Increasing Interest Rates

Interest rates are projected to increase steadily heading into 2019.

 

The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be.

 

Rates are still low right now. Don’t wait until rates hit 5% to start searching for your dream home!

 

Call us at 833 START VA to get started today! 

What exactly are Energy Efficient Mortgages? They are loans that cover the cost of making energy efficient improvements to a dwelling. So this comes into play for instances like if you find a house you love, but the windows don’t close all of the way. This option is provided to veterans in conjunction with VA purchase or even VA refinancing. This loan program includes, but is not limited to, improvements such as:

  • Solar heating systems, including solar systems for heating water for domestic use
  • solar heating and cooling systems
  • caulking and weather-stripping
  • furnace efficiency modifications limited to replacement burners, boilers, or furnaces designed to reduce the firing rate or to achieve a reduction in the amount of fuel consumed as a result of increased combustion efficiency, devices for modifying flue openings which will increase the efficiency of the heating system, and electrical or mechanical furnace ignition systems which replace standing gas pilot lights
  • clock thermostats
  • new or additional ceiling, attic, wall and floor insulation
  • water heater insulation
  • storm windows and/or doors, including thermal windows and/or doors
  • heat pumps
  • vapor barriers

The funds to make these improvements are worked into the loan, and if you plan on making these improvements yourself to cut costs, only the price of the materials will be necessary. The main component that we take into consideration when considering an Energy Efficient Mortgage is whether or not the increase in your monthly mortgage payments exceeds the reduction in monthly utility costs. If it does not, then you can increase the loan amount by up to $6,000 for the improvements that you wish to make. However, there are exceptions to make improvements that cost more than $6,000- they are just subject to determination by the VA.

As long as the proposed weatherization and/or energy conservation improvements are reasonable for the particular property, and it is determined that you have the ability to make the payments of the higher loan amount, then the Energy Efficient Mortgage can be the perfect fit for you.

Want to find out if you qualify for an Energy Efficient Mortgage? Let us help you! Give us a call at 833-START VA today, or email us at info@vamortagegcorp.com today.

 

First of all, what is a mortgage broker? We like to think of ourselves as the middle man between client and lender, and although we do not actually fund the loan, we are still fully invested in the process. Mortgage brokers are almost like personal shoppers- we get to know what your needs are, what you are looking for, what you can afford, and we go out there and find the best fit for you. Brokers are able to shop many different banks and lenders, which allows more flexibility with different clients.  We are not just subject to OUR loan programs, and we are not just trying to sell ourselves to you. Our process is centered around the client, not the business. Since there are so many different products and programs out there, having someone do the searching for you is helpful and less time consuming for you. It is also a lot easier to have an experienced mortgage expert to do this process, especially if you are not too informed about the way the industry works. In todays inflating market, the rates may only be very slightly different from lender to lender- and may have different variables that affect them.

There are always many different variables that can easily change a mortgage loan. Those variables include things like your credit, monthly expenses, previous payment history, and income. Mortgages have many moving parts, and as a broker we oversee all of those parts and make sure they all come together successfully. One big advantage of working with us is that we are here every step of the way, to answer any questions and to go over paperwork with you. The lenders will typically request paper trails and documentation for the information that you have provided, and we will look over and help you track down the things that you need, making the whole process as simple as possible. Having a broker on your side is almost like having an assistant with you, helping you along the way.

Here at VA Mortgage Corp, we work with some of the top wholesale lenders in the nation. That means the rates stay competitive and the program options are desirable. We are dedicated to ensuring that every client we work with ends up happy and in good standing with their new mortgage loan. Home buying starts with us. 

If you have any questions, give us a call at  833 START VA or email us at info@vamortgagecorp.com