We compiled a list of most frequently asked questions to assist you. Not finding the answer you need below, don't hesitate to contact us.
Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA.
Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.
No, unfortunately, children of eligible veterans are not eligible for home loan benefits of VA loans
No, you will have to qualify for your new home loan refinance. However certain programs will allow for reduced documentation like an FHA Streamline Refinance or VA IRRRL.
Sometimes your current company can reduce the documentation that is required, but this usually comes at increased costs and interest rate. Make sure that you check to make sure you’re getting the best deal.
There is no simple answer to this question. There are different factors that come into play on the topic of a Home Owner Association (HOA). For instance, is the property deeded as a Planned Unit Development (PUD) or is it a Condominium project? Both are governed by an HOA but yet guidelines vary greatly between the two.
In addition to various property type guidelines, you also have to remember that some HOA’s can be very detailed and may have the power to determine the color of your home, the number of pets you have and the type of grass you have to plant.
They may also have the power to levy assessments, additional association dues, and fines.
Or, they may be as simple as collecting a few dollars per year to make sure the grass is cut in the common areas. Because this topic has so much to cover, we wrote an entire article on just this subject with a link below.
…(read more about HOA Hurdles To Be Aware Of)
You could just compare just the two payments if you wanted to find out your cash flow savings, but the current and proposed loans may have two different amortizations. Let’s say you have a 15-year mortgage currently and you are comparing to a 30-year mortgage.
If everything else is the same (interest rate, loan amount, etc) except for the amortization your interest savings per month would be $0 but, you are going to show a cash flow savings because of the longer amortization.
There is no such thing as a one size fits all scenario when it comes to refinancing a home loan. Some say .5%, some say 1%, and some say never. Every home loan and every families’ needs are different so it is best to work with your loan officer to review your current financial situation and financial goals for a thorough analysis of home loan opportunities to make an educated decision for yourself.
Generally speaking, the rule-of-thumb is 6-12 months, but there are exceptions and it is important you check with your loan officer at the time of initial application to make sure there are not any short-term penalties for refinancing.
Another thing to consider is the cost of refinancing and your break-even point. At Lerette Lending, we monitor our past clients home loan and the market looking to identify opportunities for our clients to save money and provide an annual review just to make sure our clients are in the best home loan to fit their needs.
No, you may choose any company you wish to refinance your mortgage since the new loan will replace the old mortgage.
Some mortgage programs require a borrower to get a home inspection if it is mentioned in the purchase contract.
Either way, there are several reasons why it is important for a home buyer to have a licensed professional take a closer look at a property before the transaction is finalized.
The Earnest Money Deposit is credited back towards the buyer’s closing costs and/or down payment.
Any additional funds are given back to the buyer from the escrow company.
It’s actually pretty simple and basic economics as a rule of thumb.
A Seller’s Market = More buyers than sellers
During a seller’s market, the limited inventory allows sellers to demand a little more for their home as homes generally sell faster and there is a lot of demand.
A Buyer’s Market = More sellers than buyers
When inventory is low, generally buyers have the advantage to negotiate a lower price.
Frequently Asked Questions (FAQ)
Updated on 2019-01-30T21:20:49-05:00, by Joshua Lerette.