One of the requirements of receiving a VA loan is that you must have an appraisal performed on the property. What does this mean for you? If you are a first-time homebuyer, or if this is your first VA loan, the idea of getting an appraisal can be daunting. But, if you remind yourself that the appraisal process is there to protect you, the buyer, from paying more than fair-market value for your home, then it actually becomes quite painless.
One of the things that makes me so proud of working at Quicken Loans and with our awesome VA loan experts is how much they – we – care about supporting veterans outside of our normal work day. Just recently, Quicken Loans has become a sponsor of the Paralyzed Veterans of America (PVA) Mission: ABLE campaign.
A VA loan is an incredible benefit for veterans or active duty service members. Unfortunately, many people who are eligible to receive this benefit aren’t aware they qualify, and most of those who aren’t aware are found in the Reserve and National Guard.
The rates may not have been as prepared for the long climb up Mount Ratemore as they thought, because this week, the rates are still near the bottom (i.e. historic lows). Chances are they may rally and rise up again, though, so don’t get too comfortable. Word on the street is that they’re calling in the big guns to come and give them a boost. We’ll just have to watch and see what happens.
As an active duty service member, you’re probably aware that you’re eligible for a basic allowance for housing (BAH). But do you know that your BAH can be used to help you get a VA loan? Although it’s not specifically designed for mortgages, it’s incredibly helpful for anyone considering buying or refinancing a home by helping to defray the costs of a mortgage.
Mortgage rates remain unchanged from last week’s numbers, remaining near record lows, according to Freddie Mac’s weekly Primary Mortgage Market Survey.
Mortgage rates this week dipped slightly, with only the 30-year fixed mortgage rate holding strong to its spot from last week.
Can you imagine buying a mail-order home? “Impossible!” you shout. “Who would do something like that?” your friends ask, incredulous. Oh, but it’s true! Around the turn of the century, people looking for a new, “modern” home could just open up their good old Sears Modern Homes catalog, choose their dream home plan, and a short wait later, they would have a ready-to-assemble home kit delivered to their soon-to-be doorstep.
This week, mortgage rates have started their slow and steady climb and according to all reports, they show no sign of stopping.
Last week, we saw mortgage rates stop and take a breather on their climb up Rate Mountain. Well, this week, they stocked up on supplies, got their gear and rallied because, friends, those rates are climbing. In fact, the 30-year fixed is the highest it’s been since September, 2012.