percent of the VA-established reasonable value of the property. Due to secondary market requirements, however, loans generally may not exceed $417,000 unless in high cost counties.
- Flexibility of negotiating interest rates with the lender.
- No monthly mortgage insurance premium to pay.
- Limitation on buyer's closing costs.
- An appraisal which informs the buyer of property value.
- Thirty and fifteen year loans.
- An assumable mortgage, subject to VA approval of the assumer's credit.
- Right to prepay loan without penalty.
- VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties.
Should You Move or Improve?
Deciding whether to improve your existing home or move up is an important question many homeowners eventually face. Below are questions to consider before acting:
- How important is it to stay put? If you love your current neighborhood or school district, you should think twice before pulling up stakes.
- Can I happily live with my home torn apart for months? Don't underestimate the turmoil a major remodeling project creates.
- What are the costs of buying a larger home, compared to renovating my current house? Find out what a suitable new home would cost.
- How much of my improvement cost will I recoup after selling? Most remodeling projects won't pay for themselves when you sell your home.
- When do I plan on moving? If you know that you'll enjoy your renovated home for years, then it can make sense to pay for the improvements.
Count on our assistance, no matter if you choose to move up or remodel your existing home. We'll always provide financing that's right for your needs.
Here's Why We Refinance VA Home Loans
Many veterans have refinanced several times as rates have fallen to record lows over the past few years. In addition to improving their rate (many through the simplified VA interest rate reduction special) 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.
The GI Bill Can Change Your Future.
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