Future Homeowners Page 6

  • What is Title Insurance And Why Am I Buying It?

    What is Title Insurance And Why Am I Buying It?

    Anytime you finance a home purchase — whether through a VA loan or a conventional mortgage lender — you're required to buy lender's title insurance as part of your closing costs. If you refinance, you'll need to buy lender's title insurance but not an owner's policy since the property isn't changing hands. Lender's title insurance protects the lender for the duration of the loan in case there's a titling issue such as a lien on the property or a boundary dispute with a neighbor. But what …

  • 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…

  • Using Your VA Home Loan With a Unique Property

    Using Your VA Home Loan With a Unique Property

    Think Twice About That A-Frame

    You want to use your VA home loan benefit. You've gone through the pre-qualification and pre-approval process and now you're under contract. Warning: you're not in the clear yet. First an appraisal will be conducted to determine the value of the property and whether it's marketable. The VA and lenders will restrict the purchase on some unique homes due to the lack of marketability. The main purpose of restricting the purchase of certain unique properties is the marketability also frequently r…

  • 5 Expert Tips For Your VA Purchase

    5 Expert Tips For Your VA Purchase

    You're a veteran or service member, and you want to purchase a home. You've smartly decided to use your hard earned VA mortgage entitlement. But from there, you are less certain of how to ensure you get the best deal. There are numerous tips, tricks and negotiation tactics that can help you obtain a good deal. Here are 5 important tips to make the most of your VA purchase transaction. Ask For Seller-Paid Closing Costs When using your VA benefit, it's important to consider how you'll …

  • Should You Consider a 15-Year Mortgage?

    Should You Consider a 15-Year Mortgage?

    As interest rates inch upward, home-buyers looking to save on their loan may be considering 15-year mortgages instead of the traditional 30-year mortgage. Or those refinancing their mortgage may look into shortening the term with a 15-year mortgage. In fact, Freddie Mac data shows that 31 percent of homeowners who refinanced during the second quarter of 2013 shortened their loan term (a three percent increase from the previous quarter). A 15-year mortgage is best suited for those who are fina…

  • Pocket Listings Explained

    Pocket Listings Explained

    How Real Estate Agents Can Help Unlock The Door

    There is a phrase thrown around in real estate circles that is often unfamiliar to those outside the business: pocket listing. What's a pocket listing? A pocket listing occurs when a seller wants to sell their home, but instead of the real estate agent listing it on the multiple listing services (MLS), the agent withholds the listing from public circulation and informs potential buyers via word of mouth. So what does that mean for home buyers? Options There are several different opti…

  • 6 Simple Ways to Prepare for Homeownership

    6 Simple Ways to Prepare for Homeownership

    Homeownership is part of the American Dream, but achieving this milestone isn’t always easy for military families. The demands of service often create unique financial needs for those who serve our country, and taking on more than you can handle may upset the balance between financial security and financial ruin. “Buying a home is one of the largest financial commitments most consumers will face in their lifet…

  • Pros and Cons of Fixer-Uppers

    Pros and Cons of Fixer-Uppers

    My husband and I bought our first home about five years ago. It was old and hadn't been taken care of in a long time. But, we got a great price...or so we thought. Our plan was to gut the inside of the house and fit it to our needs. Since we spent so little acquiring the property we had extra in our budget for renovations. As we started tearing up the old flooring and taking down interior walls, we noticed someth…

  • Veterans United Live with Homebuying 101

    Veterans United Live with Homebuying 101

    The video chat will be live on this page at 6:00 ET/ 5:00 CT. The video will stream directly below.   Homebuying can be a scary prospect: signing dozens of documents, forking over thousands of dollars and placing impossible amounts of faith in strangers. When the dust settles, you're left with the keys in your hand, boxes to unpack and, finally, a home to call your own. Where's the best place for pr…