Understanding your entitlement is important when it comes to buying a home with a VA loan. If you’ve never used your Veteran home loan benefits, you most likely still have full entitlement. But if part of your benefits are tied up in a previous purchase, you may have only some or none of that entitlement remaining. Below, we’ve discussed the steps you’ll need to take to have your entitlement restored.   Full Vs. Partial Entitlement for VA Loans Before we go any further, let’s take a moment to talk a little bit more about full vs. partial entitlement for Veteran home loans. Full entitlemen ..read more

In addition to length of service, another important aspect that determines a military member’s eligibility for a VA loan is their character of discharge. Below, we’ve discussed VA loan requirements and how they pertain to one’s discharge status.   How Does My Discharge Status Affect My Eligibility? For many military members, there comes a point in time when they have to part ways with their career. There are several reasons why individuals might choose to leave the military even if they love serving such as family considerations, career opportunities, education, or their physical or menta ..read more

Sometimes your homeownership experience doesn’t go exactly the way you thought it would. If you think you owe more for your home than it’s actually worth, you may have an underwater mortgage. Home mortgage loans are considered “underwater” or “upside down” when the loan has a principal balance that exceeds the free market value of the property. Below, we’ve discussed the challenges of having an underwater mortgage and what homeowners can do to improve their situation.   How Do Home Mortgage Loans Become Underwater? When a mortgage becomes underwater, it can make it difficult for homeowner ..read more

Homeowners Associations (HOAs) are common in planned developments. In fact, approximately 30% of the U.S. population lives in HOA communities. That’s about 75.5 million people. New home buyers should be aware of how an HOA can impact their homeownership experience so they can determine whether or not a certain community may be a good fit for their lifestyle. Below, we’ve provided some details about HOAs that are important for new home buyers to know.    What Is an HOA (Homeowners Association)? A Homeowners Association (HOA) is an organization in a residential community that makes and ..read more

Finding the right VA home loan lender can be tricky, especially if you’ve never gone through the process of buying a home before. Sometimes, borrowers start working with a lender only to find out that it’s not the best fit for their situation. So how do you go through the process of changing VA lenders? Here are the steps you need to take. Should I Switch to a Different Lender? It’s important to have a good relationship with your lender. You want to be able to go to them if you have questions while buying a home or even if you encounter any issues later on during your homeownership journey. I ..read more

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