Mortgage

Vets: Be Careful Who You Take Mortgage Advice From

I’ve seen a lot of tips by so-called mortgage industry experts giving Vets advice on how to buy a house. So I’m here to set the record straight.

Tip #1:

The number one tip for a vet buying a house is to use a VA loan. Plain and simple.

Benefits of the VA loan, to name a few:

100% financing
All loan costs can be paid by the seller
VA loans have lower than industry average mortgage interest rates
No mortgage insurance
Lenient qualification requirements

Tip #2:

Be proactive. If you have not heard from your VA loan officer in a few days, don’t be afraid to call or send an e-mail to find out what is going on.

Tip #3:
Be organized. Keep a folder for all documents that you will be required to provide your loan officer. Also keep copies of all communication between you and your loan officer.

Tip #4:
Be available. Your loan officer needs to be able to get ahold of you at all times during the day, so be prepared to take calls at work or on your cell phone.

Tip #5:
Ask questions. If you are confused or have concerns during the loan process do not hesitate to ask questions. If you wait until the end, it may slow the process down.

By the way, if you’re not a vet, omit tip number one. Everything else is good advice for anyone in the home buying process. And forget about those mortgage industry experts.

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You Can’t Refinance: Can You Still Save Money On Your Mortgage?

Many people are stuck in their current mortgage. They can’t refinance for any number of reasons. Some of the most common reasons that people are “stuck” in their current mortgage include:

Some are upside down – meaning they owe more than their home is worth.
Some people have taken pay cuts at work and simply don’t make as much money as they used to.
Some people had too much debt – which leaves their debt to income ratio out of whack, or maybe they have even started a debt settlement or bankruptcy program.
Some people are working on trying to get their lender to modify their loan.

No matter what the reason is if you can’t refinance your current mortgage, is there anything that you can do to save money on your monthly mortgage payment each month?

Yes.

There are two things that you can do.

As you know, your mortgage payment is made up of Principal, Interest, Taxes and Insurance. If you refinance, then that will address the Principal and Interest – but if you don’t want to refinance (or can’t) then you can still save money each month on your taxes and insurance.

The first thing that you can do is to find out if your property tax assessment has been lowered. If you live here in Arizona, and your property value hasn’t went down, it is probably time to dispute it. If your property taxes haven’t went down, get on the phone with your county tax assessor and find out what it takes to dispute the assessment. You might be surprised to learn that by being a squeaky wheel you can actually save some money on your taxes.

Next, shop around for the best deal on homeowners insurance by getting multiple homeowners insurance quotes from companies you know and trust. There are also things that you can do to get a lower rating with your insurance company such as find one of the best home alarms and have it installed. Many times, home alarm companies will give you the hardware needed – and it will also save you money on your homeowners insurance.

So even if you can’t refinance, these are two simple things that you can do to lower your monthly mortgage payment — without refinancing.

And in today’s economy, every penny counts.

Vets: Be Careful Who You Take Mortgage Advice From

You Can’t Refinance: Can You Still Save Money On Your Mortgage?

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