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

  Current Servicemember or Veteran? 4 Reasons Why a VA Home Loan Is an Excellent Choice Are you a 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   Homebuyers 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 us today. Our professional team of mortgage advisors is ready to assist.  

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Buying a Rental Property? These 4 Key Tips Will Ensure You Buy One That Turns a Profit

  Buying a Rental Property? These 4 Key Tips Will Ensure You Buy One That Turns a Profit Are you starting to grow bored of watching your money go nowhere sitting in a bank account? With today's interest rates doing little to encourage saving, many individuals are looking elsewhere for new investment opportunities. In today's blog post we'll share four essential tips for buying a profitable rental property. Let's get started.   Buy A Property With Year-Round Potential   Many real estate investors agree that the best rental properties are those that generate income every day of the year. The most straightforward situation to manage is one where you have stable, long-term tenants in place that aren't going to move or change often. Browse local property listings around schools, colleges, and large employers to see if there are any suitable homes for sale.    Once you gain experience and invest in other properties, consider branching out into vacation or short-term stay homes. But to get started, aim for stability.   Predict Your Income And Expenses   Next, you will want to craft a budget. Have a look through rental listings in your target communities to see what renters are currently paying. This will give you some idea of your potential rental income for a similar-sized home. You can then compare this to your estimated monthly mortgage payment, taxes, utility costs, and repairs. It is impossible to predict precisely how much you will need, but this exercise can quickly prove whether this area is likely to be profitable.   Treat Your Rental Properties Like A Business   Since you have already taken the first steps with a budget, you might as well continue down the path to a full business structure. Most real estate investors set their portfolios up in an incorporated or limited-liability company, which reduces personal exposure. It can also be an efficient way to manage any legal issues that arise as your investments grow. Also, there will be significant tax advantages, including being able to write off expenses such as repairs, contractor work, and renovations.   Work With Experienced Professionals   Speaking of contractors, it's worth reminding to only work with experienced professionals who are licensed, certified, and have references. Paying for quality work up-front ensures that you won't have to deal with hefty repair bills due to shoddy workmanship.    When you are ready to invest in rental properties, give us a call. Our professional real estate team is happy to share the apartment, condo, and house listings that are perfect for investment and rental income generation.  

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Single and Considering a New Home? Here's What You'll Need to Know About Your Mortgage

  Single and Considering a New Home? Here's What You'll Need to Know About Your Mortgage   Have you decided that it is time to move on from renting? If you are single and living alone, you may be wondering whether or not homeownership is right for you. Let's have a look at a few key factors that you will need to be aware of when taking out a mortgage as a single person.   It's A Commitment – But Not For A Lifetime   Some single people shy away from the idea of buying a home as it is a significant financial commitment. When you are single, especially if you are young and early in your career, flexibility can be valuable. You might decide to move to a new city to take a new job, or you may find a partner and decide to start a family.   Keep in mind that homeownership – and your mortgage – aren't permanent. If you decide to buy a house, condo or apartment, you can always sell it later if you need to move or upgrade to a larger home.     You'll Need To Be Disciplined As you will only have one income stream coming in to support you in managing your monthly finances, you will need to be disciplined. Living paycheck to paycheck is not really an option as you will end up in trouble if an emergency occurs. Some financial experts advise having at least 6 to 12 months of monthly expenses saved up, in case of a job loss or an unexpected health issue that takes you out of work.    Don't forget that there are also mortgage insurance products that can help to cover some of your costs in the event of an emergency. These may be an option to consider as a backup plan.   Starting Small Versus Going Big    Do you need a lot of space? If not, investing in a small 'starter' home is an excellent option. You can buy just enough home to suit your needs without buying anything extravagant. A helpful advantage that you gain purchasing a less-expensive home is that it comes with a smaller mortgage that can be paid off faster.    Questions? Get Professional Advice   If you have questions about borrowing and maintaining a mortgage as a single person, you're not alone. Give our professional mortgage team a call today. We will be happy to share our guidance and expertise in helping you choose the mortgage product that suits your financial goals.  

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