U.S. military veterans have opportunities to enjoy some richly-deserved benefits in other aspects of their lives, including some special options for financing their homes. VA loans may give active military personnel, retired veterans, and sometimes surviving family members of veterans the ability to purchase homes that might not prove available to them through more conventional mortgage loans.
Last week’s economic reports included readings on new and existing home sales, a speech by Fed Chair Janet Yellen, and a report on consumer sentiment. Weekly reports on mortgage rates and new jobless claims were also released.
Savvy home buyers who are preparing to make a real estate purchase should do their research and understand that they need to save money for not only the down payment but the closing costs as well. The closing costs can account for as much as three to five percent of the sales price in some cases, so this can be a rather sizable amount of money. Some home buyers however, may not realize that the amount of closing costs can vary considerably based on the home that is purchased. With a closer look at why this is, home buyers can make a more educated decision when selecting a home to purchase.
Last week’s economic news included the NAHB Housing Market Index, Commerce Department releases on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were also released.
If you’re worried about your bad credit, you’ll want to do everything in your power to improve your rating as quickly as possible – especially if you have a major purchase coming up. Improving your credit rating can give you access to better interest rates on mortgages or even help you to get that job you’re after.
So how can you boost your FICO score quickly and easily? Here’s what you need to know.
What Is Prime? The Prime Lending Rate – sometimes just called “Prime” – is the interest rate that banks charge each other for overnight loans. Some consumer rates – like ARMs – are set in relation to Prime.
Who is NOT required to pay the VA funding fee? This video could save some veterans thousands. VA loan applicants pay a funding fee – as of 2014, 2.15% of the total loan amount – which can be thousands of dollars. Some veterans and spouses are eligible for exemption.
What Steps Need To Be Taken To Secure A Loan
You’ll see some pictures in this video to help you remember later, but the first step in securing a loan is to complete a loan application.
To do so, you’ll need the following information.
If you are interested in homeownership come join us for our informative and social Homebuyers Class. We will discuss the current buying market, programs available for 1st Time Buyers and non- 1st Time Buyers, the Pre-Approval process and much more.
Video: Are There Special Mortgages For First-Time Homebuyers?
How Are Pre-Qualifying And Pre-Approval Different? Watch this video and it’ll make sense. Pre-qualification is an informal way to see how much you maybe able to borrow – but not a commitment by a lender.
For those who are looking to buy a home soon, keep in mind that the Debt-to-Income ratio of the borrower plays a huge role in the approval of your mortgage application. A low DTI may make it easier for the lender and the underwriter to justify making a loan to the borrower.