Mortgage Information

Found 7 blog entries about Mortgage Information.

6 myths and misconceptions of VA loans

VA loans are one of the best ways for active-duty military and veterans to become homeowners. Since the military lifestyle involves moving around for several years, it can be difficult for veterans and their families to save the money they need for a down payment, and VA loans allow them to bypass that problem by financing 100% of the home's value. Another big advantage is that VA loans don't require private mortgage insurance, since the loans are guaranteed by the Department of Veterans Affairs. Finally, VA loans tend to have below-average rates, which could end up saving you money down the line. So with a VA loan, you can buy a home right away with no extra costs.

If VA loans are such a great opportunity, then why don't more people consider them

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Tax Tips for veterans and first-time homebuyers

Buying a home is an exciting time in many people’s lives. It’s the point in your life when you stop paying rent and start building equity with a mortgage. While there are many practical benefits to owning a home, something many people don’t discuss is the tax breaks.

As tax season is upon us, let’s take a look at some of the unique tax breaks that homeowners are able to take advantage of:

Mortgage Interest

For many first-time home buyers, one of the most pleasant surprises come tax season is the knowledge that your mortgage interest is tax-deductible. At the start of January, you should have received a notice from your lender letting you know how much mortgage interest you paid throughout the year. Homeowners are allowed deduct the tax from

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Should you choose a bank or broker for your mortgage?

So you’ve found your dream home and you want to start the mortgage process to make things official. There are two options for buyers when it comes time to secure their local mortgage lender: either go with a mortgage broker or get a loan from a bank. Many homeowners will tell you exactly what they think the right choice is and while their opinions may be valid, they are often biased by their own past experiences. To find out which option is best for your personal needs, continue reading as we look at what it’s like to work with a mortgage broker versus bank:

What is a Mortgage Lender?

A mortgage lender refers to a bank or other financial institution that specializes in mortgage products. Banks employ loan officers who work off a combination of

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5 easy ways to boost your credit rating fast

With the rising cost of rent in Colorado Springs, you might be thinking this year is finally the year you’re going to buy a home. This is an exciting time for anyone, but there’s one big thing that stands between you and your dream of owning: a mortgage.

While you might feel financially ready to take on a mortgage, it’s ultimately up to the lender to deem you responsible and financially stable. One of the ways they do that is to take a peek into your credit history. Maxing out your credit card in college or forgetting to pay a bill here and there might not seem like a big deal at the time, but it could come back to haunt you later in life when trying to apply for a large loan.

If you've been informed you have imperfect credit and need to boost

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VA Loan closing costs

Regardless if you’re a buyer or seller, it’s important to be aware of the closing costs through every stage of the transaction. Your agent will inform you about these costs well before the final stages of the transaction to make you aware of what portion of the closing fees you’re responsible for.

One of the many great attributes of a using a VA loan to buy your home is that it limits the amount of closing costs a veteran is expected to pay during the transaction. That being said, it doesn’t eliminate the closing costs in the way it does the down payment, so you’ll still need to have a little extra money on hand to cover your portion of the fees.

Closing Costs You Could Be Expected To Pay

All closing costs are

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Benefits to using a VA loan to buy homesBuying a home has been a difficult hurdle to cross for today’s generation of first-time homebuyers. Between strict mortgage rules, high market prices, and an ever-increasing cost of living, saving up for your first down payment can be one of the most challenging financial tasks, unless you’re a veteran. And if you’ve served for more than three consecutive months during wartime, or six months during peace time, then there’s a good chance that you can reap the rewards of this valuable, government-funded program.

Exclusive only to our nation’s veterans, the VA loan is an exclusive program that can help you buy a home in today’s challenging real estate market. Here’s a closer look at how VA loans compare to conventional mortgages, and why you should take

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VA Mortgage QualificationsThe VA loan is the most incredible loan program available in the market today.  With a VA loan, veterans can purchase a home with no money down! That means you can buy a home and finance 100% of the purchase price, up to $417,000, in El Paso county.

VA Mortgage Guidelines & Requirements

What is even more incredible is that active duty service members are eligible for VA financing after just 90 days of service! Specifically, you are eligible for a VA loan when you meet ONE of the following criteria:

  1. You have served 90 consecutive days during wartime.
  2. You have served 181 days during peacetime.
  3. You have served in that National Guard or Reserves for more than 6 years.
  4. You are the spouse of a service member who died in the line of duty or
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