By now you probably know that at Quicken Loans, we provide expert advice and amazing client services. And you should know how we also support veterans organizations like Paralyzed Veterans of America because we really care about the men and women who serve in our country's armed forces. We have partnered with Paralyzed Veterans of America in support of their Mission: ABLE project. Recently, their national president, Bill Lawson, stopped by our Cleveland office to take a tour and learn about what we do on a day-to-day basis.
Residual income is sometimes confused for debt-to-income ratio, which is your monthly income vs. your monthly debt. Residual income is the amount of money that is left over each month after all of your major expenses are paid – including housing, taxes, and debt payments.
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.