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Current Servicemember or Veteran? 4 Reasons Why a VA Home Loan Is an Excellent Choice

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Current Servicemember or Veteran? 4 Reasons Why a VA Home Loan Is an Excellent ChoiceAre you current or former member of the US military service who is looking to buy a new home? If so, you will be pleased to know that there are some special mortgage programs that are open to you. Let’s take a look at five reasons why a mortgage backed by the Department of Veterans Affairs is an excellent choice when buying your new home.

You Can Borrow Up To 100% Of The Home’s Value

You read that correctly! VA-backed mortgages are available to you even if you choose to put no money towards your down payment. This can be a huge benefit for those individuals and families who are looking to buy a new home but don’t have a large chunk of cash on hand to fund the down payment. Instead, you can work with your VA mortgage advisor to get financing for the entire purchase price of your home.

You Can Qualify For A ‘Jumbo’ Loan

Depending on the real estate market in your city, the size of home you need and how luxurious you want it, you may need a larger mortgage. The great news is that there are ‘jumbo’ options available with VA-backed home loans. In some cases, you may qualify for over $1 million in mortgage financing, which is likely to put most homes in your area within reach.

You Can Avoid Mortgage Insurance Fees

Home buyers using a conventional mortgage with less than 20 percent down are typically required to buy private mortgage insurance or “PMI.” However, this is not a requirement with VA-backed mortgages. If you qualify for a VA home loan, this can save you a significant amount of money over the loan’s term.

You Can Accelerate Your Payments At No Cost

If you decide that you want to pay your VA mortgage off a bit faster by accelerating your payments, you can do so without incurring fees or penalties. For example, if you are gifted a large sum of money or have a significant income tax return, you can contribute that amount directly against your mortgage.

These are just a few of the many great reasons to explore using a VA-backed mortgage to fund your next home purchase. For more information about VA home loans and to see if you qualify, contact your trusted mortgage professionals today.

What’s Ahead For Mortgage Rates This Week – October 16, 2017

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Last week’s economic reports included minutes of the Fed’s Federal Open Market Committee meeting held in September along with releases on inflation and weekly reports on mortgage rates and new jobless claims.

FOMC Meeting Minutes Indicate December Rate Hike is No Sure Thing

According to minutes for the September 19 and 20 meeting of the Federal Reserve’s Federal Open Market Committee, the Fed has adopted a wait-and-see posture concerning a possible rate hike at December’s meeting. Although analysts previously indicated that additional rate hikes were expected by the end of 2017, the Fed chose not to raise the federal funds rate in September.

Hurricanes Harvey and Irma Impact Industrial Production

Hurricane damage was expected to slow industrial production in the short term. The impact of hurricane damage in Texas and Fl0rdia are expected to be short term, but the full impact of the two hurricanes had not been fully assessed at the time of the FOMC meeting.

Labor and real GDP readings rose, but the year-over-year reading for inflation was lower than the two percent inflation rate set by the Fed as a positive economic indicator. The Fed’s dual mandate also includes achieving maximum employment as measured by the national unemployment rate. The Fed originally set a goal of 6.50 percent unemployment in the immediate aftermath of the recession, but the national unemployment rate has exceeded expectations and currently hovers near 4.30 percent. Strong labor markets help propel renters into housing markets as they have more confidence in maintaining long-term employment.

Mortgage Rates, New Jobless Claims

Mortgage rates rose last week. Freddie Mac reported an average rate of 3.91 percent, which was six basis points higher than for the previous week. Rates for a fifteen-year fixed rate mortgage also rose by six basis points to 3.21 percent. The average rate for a 5/1 adjustable rate mortgage dipped two basis points to 3.16 percent. Discount points averaged 0.50 percent for fixed rates and 0.40 percent for a 5/1 adjustable rate mortgage.

New jobless claims fell to 243,000 as compared to expectations of 258,000 claims and the prior week’s reading of 260,000 first-time jobless claims filed.

What‘s Ahead

This week’s scheduled economic readings include the National Association of Home Builders Housing Market Index, Commerce Department reports on housing starts and building permits issued. Weekly readings on mortgage rates and new unemployment claims will also be released.

Brighten up Your House With These Autumn-inspired Home Decor Ideas

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Brighten up Your House With These Autumn-inspired Home Décor IdeasThe kids are heading back to school, the leaves are starting to turn and the weather is getting cooler. Yes, autumn has arrived, but the end of summer does not mean that your home décor has to suffer. Let’s take a look at a few ways that you can brighten up your home and give it that warm, autumn feeling.

Start With Oranges, Yellows And Light Browns

A quick walk through your local neighborhood will offer a good sense of the color palette that you should be using in your décor makeover. In much of the country, trees will be turning a variety of yellows, oranges, and golds as the leaves change and begin to fall. These colors make for a warm palette and are ideal for use in the living room, dining room and other areas where you might host guests.

Of course, you do not need to run out and change the wallpaper. Simply look to add color touches in areas that it makes sense. For example, you can get a couple of new sets of towels for the bathroom that match up with the colors you picked. In the dining room, look to replace your tablecloth and placemats with an autumn theme.

Add Leaves And Natural Décor Items

Autumn is one of the more “natural” feeling seasons and this should be incorporated into your décor. Look to add leaves, acorns, pine cones and other natural elements that make sense for the area of the country that you live in.

Note that you don’t need to head out and gather up these items for your home. A quick trip to the local craft shop and you will be able to find everything that you need.

Pumpkin Spice Candles For An Autumn Scent

Finally, no décor makeover is complete without adding a little seasonal fragrance. Nothing smells more like autumn than a subtle pumpkin spice. Scented candles are an excellent way to add a scent to a room without being overpowering. They are also an excellent centerpiece for tables and can be used for mood lighting as well.

These are just a few of the many ways that you can add a sense of autumn warmth to your home. And if your home just isn’t “autumn” enough, contact your trusted mortgage professional. We are happy to share some fantastic opportunities.

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