VA Loans and Mortgages Future Military Homeowners

  • The History of Veterans Day

    November 11 was just another day of the year. That was until an end to hostilities, an armistice, took effect between the Allied Powers and Germany on Nov. 11, 1918 on the 11th hour of the day. Although no country signed the Treaty of Versailles until June 1919, officially ending World War I, the day of the armistice marked the end of WWI combat. President Woodrow Wilson declared November 11, 1919 the first…

  • 5 Things to Know About REOs

    5 Things to Know About REOs

    Banks are on pace to sell around 500,000 real estate owned homes, or REOs, this year alone, a great opportunity for a homebuyer looking to score a great deal in the struggle housing market. Most bargains will be around 5-10 percent below market value, but some could be as much as 30% below. Still, buying a foreclosed home, and especially one that's gone as long without a buyer as an REO, is a process not for t…

  • The Future Military Homeowner Primer: Mortgage Points

    Mortgage lenders charge borrowers points as a part of the home-purchasing process. A point is a fee equal to 1 percent of the loan amount. So, for a 30-year fixed-rate $100,000 mortgage, one point would cost $1,000. There are two kinds of points: origination points and discount points. Origination points are charged by the lender and cover the cost of making the loan. For a VA loan, the origination fee is capped at…

  • The Future Military Homeowner Primer: Rate Locks

    Mortgage rates constantly rise and fall, and rarely more swiftly than right now. Dan Green of The Mortgage Reports estimates that rates changed every 3 hours, 23 minutes during the month of June. If you're in the market for a mortgage or in the process of obtaining one, fluctuating rates can make a big difference in how much you'll pay on your loan. A spike in mortgage rates during the time it takes to close your lo…

  • Americans Still View Homeownership as Part of American Dream

    Despite concerns regarding the overall health of the housing market, a large majority of the American public believes owning a home is an important part of the American dream, according to a recent poll by The New York Times and CBS. Respondents also indicated a greater interest in government assistance for people struggling to make mortgage payments than for people who have been without a job for many months. Near…

  • 6 Common Mortgage Mistakes to Avoid

    Stepping into the mortgage process can be daunting for anyone. For many, it seems filled with thousands of forms, terms that are hard to understand, and lots of people who know more than you do and want to take all of your money. But it doesn't have to be like that. The first step to making the mortgage process one that works for you is research. Familiarize yourself with terms, know what to watch out for, and go sl…

  • How Does the Service Member Civil Relief Act Benefit Homeowners?

    The challenges of maintaining a secure hold on one’s financial responsibilities are heightened during periods of active duty. Mortgage payments in particular can become a significant hurdle. But active duty and recently discharged service members are protected from a host of civil and financial penalties thanks to a unique law. Explaining the SCRA The Service Member’s Civil Relief Act was established to in…