Closing costs are the fees that a borrower normally has to pay when buying a home. Typically, the total cost for these expenses adds up to about 3-6% of the loan amount. The good news is, that if you’re buying a house with a VA loan, the closing costs could be a lot less. There are certain fees that professionals aren’t allowed to charge. Below, we’ve shared a list of non-allowable fees.   Understanding the 1% Rule When it comes to fees for VA home loans, it’s critical to understand the 1% rule. The 1% rule limits the fees that can be charged to Veterans. Lenders can charge a flat 1% fee ..read more

If you’ve recently inherited a home with a loan, you may be wondering what happens next. Dealing with the loss of a loved one is never easy, especially when there are complicated financial or legal matters involved. But you don’t have to go through it alone; we’re here to help answer any questions you have about home financing. Below, we’ve explained what happens when someone inherits a home that has a mortgage.   Inheritance through Probate When a property is inherited through probate, it means the deceased person’s estate goes through a court-supervised process to validate the will and ..read more

A topic that sometimes comes up with first-time home buyers when they’re sorting through their loan documents is the acceleration clause. If you’ve never bought a home before, you’ve likely never come across this term and are probably curious about what it means. Below, we’ve provided a detailed explanation of acceleration clauses and why they’re an important part of a home loan agreement. What Exactly Is an Acceleration Clause? An acceleration clause is a provision in a loan agreement that allows the lender to require the borrower to immediately repay all of their outstanding loan if certain ..read more

If you’re going through the process of buying your first house, your real estate agent may have brought up the topic of a pest inspection. But you’ve already a lot of money and you’re eager to move. Now, you’re wondering, is a pest inspection really worth the trouble? Of course, no one wants to move into a home that’s infested with insects or rodents. But you’ve already seen the home in person and it doesn’t appear to be infested. Should you order the pest inspection anyway?  Here’s what you need to know.   Why You Shouldn’t Skip the Pest Inspection Some lenders require pest inspecti ..read more

Many factors can affect rates for home loans including the borrower’s financial state, the location of the property, the loan type and terms, and supply and demand. Additionally, another major aspect influencing home loan rates is the Federal Reserve’s monetary policy. Below, we’ve discussed the matter in detail. What Is the Federal Reserve? The Federal Reserve (Fed) is the central bank of the United States, established in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. It operates independently from the federal government but is subject t ..read more

Do you find yourself wishing you had a lower mortgage payment? Or are you looking to take advantage of the current market and lower your interest rate? If so, you may want to consider a home refinance. Under the right circumstances, refinancing can be beneficial for many reasons. It can give you access to extra cash, lower your monthly payment, help you get a better interest rate, change your loan terms, or even help you get rid of PMI (Private Mortgage Insurance). Below, we’ve shared some tips on how to get the best rate for your home refinance loan.   Is Now a Good Time to Refinance? Wh ..read more

The shift towards digital banking and financial services has had a major impact on the mortgage industry. It’s now more convenient and accessible for veteran borrowers to apply for home loans than ever before. And they can do so without needing to visit a bank or financial institution in person. In this article, we will discuss how to apply for a VA loan online versus in person.   Applying for a VA Loan Online Applying for a VA loan online can be a convenient option for many. It allows applicants to initiate and manage their loan process from anywhere at any time. Additionally, applying o ..read more

Getting a mortgage can be sort of like navigating a maze. It’s fun and exciting. Yet it also involves complex steps and unexpected challenges and requires a good strategy. You’ll make important decisions and face some obstacles along the way. But with patience and guidance from others who have walked the same path, you can reach your goal of buying a home, much like finding your way out. Below, we’ve shared some tips to help you navigate the process of buying your first house.   Tips for a Successful Homebuying Journey Buying your first house can be an exciting but overwhelming process. B ..read more

Credit repair can be a crucial step towards qualifying for a VA (Veterans Affairs) loan. VA mortgage loans, designed for military service members, veterans, and certain members of the National Guard and Reserves, do not have a strict minimum credit score requirement set by the VA itself. However, lenders who provide these loans usually require a certain credit score to accept a VA loan application. Below, we’ve shared some credit repair tips for prospective buyers. Credit Repair Strategies for VA Loan Applicants Bad credit does not automatically stop you from getting a VA loan, but it can make ..read more

Technology has profoundly transformed the home buying process over the last 50 years, affecting virtually every stage from property search to the final purchase. Today, new home buyers have access to a suite of innovative tools that help make the home purchase process simpler, easier, and more affordable than ever before. Below, we’ve shared a list of the top innovations that home buyers are using today.  Top Home Buying Tools & Technology for 2024 New home buyers today are leveraging a variety of sophisticated technologies and tools that enhance their ability to find, evaluate, and p ..read more