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VA Loan / Veteran Mortgage News
SPONSOR:
Pioneer Military Loans offers responsible military lending solutions that can help
service members avoid or break the debt cycle. Pioneer serves active-duty and career-retired military service members,
as well as Department of Defense employees.
OCTOBER 2008
VA Extends Adjustable Rate Mortgage Authority
VA's Authority to guarantee adjustable rate mortgages (ARM's) and hybrid adjustable rate mortgages was scheduled to expire on September 30, 2008. Section 505 of Public Law 110-389 extended this authority through September 30, 2012. All VA program requirements related to these products remain in effect. If you are interested in obtaining a VA ARM, our loan counselors will be glad to discuss this option with you.
We suggest that you visit our popular VA Loan Blog for continued updates to the VA home loan program.
Building wealth and saving money- it may not seem military, but these play large part in achieving your military mission. Too often, too many military families become stretched financially thin and resort to unwieldy loans or lose valuable assets due to lack of good military money management.
MilitaryHub.com is about helping you make the best military financial choices, build wealth and save money while you're in the military, and fully leverage your military salary to support your military family now, and yourself and your spouse after military retirement.
The Help You Need
Recent economic events show the importance trust plays in our financial system. Knowing you can rely on your professional advisors to put your interests first and carry out their duties efficiently is more vital than ever today.
Trust occupies a crucial role when you're ready to apply for a mortgage. You can count on us to answer all your questions and show you alternatives.
Once you've decided how to proceed, we'll follow-up on the details to make sure you gain the result you expect. We'll also give you regular updates during the process, so you'll always know where things stand.
But you'll receive more than peace of mind. By using a loan professional who is working hard on your behalf, you could avoid making a costly mistake.
Contact us whenever you have questions about real estate finance. Put our experience and positive intentions on your side.
The GI Bill Can Change Your Future.
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Know Your Market
Information about average home prices can be especially misleading now. That's because a few neighborhoods within a local area may hold the majority of houses going through foreclosure.
Typically the prices on these properties are lowered drastically to get them sold quickly. And they may have been abused before being abandoned, which also reduces their value.
Such homes can dramatically affect overall prices in a community. Yet a more-accurate picture reveals pockets of distress, and other neighborhoods which are more stable.
For instance, homes recently built in a new development may have been speculative, and the market can't absorb them now. But values in established areas could be hardly affected by those excesses.
Market Facts
Finding out the current market value of specific properties you're interested in buying, selling, or refinancing is a smart first step. You'll then be more likely to find opportunities to reach your real estate goals in our current market.
Additionally, many areas where prices have dropped recently are seeing house values now starting to level off. Mortgage rates also have fallen this year.
Great rates and lower prices make it easier to purchase a house now. Someone who plans on staying in their home for several years should feel comfortable purchasing at today's prices, say many experts.
Let us show you what your loan payments would be on a house which you can buy today. Acting soon may allow you to make a purchase you'll cherish for years.
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Today's Financial Concerns
Extensive press coverage of the U.S. Treasury's financial rescue plan has plenty of Americans nervous. Such actions are unprecedented, which raises justifiable concern.
No one knows for sure either the short-term or long-term effects of these events. Yet it's possible to put them in a context.
A freeze-up in credit markets earlier this fall was causing even profitable financial institutions to wonder if they could find the necessary funds to continue daily operations. Policy makers were worried that a ripple effect could produce a generalized failure of our whole economy.
One factor behind America's Great Depression was that authorities avoided taking action. Instead, they counted on markets being able to right themselves with minimal damage.
Yet that wasn't the case. Government officials wish to avoid making that mistake again.
Lots of financial resources are being directed towards getting the markets to function normally. Although we can't expect an immediate recovery, over time this powerful medicine should have a potent effect.
Obviously it's not popular to use tax funds to shore up weak points in our economy. Yet fixing them now, it's hoped, will insure the future health of the entire system.
Warren Buffett says that buying currently-distressed assets is "an investment" which could eventually pay off for the federal government.
Rates on home loans also dropped dramatically after the government took over mortgage buyers Fannie Mae and Freddie Mac. Some commentators believe that certain fees Fannie and Freddie add on during the loan process could be eliminated soon.
America's economy has the resiliency to recover and move on to greater heights. Additionally, you can rely on us to provide you with every possible borrowing advantage in all markets.
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GET A FREE CREDIT REPORT
Do you know what's on your credit report? View it online instantly. Find out before you
purchase a home, apply for a loan, or change jobs.
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Building a military bank
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Mortgage Review
It's beneficial to regularly go over your current home financing, since your personal situation and the economy will keep changing. Some owners now are using spare funds to reduce their mortgage balance.
It's a strategy which makes sense if you don't want to put money into stocks or other investments. Paying off your home loan early can let you retire without housing expenses. We can show how making extra payments to reduce your principal would work in your situation.
Owners with adjustable-rate loans also may want to consider moving to the security of fixed-rate financing now. Economists note that larger federal deficits mean interest rates are likely to rise in the future.
Homeowners with fixed-rate loans don't need to worry about that, however. Your monthly payments then won't change as long as you live in your house.
And as your take-home pay goes up over time, your mortgage payments will make up a smaller portion of your budget. Even if moving to a fixed loan would increase your current payments, you still can gain long-term benefits.
Contact us soon to go over the specifics of how a new loan could affect your personal finances. We'll give you different alternatives to consider, and review how they would work in your situation.
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Virginia College Online
Earn your associate's, bachelor’s or master’s degree from Virginia College Online. Our extensive programs are offered 100% online, so you can launch the career of your choice from the comfort of your own home.
Grand Canyon University
Grand Canyon University is currently offering programs through our Online Campus in our College of Education, Ken Blanchard College of Business, College of Nursing, and College of Humanities and Social Sciences.
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