Future Homeowners Page 8

  • 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…

  • Bidding Wars: What Escalation Clauses Mean For VA Borrowers

    Bidding Wars: What Escalation Clauses Mean For VA Borrowers

    Across the country, real estate markets are booming. According to the National Association of Realtors existing home prices in April were up 11 percent when compared with a year ago. Rising home prices are good news in most households. Many borrowers who were once underwater now have equity simply because home prices have risen overall. Not only that, in some cases, those who want to sell can now find a welcoming …

  • 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…

  • INFOGRAPHIC: VA Loan Home Check

    INFOGRAPHIC: VA Loan Home Check

    Completing a VA loan home check appraisal and sprucing up your curb appeal are great ways to attract potential buyers. This infographic is chock-full of tips for VA loan buyers and sellers. Complete a thorough walk-through of your home and compare it to the infographic. Don't feel pressured if you have to pick and choose certain improvements. No two homes are in the same condition, so some might need more attent…

  • This Rule Change Lowers Barriers to Military Homeownership

    This Rule Change Lowers Barriers to Military Homeownership

    Government rules which have long made it difficult for many military spouses to get credit cards are now changing under new guidelines just announced by the Consumer Financial Protection Bureau. It's not uncommon in many vet and military households to have one spouse or partner who is the major breadwinner and a second spouse or partner with a smaller income or no income. As far as the world is concerned this is a…

  • Why are Fixed Rate Mortgages Beating ARMs?

    Why are Fixed Rate Mortgages Beating ARMs?

    Usually when we think of mortgage rates they have a certain order: the interest level for fixed rate loans is higher than the interest level for adjustable-rate mortgages. While this is a general rule there are exceptions, including the rates seen last week. According to Freddie Mac, home loan rates looked like this: 30-year fixed-rate mortgage (FRM) averaged 3.40 percent with an average 0.8 points. …

  • How To Improve Your Credit Standing

    How To Improve Your Credit Standing

    Whether you're financing or refinancing a house or just want a new car or boat there's always the question of credit: Will your credit score be good enough to get you through the application process? A credit score is not a measure that can be quickly changed: if you want good credit in the future the time to take a new approach to money is now. Here are three ways that are sure to increase your credit standing an…

  • More Than 1,000 VA borrowers to Receive $125,000 in Latest Mortgage Settlement

    More Than 1,000 VA borrowers to Receive $125,000 in Latest Mortgage Settlement

    More than 1,000 VA and military households will receive at least $125,000 each under still-another mortgage settlement. The latest settlement between the mortgage industry and the government is a $9.3 billion deal between major servicers, the Federal Reserve and the OCC, the Office of the Comptroller of the Currency, a part of the Treasury. Most of the settlement is in the form of $5.7 billion in "other assista…