VA Loans and Mortgages Future Military Homeowners

  • 4 Questions for Single Homebuyers to Consider Before Buying

    4 Questions for Single Homebuyers to Consider Before Buying

    You can't buy a house unless you're married...right? Wrong. Single men and women make up a big chunk of the nation’s homebuyers, and that trend continues to grow. Single homebuyers purchased 33 percent of all homes sold in 2011, up from 32 percent in 2010 and 31 percent in 2009, according to the National Association of Realtors. But whether you’re single or happily married, timing your home purchase c…

  • Is Mortgage Payment Shock Real?

    Is Mortgage Payment Shock Real?

    The past few years have seen an enormous number of foreclosures. The common wisdom has been that a leading cause of default was payment shock, a swift and sizable increase in adjustable monthly payments. Now, however, Paul S. Willen, a senior economist with the Federal Reserve Bank of Boston, says payment shock is little more than an urban myth. "Contrary to popular belief," explained Willen before a congre…

  • Government Gets $45 Million In New VA Mortgage Settlement

    Government Gets $45 Million In New VA Mortgage Settlement

    The federal government will receive $45 million from the JPMorgan Chase Bank to settle allegations in a lawsuit that it overcharged military borrowers. Interest Rate Reduction Refinancing Loans (IRRRLs) are a form of refinancing which allows qualified personnel to take current VA loans and refinance to a lower rate. They're also known as VA Streamline loans. One of the many protections offered to VA-qualif…

  • What To Expect From Closing Costs

    What To Expect From Closing Costs

    First-time homebuyers are often shocked when they discover that the list price isn’t exactly what a new home will end up costing. Securing a home loan comes at a price beyond the loan amount. That price comes in the form of closing costs, which are fees and charges you pay in order to obtain a purchase or refinance loan. But what exactly are closing costs and how will they affect your purchase? &nb…

  • Rents Rise as Housing Prices Fall: Time to Buy?

    Rents Rise as Housing Prices Fall: Time to Buy?

    No one likes paying rent. Who wants to help someone else build equity in a house? Get ready for rent to become even less enjoyable. Rents are climbing as the number of available rental units is declining, according to a report from research firm Reis Inc. At the same time, the real estate market is overflowing with “for-sale” homes at rock-bottom prices. Could it be time for you to make a home purchase?…

  • Veterans Win Massive Wrongful Foreclosure Settlement

    Veterans Win Massive Wrongful Foreclosure Settlement

    Improperly foreclosed vets will get a minimum of $116,785 under a settlement between the Justice Department and the nation's largest banks. The settlement provides compensation that's more than 50 times greater than the $2,000 provided to those who lost their homes to robo-signing under the just-announced $25 billion deal between major banks and most states. The gap between the service member's agreement an…

  • Why VA Foreclosure Rates Beat FHA Loans

    Why VA Foreclosure Rates Beat FHA Loans

    The leading real estate story of the past few years has concerned foreclosures and delinquencies, but an untold story concerns the VA mortgage program and the fact that it has the lowest level of troubled loans. VA loans have had the lowest rate of foreclosure for the past 14 months and the lowest rate of serious delinquency for the past 11 months, according to the Mortgage Banker Association. Serious delinque…

  • Mortgage Prepayment Can Save You a Bundle

    Mortgage Prepayment Can Save You a Bundle

    There's no doubt that we live in rough economic times. It's enough to make you want to stick money in a mattress -- indeed, according to one survey that's what 27 percent of us want to do. The catch is that mattresses are a woeful investment option. Putting cash in a mattress earns no interest and if lost, stolen or destroyed is entirely uninsured. But mattresses are in some ways attractive when you look at…

  • The New World of Cheaper Closing Costs

    The New World of Cheaper Closing Costs

    There's a big debate in lending centered on how much borrowers should know. You'll be happy to learn that borrowers are winning -- and that a new round of clarity is likely to soon begin. To understand what's going on consider the simple Good Faith Estimate of closing costs. The GFE shows what you should expect to pay for your loan. The current form was introduced in January 2010 after 14 years of arguing and a ma…

  • Adjustable or Fixed -- Which Loan Is Best For You?

    Adjustable or Fixed — Which Loan Is Best For You?

    In recent months mortgage rates have plummeted and plunged to depths rarely seen. "Fixed-Rate Mortgages Lowest on Record," said a recent Freddie Mac news release. If you're a borrower the news on the mortgage front has only been good. There can't possibly be a mortgage shortage when rates are in the dumper -- low rates have to mean the supply of cash is outstripping loan demand. The catch is that not a…