Credit and Finances Future Military Homeowners

  • 3 Ways Your Child Could Directly Impact Your VA Loan

    3 Ways Your Child Could Directly Impact Your VA Loan

    For many people having children is one of the most rewarding experiences of their lives. But with great reward comes great responsibility. Did you know that your child could have a direct impact on your VA home loan? There are three major areas where your kids can play a role in whether you're approved for or denied a VA loan. Daycare Expenses Daycare expenses can be financially crippling for some families. For many, their monthly daycare expenses are higher than their housing costs. Mo…

  • My Bank Statement Can Kill My VA Loan?

    My Bank Statement Can Kill My VA Loan?

    When you apply for a mortgage, you'll be asked for a significant amount of documentation. Lenders need to verify your employment, income and assets before determining VA loan preapproval. One document you'll provide is a full bank statement for each of your accounts. Bank statements are a window into your spending habits and ability to make sound financial choices. Your bank statement is sent to an underwriter to…

  • Saddled With Student Loan Debt? There’s Still Hope For Homebuying

    Saddled With Student Loan Debt? There’s Still Hope For Homebuying

    Have you graduated from college and started your first "real" job? Have you been in the workforce for some time? Whether you're fresh out of school or have been out for a while, there is an important question you need to address when applying for a home loan: How much student loan debt do you have? If you have some, you're not alone. Nearly 70% of recent graduates have student loan debt, with an average balanc…

  • Avoid Sticker Shock: 4 Hidden Costs of Home Buying

    Avoid Sticker Shock: 4 Hidden Costs of Home Buying

    Despite mortgage rates hitting a one-year high and ever-increasing home prices, The New York Times says consumer confidence is also on the rise, putting the country in a "buying mood." However, many who jump into a new purchase decision see an initial price tag but are unprepared for the hidden costs of homeownership that accompany it. These can include anything from utilities or insurance fees to property taxes, …

  • The Mysterious Escrow Account Explained

    The Mysterious Escrow Account Explained

    Does the term "escrow" mean anything to you? If you're a first time homebuyer, the word may be foreign, but it'll soon become very familiar as you take steps towards homeownership. Establishing escrow accounts is a part of every VA home loan. Escrow accounts are accounts established to collect funds on a monthly basis for items such as property taxes and homeowners insurance that are due once a year. By establishing escrow accounts, the company that services your mortgage is able to collect o…

  • Ditch the Rent for Homeownership. Start Here.

    Ditch the Rent for Homeownership. Start Here.

    Picture this: You've found the home of your dreams, you've made an offer and it's been accepted. You're excited to finally move out of your small apartment and into a nice home with a yard. But that happiness subsides when you realize there's a few thousand dollars of closing costs, inspections and escrows to pay out-of-pocket. You don't have a dime in savings. Not a good place to be, is it? If you want to be p…

  • Keys to Closing: The GFE and HUD-1

    Keys to Closing: The GFE and HUD-1

    If you're beginning to think about the HUD-1 Settlement Statement and looking over your Good Faith Estimate, chances are you're about to close your VA loan. This exciting time comes with a lot of paperwork, and many people have trouble understanding the jargon and minutia of home loans. Luckily, the GFE and HUD-1 Settlement are intended to help you understand your home loan completely. Here's a breakdown of how to…

  • Behind the Curtain: Credit Score Factors Revealed

    Behind the Curtain: Credit Score Factors Revealed

    Although credit scores have been in use for decades, the creation and use of such data continues to puzzle many Americans. In fact, a new study shows that 42 percent of all borrowers are unaware that credit scores are used to determine whether or not they can get a mortgage and the rate they will pay. Credit scores were developed so that creditors of all types, including those who finance cars, credit cards and ho…

  • Rising Home Prices: How They Can Help VA Borrowers

    Rising Home Prices: How They Can Help VA Borrowers

    For the past year or so home prices have been on the rise, good news for VA borrowers. According to the National Association of Realtors home prices in the first quarter were 11.3 percent higher than a year ago. Among the top 150 major metro areas, home values increased in 133, but fell in 17. So why are such numbers important for the VA loan program? The Veterans Administration does not actually put…

  • Defying Logic: 0 Percent and Negative Mortgage Rates

    Defying Logic: 0 Percent and Negative Mortgage Rates

    For months, VA mortgage rates have bounced around near historic lows, a reality which raises a question: Is it ever possible for interest levels to reach zero or below? In fact, loans rates can touch zero and sometimes there can even be negative interest. The idea of "negative interest" seems to defy logic. Why would a lender make a loan when there is no return? In fact, how can there be a loan where the lender ex…