Your Guide to the VA Loan Appraisal Process

Your Guide to the VA Loan Appraisal Process Unlike a home inspection, which is optional but staunchly encouraged, a VA appraisal is mandatory when you’re buying a property with a VA loan. Once you’re under contract, your lender will contact the VA, which, in turn, will send out one of its certified appraisers to ensure that the […]

What Is Your FICO Score, and Why it Matters

Va home loans hawaii

In the simplest terms, a FICO Score comprises a three-digit number gleaned from information in borrowers’ credit reports that allow lenders to determine how likely those borrowers are to repay their loans. FICO Scores range from 300 to 850. Today, 90 percent of the top lenders use FICO Scores, making it the most critical score […]

What Happens if You Default on a VA Loan?

A foreclosure can occur when a borrower defaults or cannot repay a mortgage loan amount. In that case, the lender takes possession of the property to recover a portion of the loss. In these shifting times when personal, medical, and economic issues have upended many lives, it’s not unusual to find borrowers, including those with […]

Q & A: Understanding HOAs and CC&Rs

As a first-time homeowner, you might find yourself confused about the differences between a homeowner association (HOA) and Declaration of Covenants, Conditions, and Restrictions (CC&Rs). You’ve no doubt heard horror stories about over-reaching HOAs wielding too much power over homeowners. After all, it’s your house, and if you want to attach a purple basketball hoop […]

Prequalified Versus Preapproved: What’s The Difference?

If you’re in the market to buy property, chances are you’ve figured out that for both the lender and the borrower, much of the process is a numbers game. For instance, as the borrower, you’re probably concerned about interest rates, home prices, and how large a mortgage you can comfortably afford. Conforming lenders deal with […]

How the 28/36 Rule Affects Your Mortgage Amount

If you’re in the market to buy property, chances are you’ve figured out that for both the lender and the borrower, much of the process is a numbers game. For instance, as the borrower, you’re probably concerned about interest rates, home prices, and how large a mortgage you can comfortably afford. Conforming lenders deal with […]

Don’t Fall for Mortgage Foreclosure Scams

Before the global pandemic came crashing into our lives, foreclosures were at an all-time low. Unfortunately, that might not be the case for much longer. As of July 31, 2021, the two protections under the Cares Act that aided borrowers in financial distress due to the COVID pandemic — the foreclosure moratorium and the forbearance […]

Disabled Vets Can Expect Additional Benefits From Their VA Loans

Disabled Veterans have sacrificed more for our country than most of us ever will, and it’s only fitting that they receive special considerations when applying for a VA loan. Although they still need to qualify with credit and income to get a VA home loan, disabled Veterans who’ve received their injuries while in service often […]

Detangling Mortgage Interest Deductions In 2021

First, let’s clear up what mortgage interest is exactly. According to the Internal Revenue Service, home mortgage interest is any interest you pay on a loan secured by your property, meaning you offer that property as collateral for the money borrowed. This can be your primary home or a second home. The mortgage interest deduction […]

Budget For These 6 Upfront Expenses Before You Buy a Home

By the time potential homebuyers begin searching for their homes, they’ve typically penciled in a budget for the overall price of the house and their monthly mortgage payment. But there are other costs to consider when planning a homebuying budget. Upfront costs — the one-time expenses you’ll pay after you make an offer on a […]