Mortgage and Refinance Archives

VA Loan Benefits | The Complete List | Plus Homes for Heroes Savings

December 7, 2022January 16, 2023 / in Military / Bob Filipczak

VA loan benefits can dramatically improve your home search and your ability to afford a new home. If you are a veteran or an active duty service member in the armed forces or uniformed services, you could be eligible for VA loan guarantees. With a VA loan guarantee in hand, you can save thousands or tens of thousands of dollars over the life of your mortgage. The numbers don’t lie: VA loans have helped more than 25 million veterans and eligible service members since it began in 1944. It helped 1.2 million military service members in 2020 alone.

VA Loan Requirements and Eligibility | How to Get a VA Loan

December 6, 2022January 16, 2023 / in Military / Bob Filipczak

If your first questions about VA loans are “What are the VA loan requirements” and “Am I eligible?”, then you’ve come to the right place. We will also give a quick VA loans 101 to explain what they really are and how to get a VA loan. As with many federal government benefits, determining eligibility is half the battle. Fortunately with VA loans, it’s not too complicated. Better yet, Homes for Heroes can help you find out how to qualify for a VA loan.

How to Avoid PMI Insurance AND How to Stop Paying PMI if You are Now

December 5, 2022 / in Mortgage and Refinance / Luke Feldbrugge

Private mortgage insurance (PMI) protects a lender from the risk associated with a borrower, if the borrower goes into default or foreclosure. Basically if you need to borrow money from a lender to purchase a home, but cannot afford to pay at least 20 percent down payment on the borrowed amount, the lender will likely require you buy PMI insurance from a PMI company before signing off on the loan. In this post, we look specifically at how to avoid PMI insurance and how to stop paying PMI insurance if you are now.

VA Certificate of Eligibility (COE) | What it is and How to Get One

November 9, 2022February 7, 2023 / in Military / Bob Filipczak

The VA Certificate of Eligibility is the one of the first things you will encounter when you start investigating the VA loan process. The good news is, while you do need this important document to complete your application, it is not difficult. It’s just a one page form, it’s online, and you don’t need to get that done before you do anything else.

VA IRRRL | Guide to the VA Streamline Refinance

November 7, 2022February 7, 2023 / in Military / Bob Filipczak

The VA IRRRL isn’t just another weird acronym created by the Veterans Administration that’s designed to confuse you. It’s actually a very useful loan program that is sort of an offshoot of the very popular VA Home Loan Program. VA Loans have helped more than 25 million veterans and active duty armed forces personnel since it began, and it helped 1.2 million heroes in 2020 alone.

Military Home Loans | VA Home Loan and Other Military Mortgage Options

October 11, 2022February 7, 2023 / in Military / Bob Filipczak

Military home loans are essentially programs designed to help military personnel find and afford new homes. They can help you at many stages of the home ownership journey, and all of them are designed to say “thank you” to active military professionals, veterans and their families. Parades and national holidays are great, but helping you find a great home within your budget is an acknowledgement of your sacrifices that can make a significant difference in your life.

Mortgage Loan Programs for First Responders | Ways to Save

September 16, 2022 / in First Responders / Bob Filipczak

Among the mortgage loan programs for first responders, there are two existing initiatives (and one proposed change) that you should keep an eye on. They work together or separately. If you are a first responder–police officer, EMS professional or firefighter–looking to buy a home, these discounted home loan programs for first responders are designed for you. Knowing how they work is a good step in the right direction of finding a home.

Are Interest Rates Going Up or Down? | Mortgage Rate Trends and Forecasts

September 7, 2022July 5, 2023 / in Buying a House / Abby Waltz

Home buyers are asking, “Are interest rates going up?” Mortgage interest rates have moved higher over the past year, but have begun decreasing over the past couple weeks. And despite the increases from last year, they remain low by historical standards. But the mortgage rate environment this year changed drastically from the previous few years when borrowers enjoyed much lower interest rates.

Decreasing inflation and a pause in rate hikes from the Federal Reserve have worked to lower mortgage rates in recent weeks.

VA Loan Closing Costs | What to Expect at Closing

August 25, 2022February 8, 2023 / in Military / Bob Filipczak

VA loan closing costs are a little different than average closing costs using a conventional mortgage because there are rules about what VA borrowers can and can’t pay. Consequently, the VA closing costs are not as straightforward as you might imagine, and you’re going to need some skilled negotiators on your side to complete the process. Fortunately, Homes for Heroes can provide you with a team of negotiators to help you work through your VA loan closing day.

VA Loan for Reserves

August 17, 2022February 8, 2023 / in Military / Bob Filipczak

The VA home loan program has been around for decades, but the VA loan for reserves is a recent development. A lot of reservists don’t even know they are eligible for the benefit. As a reservist, you should learn more about your VA benefits, and if you are in the market to buy a house, the VA loan system is something you will definitely want to take advantage of.

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