The VA home loan program is one of the best and most popular benefits the U.S. Department of Veterans Affairs provides to active-duty service members, veterans, and eligible surviving spouses. This guaranteed loan program is provided through private lenders, like banks and mortgage companies. Because the government guarantees a portion of the loan, lenders can provide more favorable terms. Since there’s some confusion about VA home loans among New York residents, let’s take a closer…
Continue Reading »Many homeowners who plan for a mortgage payment within their budget are unpleasantly surprised to discover their lender requires an additional amount, paid monthly, called ‘Escrow’. What is Escrow? Escrow is basically an account that is separate from your ‘mortgage payment’ where funds are deposited to specifically pay for items that relate to home ownership, such as property taxes and private mortgage insurance (PMI). It is typically an amount over and above the principal and…
Continue Reading »Closing costs are various fees that are paid at the closing of your mortgage. Depending on the state you live in, the closing is where you’ll sit down with the seller and those involved in the home buying transaction, such as real estate brokers and lawyers, and you will sign all the paperwork and remit payments that officially transfer home ownership to you. You’ll walk out with the keys… and a bit less money in…
Continue Reading »A home will likely be the largest purchase you make in your life. When it comes to financing that purchase, you have lots of options to consider. Government loans, conventional loans, fixed rate loans, adjustable rate loans and more – there are so many mortgage options to choose from. But while you’re considering your options in terms of home loans, you may also want to carefully consider the source of that loan. If you are a…
Continue Reading »There is a lot of uncertainty going on right now due to the coronavirus pandemic that’s sweeping our country. Businesses and individuals are being powerfully impacted in ways you might expect – and in unexpected ways as well. The economy is shifting and fluctuating and the nationwide changes we are seeing are like nothing most of us have seen before in our lifetimes. For a number of reasons, with widespread economic uncertainty often comes a…
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