3 Minute Thursdays: What is Prepaid Interest? from Hawaii VA Loans on Vimeo.
Prepaid Interest will be a large chunk of your closing costs, but what exactly is prepaid interest and how is it calculated? You can think of prepaid interest as paying rent for the remaining days in the month that you close. Hawaii VA Loans Branch Manager, Gabe Amey is running solo this week and giving the full break down on prepaid interest (cool illustrations included). Question: If you close on a home loan in April, when is your first mortgage payment?
3 Minute Thursdays: Whose Income Can Be Used on a VA Loan? from Hawaii VA Loans on Vimeo.
Can a Veteran use the income of a non-spouse to qualify on a VA Loans? The answer is yes! Generally, a Veteran and his/her spouse’s income are used on a VA loan, but in certain cases, two Veterans can split their VA entitlement to apply for a VA loan. Also, a Non-Veteran (such as a fiance, or family member) can apply with the Veteran as long as they are able to put down a 12.5% down payment. Watch now for more details…
So say you have applied for a loan on a home. Did you know that it will require three types of inspections to complete the transaction? Tiffany Bove from Coldwell Banker talks about the details of a Home Inspection, Appraisal, and Termite Inspection (Termite Inspection required for VA/FHA loans only). The Home Inspection and Appraisal will be the first costs paid by the buyer. The good news is that the Termite Inspection costs the buyer nothing, because it’s covered by the seller.
It’s a great time to refinance your home loan, with rates still at an all time low. If you currently have a VA loan, the refinance process is even more convenient with all of the usual benefits of the VA loan program. Hawaii VA Loans Specialist, Tee Iwaishi talks about the benefits of a VA Streamline Refinance. These benefits include:
- Reduced closing costs that can be rolled in to your loan
- No hassles with income/asset verification
- No appraisal necessary if your current loan is serviced by GMAC/Wells Fargo
Watch this week’s webisode to find out how much you your monthly payment can be reduced!
As with Short Sale and Foreclosure, you still may be able to qualify for new financing after filing Chapter 7 or Chapter 13 Bankruptcy. Jim Owens of Hawaii VA Loans defines bankruptcy, and also breaks down the waiting period for the different loan programs. FHA/VA are the easiest loan programs to obtain new financing after filing for bankruptcy, but it is still a possibility with the conventional loan program. Get details on the waiting periods for each program in this week’s 3 Minute Thursdays Webisode.
Having a Short Sale or Foreclosure in the past, doesn’t automatically disqualify you from getting another home loan. Carolina Carreira of Hawaii VA Loans breaks down the rules in regards to obtaining mortgage financing after a Short Sale or Foreclosure. Basically, if you can wait out the set waiting period, you are free to apply for a new loan. More details on each program in this week’s 3 Minute Thursdays Webisode.
Need some surefire ways to maximize your home sale’s price? There are a few easy ways to bring that sales price up without having to install an outdoor pool with a water slide, in-house movie theater, or add on a second floor. Athens Arquette with Arquette Properties, inc. talks about three relatively easy ways to maximize that home sales price.
We’ve learned some hard lessons when using the VA Loan Program, so that you don’t have to. Loan Specialists, Jim Owens, and Gabe Amey share 5 potential pitfalls that you want to avoid on a VA Loan. You want to avoid such assumptions as the condo you’re purchasing is VA approved, you can have a co-borrower other than your spouse/another qualified veteran, or you can only use your VA Loan benefits once. You also want to avoid properties with non-permitted additions, and opening additional lines of credit while in the loan process. Watch for more details on why you want to avoid these pitfalls.
Your appraised value on the home you’re purchasing comes in below the sales price -What do you do? Loan Specialist, Tee Iwaishi gives three solutions on how this situation can be resolved. The seller, or the buyer (you) can agree to cover the difference. You can also split the difference with the seller.
This week, Aaron Tangonan, with Fidelity National Title defines title insurance. Title insurance is basically a guarantee that you own your property free and clear of any claims by other entities. Any time you get a loan, the lender will require you to purchase title insurance. Title insurance can be the most expensive closing cost, but don’t worry! There are 3 ways to save on title insurance costs. Watch now to find out how to save.
3 Minute Thursdays: What is Prepaid Interest?