Sometimes challenges arise that result in financial woes that may put homeowners in a situation that makes paying their mortgage a problem. This can be an issue for current servicepersons and military veterans who can experience permanent life changes with little to no notice.
However, there are assistance programs that help first-time military homebuyers and long-time owners get back on track with mortgage payments.
The Department of Veterans Affairs or the official lender may be willing to work with mortgage holders who risk losing their homes to foreclosure due to financial shortages. Keep reading to find out what military members can do when to catch up when they're late on mortgage payments.
A VA loan allows active-duty military, veterans, and their spouses to take advantage of more favorable terms compared with other mortgage products. The US Department of Veterans Affairs backs this mortgage product which helps companies like Movement Mortgage to offer a VA loan with zero down and no mortgage insurance to those who qualify. For more information on VA home loans in Colorado Springs, watch the below guide from our friends at Movement.
VA Home Loan Eligibility
To be eligible for a VA loan, military service is essential. For borrowers to qualify they must have served at least 90 days during wartime and been honorably discharged from active duty. If you are unsure of your eligibility or need help finding out if
How can those in the military become homebuyers? Not everyone wants a 30-year mortgage, even though it is a popular choice. Homebuyers may also want to look into another alternative.
There are benefits and drawbacks to both 15- and 30-year amortization scenarios. Since buying a home is one of the most expensive decisions the average person will make in their lives, it pays to think over how to best finance a home mortgage loan. Military personnel may want to review which amortization choice will suit their needs and budget. Read on to learn about the pros and cons of 15-year and 30-year mortgages for military personnel.
For informational purposes only. Always consult with an attorney, tax, or financial advisor before proceeding with any real
The interest rate a buyer secures on their loan can greatly impact their financial outlook for years to come. Each time the interest rate increases or drops can mean thousands of dollars in difference over the loan's life. But, what governs what sort of interest rate a buyer will pay? Read about these factors below and learn how an interest rate can be either raised or lowered.
For informational purposes only. Always consult with a licensed mortgage or home loan professional before proceeding with any real estate transaction.
Good Credit Means Lower Rates
Generally, a home buyer with a better credit score will get a lower interest rate than a buyer with a lower credit score. Credit scores are based on factors that include the length of a
So you've found your dream home and you want to start the mortgage process to make things official. There are two options for buyers when it comes time to secure their local mortgage lender: either go with a mortgage broker or get a loan from a bank. Many homeowners will tell you exactly what they think the right choice is and while their opinions may be valid, they are often biased by their own past experiences. To find out which option is best for your personal needs, continue reading as we look at what it's like to work with a mortgage broker versus bank:
What is a Mortgage Lender?
A mortgage lender refers to a bank or other financial institution that specializes in mortgage products. Banks employ loan officers who work off a
The VA loan is the most incredible loan program available in the market today. With a VA loan, veterans can purchase a home with no money down! That means you can buy a home and finance 100% of the purchase price, up to $417,000, in El Paso county.
For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.
VA Mortgage Guidelines & Requirements
What is even more incredible is that active duty service members are eligible for VA financing after just 90 days of service! Specifically, you are eligible for a VA loan when you meet ONE of the following criteria:
You have served 90 consecutive days during wartime.
Buying a home is an exciting time in many people’s lives. It’s the point in your life when you stop paying rent and start building equity with a mortgage. While there are many practical benefits to owning a home, something many people don’t discuss is the tax breaks.
As tax season is upon us, let’s take a look at some of the unique tax breaks that homeowners are able to take advantage of:
For many first-time home buyers, one of the most pleasant surprises come tax season is the knowledge that your mortgage interest is tax-deductible. At the start of January, you should have received a notice from your lender letting you know how much mortgage interest you paid throughout the year. Homeowners are allowed deduct the tax from