Category: Mortgage and Refinance

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

/ in Buying a House / Abby Waltz

Home buyers are asking, “Are interest rates going up or down,” quite often these days. Mortgage rates have come down since last year’s highs, and are expected to continue the trending down throughout the year. As inflation cools from last year, the Fed is even considering implementing rate cuts throughout 2024. Currently in the mid-6% range, mortgage interest rates continue to remain fairly low if we look back historically. The real question for those looking to enter the housing market and purchase a new home is, will interest rates continue to come down in 2024 and make a home purchase more affordable?

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VA Loan Closing Costs | What to Expect at Closing

/ 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.

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VA Loan for Reserves

/ 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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VA Funding Fee Chart | What is the Cost and Potential Exemptions

/ in Military / Bob Filipczak

The VA funding fee is part of the process of getting a VA loan. Here we provide a VA funding fee chart so if you are in the process of trying to get one of these loan guarantees, you will have a good idea of what you may need to pay. There are some exemptions – service members and veterans who don’t have to pay the fee – and different rates apply depending on the type of loan. As you make your calculations for your VA loan to purchase a home, or refinance your mortgage, include this fee in your list of expenses.

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VA Refinance Loan | Overview of How to Refinance VA Mortgage

/ in Military / Bob Filipczak

The VA refinance loan comes in two varieties, and each one has distinct advantages. They are each designed for active-duty service members and veterans, and they meet very different needs. If you have been in your home for awhile and want to improve your financial circumstances, VA refinancing may be a very good option. If you thought the VA Loan Program was just about purchasing homes, think again.

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EMS Home Loans | Guide to Mortgages for EMTs and Paramedics

/ in EMS (Emergency Medical Services) / Bob Filipczak

The landscape of possibilities for EMS home loans is all over the map. Some mortgage programs are specifically for EMS workers and first responders while others, though helpful, are more generic loan assistance initiatives that you might qualify for. It’s helpful, whether you are going for your first home or buying a home later in your career, to know what’s out there for EMT home loans and paramedic home loans.

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First Responder Refinance | Save on Your Mortgage Refinance

/ in First Responders / Bob Filipczak

Saving money on a first responder refinance can be a great help if you know what you are doing. Refinancing is a unique real estate transaction because it doesn’t involve buying a house or selling a house. At face value, it looks like you and your mortgage broker are just shuffling numbers around. At the end of the shuffling, however, your monthly mortgage may be dramatically decreased OR you may have a chunk of money (if it’s a cash out refinance) to use for home improvements.

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Buying a House with a VA Loan | What Veterans and Military Members Need to Know

/ in Buying a House / Gaffney Austin

There’s an alarming percentage of US Veterans who don’t know enough about buying a house with a VA loan. Also, there are an even more significant number of Veterans who don’t understand the mechanics of this beneficial home financing product.

So, dear Veterans: Here is what is misunderstood and here’s what you need to know about the benefits of buying a house with a VA loan.

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Is an Assumable Mortgage a Good Way to Beat High-Interest Rates?

/ in Mortgage and Refinance / Gaffney Austin

First off, what the heck is an assumable mortgage? Assumable mortgages are a product that allows borrowers to “assume” the seller’s mortgage. In other words, if you are looking to buy a home and the seller has a mortgage that allows for it, you can take over the remaining balance left on the loan, including the mortgage term and mortgage rate.

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