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In part one of this post we reviewed some of the biggest benefits of getting a mortgage loan backed by the Department of Veterans Affairs, called a VA loan or a VA mortgage. Now we’ll cover the eligibility requirements. VA Mortgage Eligibility Requirements To qualify for a VA loan, you must first meet the qualifications […]

There are mortgage loan options specifically available to veterans of the armed services and their spouses called VA loans. These loans often have better interest rates and may not require as much of a down payment, but they do have very specific requirements for who is eligible and how you can qualify. Here is a […]

In part one of this blog post we covered the basics on mortgage points (or discount points), including the costs to purchase them. We recommend reading that post if you have questions or need more information about mortgage points. When Mortgage Points Could Be Worthwhile If you are not planning to stay in your home […]

Anyone who has ever applied for a mortgage has probably heard the term “mortgage points” or “discount points.”Perhaps you wondered exactly what these points were, and whether they are worth the cost to purchase them. We’ll review the basics on mortgage points, and when it makes sense to consider them in this two-part blog post. […]

One of the most common questions that comes up as people start looking to purchase a new home is, “How much down payment do I need?” The actual amount that is required will depend on the type of loan you are planning to get, and your own personal financial situation. Understanding Down Payments A down […]

Everyone knows that buying a home is a significant commitment and investment, and preparing to purchase a home requires some financial discipline and smart decisions to get approved for a loan at the lowest possible interest rate. Some money decisions that you may be tempted to make right before you close on your home could […]

If you are thinking about buying a home in the near future, you’re probably paying really close attention to what happens with mortgage interest rates. In recent months they have gone down, which is great for homebuyers who are able to get a lower rate, since even a small difference in your interest rate can […]

Before you can get a loan for your mortgage, your request for the loan has to go through underwriting. The underwriting process is fairly straightforward—your lender takes the information you provide about your income, assets, property, and debts to determine whether they should give you a loan. You won’t be involved in the process except […]

Refinancing may be a better option than forbearance to save money. You may have heard of the CARES Act that has been making headlines offering relief to those affected by COVID-19, and you may also be wondering how this applies to your mortgage. This law allows borrowers, with federally backed mortgages, to request a payment […]

When you are thinking about getting a home loan, one of the first things most borrowers do is look at the current mortgage interest rates. These rates play a significant role in what your payment will be, which can affect how much money you can borrow and what home you can buy. It is a […]