Qualify for a VA Home Loan
Americans on average have lived in their current residence for almost six years, states the U.S. Census Bureau. And a recent poll shows that most of us plan on staying close to where we are now. More than three-quarters of Americans don't expect to move out of their state over the next five years. Yet close to one in five of us do plan on a long-distance move.
Lifestyle events often cause us to seek a new home. Household size and needs change during our lives as we raise a family and later find ourselves in an empty nest. Being near shopping and entertainment venues are important for many young persons, as well as for retirees. But households with young children are more concerned about good schools and commuting times. A job change is another common reason for seeking a new place to live. Households with persons working from home also want a residence which meets their needs for space and features.
Every move is part of our personal life journey. Retirees may find a move reduces their living expenses or puts them closer to other family members. Moving isn't a decision we should make lightly, since it represents change. Yet a well-timed move can markedly improve our lives. Ask us to calculate how much your monthly payments would be on a new home. Knowing what you can afford is the first step to making a smart purchase.
Actual Letter Sent:
Hello Bruce, thanks for all your help and professionalism. You made my transition as well as my families a lot easier on us. Our move from overseas to stateside into our "Dream Home" couldn't have happened without you. This is my third VA loan and the process was never as painless as you made it for us.
Thank you.
D. Cunningham / Active Army MSG
Knowing what questions to ask puts you in charge of the home buying process. Too often consumers focus on issues which aren't the most important ones for them. It's tempting to ask, "What are your rates?" and then choose the lowest. Yet more-critical questions are, "What will my total home purchase costs be?" and "How will they fit into my household budget?" What you spend on a house involves more than simply your loan's rate. Selecting the right mortgage for your situation is a decision which should be made carefully, since it will affect you as long as you live there.
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Borrowers can make tradeoffs between their mortgage rate and fees paid for obtaining their loan. How much cash you have to put into the transaction, your current income, and how long you plan on staying in the house help determine how your purchase should be structured. Numerous options are available, so you can select what works best for your household. Yet many times borrowers aren't aware of these possibilities, and choose the simplest home loan offered.
A great way to compare mortgages is by looking at your total costs over the time you expect to live in your home. You'll also want to make sure your projected income will match your payment schedule. Taking an adjustable-rate loan isn't risky if you know that in the future your household expenses will be lower, or your income will increase. It's also possible that you'll move before your mortgage payment resets.
Owners can rent out their vacation property part of the year and gain extra tax deductions as well as income. Real estate agents or property management firms in the resort area can assist you in this strategy. Experts believe some vacation markets could pick up before other neighborhoods do. Resort areas typically are in choice spots, they note. Many have little available space and building restrictions, so property supply will remain limited. Prices will continue to drop in resort communities which were overbuilt. But markets that exercised restraint during the boom years are reaping rewards now.
Currently more than one-fourth of home purchases are vacation or investment properties, NAR says. Second home buyers typically are in their mid- to late-40's. Most purchase a detached, single-family home. Just one in four buy a townhouse, condo, or duplex, adds NAR. Talk with us when you're considering a second home purchase. We'll answer all your financing questions, so you'll be prepared to make a smart buying decision.
Property sales in resort areas are gaining strength, The Wall Street Journal reports. Buyers who want to be long-term owners will benefit from these conditions. Low rates and attractive prices allow you to lock up a great deal now. You then can enjoy your special place as a vacation home until you're ready to retire there. Prospective buyers are finding that "five years after housing's peak, markets that once were out of sight even for well-heeled buyers are now in range," adds the Journal.
Average prices for all second homes have dropped by about 25 percent since 2006, states the National Association of Realtors (NAR). Sales in some areas have increased by more than 50 percent over the past twelve months as a result. Investing in a home you'll enjoy using for years can be a wise use of funds. We'll show you how it's possible to attain affordable payments now on a great second home.
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