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World Military Spending Compared (infographic)

July 27th, 2010 by Eric Kandell

The global economic crisis has had little impact on world military spending in 2009. Nine of the top 10 spenders increased military spending in 2009.

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Tags: George Bush, Military Spending, U.S. Military Spending, World Military
Posted in For Fun | No Comments »

True NO Cost VA Streamline Loans are Easier Than Ever

July 22nd, 2010 by Eric Kandell

It is absolutely insane how low VA interest rates have gotten. I have been doing VA streamline loans for the past 15 years and though YES it is tougher to do a VA streamline loan today than it was yesterday, VA interest rates are so low that I, an industry veteran would have bet the farm that they would never have gotten this low! For years, in order to take advantage of the absolute LOWEST Rates possible, you would have to pay points and closing costs. In essence this is not a bad thing, and we have posts that explain why paying closing costs actually makes sense. However, due to some recent changes in the law and what VA lenders want, many VA loan officers cannot charge some of the fees that they used to be able to charge.

If you have not refinanced before due to closing costs I promise you that you should contact a VA loan officer immediately or apply online at LowVARates immediately to take advantage of this unique situation you have. Because VA interest rates can change daily I am always hesitant to quote rates but would like to give you a range of what VA loan officers that I know are quoting today:

4.25% 30 yr fixed with little to no points

4.5% with no Lender fees at all

4.75 true NO COST loans.

The VA hybrid rates are around 3.25%

Please do yourself a favor and take advantage of the VA streamline loan which today is truly your diamond in the rough. Our economy sucks, it really does and I know it will get better, but until then all military home owners with a VA loan should refinance now.

If your current rate is at 4.75% or higher there is no reason to not take advantage of the no cost or no point VA refinance loan.

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Tags: no point loan, streamline with no points, va closing costs, va interest rates, va rates, VA Refinance, va streamline
Posted in VA Loan, VA Refinance, VA Streamline Refinance, va interest rates | No Comments »

VA Streamlines and Bankruptcies

July 16th, 2010 by Nate Burt

Does a BK have any effect on a VA streamline refinance? This is a question that gets asked by Veterans almost every day. The simple answer is YES! The requirements or guidelines are much different than if you were trying to purchase a home. I might add that it also depends on if the Bankruptcy was a chapter 7 or chapter 13.

The difference between a BK 7 and 13 is this – Chapter 7 involves a complete liquidation of debts listed in the bankruptcy whereas the Chapter 13 involves debt restructuring by paying a trustee every month who in turns pays the debts listed on the bankruptcy.

Here is what the VA says on a streamline refinance bankruptcy – “Although no underwriting is required, approval of new credit may be required by the trustee in a chapter 13 BK” This is always the case. If a Veteran is paying on a chapter 13 BK they must get special permission from the courts and trustee to refinance their VA loan. Things are different for a Chapter 7. Most lenders will do a streamline refinance just as long as the Chapter 7 bankruptcy is discharged.

Remember though that the rules of late payments and minimum credit scores are still applicable. A Veteran cannot have any 30 day late payments on the mortgage within the last 12 months and must have a credit score of at least 620. If a Chapter 7 has just been discharged chances are the credit score is not going to be 620 and thus making them ineligible for the streamline refinance. Please understand that the credit score requirement IS NOT VA! This is a lender overlay.

If this information has been helpful or you have additional questions please contact me at 1-888-657-2848 ext 222.

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Tags: bankruptcy, chapter 13, va loan bankrupt, va loan with BK, va streamline, veterans with bankruptcy
Posted in VA Credit Score Info, VA Loan, VA Streamline Refinance, underwriting | No Comments »

When A Soldier Comes Home

July 13th, 2010 by Dale Wood

I have often thought of the trials and issues that Soldiers faces when he/she returns home from service. The trivialness of day to day life that they must adjust to is something that we don’t understand. Yet there are those that still oppose what our soldiers do and what they stand for. Do we not realize that they are protecting our freedoms, that they are preserving our way of life? They sacrifice family, love, the comforts of life and their very lives to protect what we all hold dear. Why do we not raise the Red, White and Blue every time they come off the plane? Why are there not throngs of people singing their praise? Have we become too callous to show appreciation for those that serve us? Why do we not serve those that have given everything to serve this Land of Liberty? The following has circulated on the internet and I use it because I believe that it is poignant and to the point.

When a soldier comes home, he finds it hard…

To listen to his son whine about being bored.
To keep a straight face when people complain about potholes.
To be tolerant of people who complain about the hassle of getting ready for work.
To be understanding when a co-worker complains about a bad night’s sleep.
To be silent when people pray to God for a new car.
To control his panic when his wife tells him he needs to drive slower.
To be compassionate when a businessman expresses a fear of flying.
To keep from laughing when anxious parents say they’re afraid to send their kids off to summer camp.
To keep from ridiculing someone who complains about hot weather.
To control his frustration when a colleague gripes about his coffee being cold.
To remain calm when his daughter complains about having to walk the dog.
To be civil to people who complain about their jobs.
To just walk away when someone says they only get two weeks of vacation a year.
To be forgiving when someone says how hard it is to have a new baby in the house.

The only thing harder than being a soldier. . .is loving one.

Ronald Regan said, ““If we ever forget that we’re one nation under God, then we will be a nation gone under.”

I believe that compassion and love need to be shown to those that serve this nation. They deserve our praise and support. If we are a God fearing nation, or a Nation that believes in doing good towards our fellow men, then this should be and easy task. God Bless the Troops and God Bless America.

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Tags: soldier comes home, soldier coming home, when a soldier returns
Posted in For Fun, General Veteran Information, VA Interests | No Comments »

THE TOP 3 REASONS TO DO A VA STREAMLINE REFINANCE

July 8th, 2010 by admin

Here are 3 reasons to use the VA streamline loan

Lower Interest rate with no new appraisal required. As long as a veteran currently has a VA home loan and has made their mortgage payments on time, they are eligible to refinance their loan without a new appraisal. This will save a veteran homeowner up to $450 just for the appraisal fee. In this current economic downturn with home values dropping as much as they have, this is a great benefit. Also, interest rates are at all time lows right now.
Defer up to 2 payments. The VA will allow a borrower to defer up to 2 payments with a VA Streamline refinance. With these 2 deferred payments a borrower can pay down other higher interest bearing debt that they may have, they can apply it to their new mortgage when the first payment comes due to reduce the principal amount of the new loan or they can put it into savings and hold onto it. In today’s poor economic environment many VA homeowner’s are excited to be able to defer these payments to allow them to get caught up with the ever increasing cost of living.
Do not have to re-qualify for the refinance. Another great benefit of the VA Streamline refinance is that you do not have to income qualify again. You also don’t have to show employment or assets. As long as you have made your payments on time and currently have a VA loan you would be eligible. Because we don’t have to look at your income and assets again it’s a much quicker process. It usually take between 2-3 weeks from start to finish.

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Tags: top 3 reasons to streamline, va irrrl, va streamline
Posted in VA Loan, VA Refinance, VA Streamline Refinance, va interest rates | No Comments »

NOW IS THE TIME TO REFINANCE VA STREAMLINE

July 2nd, 2010 by Eric Kandell

Perhaps you have heard about VA interest rates and how CRAZY low they are? If not here is your notice!!!

For decades the VA has offered a VA streamline refinance for those who currently have a VA loan.

Here are the benefits!!!

1. No appraisal- a huge benefit, even if you are upside down in a house at this moment, refinancing could make sense if you are planning on being there long term. You will save on interest and as the housing market rebounds so will your values.

2. No income qualifying- that is correct no income is necessary sounds too good to be true almost, but that is the way the VA has set it up for over a decade. No asset verification either.

3. “Skip” payments- Defer is the real word, but when you refi on a streamline- you defer two monthly payments, for example right now folks who are sending me their loan papers are not going to make August or September’s payments. That is a function of how mortgages are paid in this country, in arrears.

4. Escrow refund- when the old higher rate loan is paid off, whatever is left in the escrow account of that old loan, that money is refunded to the homeowner. For example lets say you are with ABC Bank. When we pay them off in August, they have 30 days to return the $3200 that was in the escrow account that had be used to pay the annual taxes and homeowners insurance.

5. A lower payment! Isn’t that the ultimate goal of a refinance? With rates currently at 3.25% and up on the VA’s hybrid and fixed rates at all time lows 4.25% now is the time to refi.

Don’t wait around to see what happens, we hear that all the time, and the time now is to act. Take the bull by the horns, be a true American this 4^th of July and take charge and stop overpaying for your house and mortgage.

There is absolutely no reason to pay more! You wouldn’t walk into the grocery store and pay $1 more for a gallon of milk….would you? I didn’t think so. Don’t do it on your home loan either.

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Tags: va irrrl, VA Refinance, va streamline, va streamline mortgage
Posted in VA Loan, VA Refinance, VA Streamline Refinance, va interest rates | No Comments »

A va rate reduction loan may be right for you

June 28th, 2010 by Eric Kandell

If you are trying to make ends meet and just need a little help and have a VA loan then a va rate reduction loan may be perfect for you. A va rate reduction loan allows you to lower your interest rate with out paying any money out of your pocket. All of the fees are included in the new loan and there are no appraisals or credit reports required. The lender may want one but they are not required. You will be able to benefit from having a va rate reduction loan because it will lower how much you are paying every month. You will not get to get cash upfront but it will help you to be able to pay the other bills or just give you a little cushion each month. In order to qualify for a va rate reduction loan you must already have a va loan in place. When attempting to get this you should check with different lenders so that you are ensured that you are getting the best rate possible. The interest rate must be less then the interest rate you are currently paying in order to qualify for a va rate reduction loan.

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Tags: va rate reduction loan, va streamline
Posted in VA Loan, VA Refinance, VA Streamline Refinance, va interest rates | 1 Comment »

VA Streamline Interest Rates Hit an all Time Low

June 24th, 2010 by Eric Kandell

If you have a VA loan with an interest rate that is higher than 4.75% fixed keep reading.

For years industry experts have told home owner to quit sitting on the fence and to pull the refinance trigger. This has not been flawed or incorrect guidance from our real estate industry experts. The truth is nobody could have seen interest rates going any lower than they have been in recent past. The chart above shows that we have been sitting at historical lows for the past few years.

Now if you are one of those few that for some odd reason did not refinance at the behest of your family, friends, and financial advisors then please stop the insanity now and take advantage of these extremely low interest rates.

If you did refinance in the past there is still hope for you too! Rates are currently so extremely low that we have clients that have refinanced in 03, again in 07 and now again in 2010! If it makes sense to refinance then do it.

If you are an active or retired military service member and have a VA loan on your home now then please consider the VA streamline refinance. Some of the benefits of this streamline refinance are:

· No appraisal needed

· No income or employment documentation needed

· Fast processing times

· No mortgage payment needed for the next two months

· Save hundreds every month on your monthly payment

Call Now to speak to a VA loan agent. There is no obligation and it will take no more than 2 minutes to see how much you can save.

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Tags: va interest rates, va irrrl, VA Refinance, va streamline
Posted in VA Loan, VA Refinance, VA Streamline Refinance | No Comments »

Best Places in Arizona for Veterans to Live

June 20th, 2010 by Eric Kandell

Arizona is a very diverse state. It can range from warm weather in the desert to beautiful mountains and snow in the winter in some areas. Arizona is well known for a state to retire due the vast majority of the state being desert and warm. There are many great spots to live in depending on your preference. However, most popular cities for veterans to live in are Gilbert, Mesa, and Scottsdale.

Gilbert, AZ is one of the more popular places to live in. It has a population of only about 148,000 which deceives the number due to the fact of Gilbert being expanded over the last decade. There are many homes recently built in the last five to ten years. It is a warm climate that offers great amenities in the surround area and cities.

Because Gilbert has grown in the last ten years, veterans and homeowners that purchase there, usually get a home that is fairly new. This leaves for a great appraisal and smooth loan process with the VA Loan. There is usually nothing to be fixed or upgraded.

Due to the poor economy, house prices have come down quite a bit. This also allows a Veteran to get into a home cheaper than usual for a nice house. Many houses are built around big man mad lakes to enjoy in your back yard for a way to cool down during the warm months.

Another great destination for Veterans in Arizona has been Scottsdale. What attracts many people to Scottsdale is a variety of beautiful desert scenery. It has a population of 235,000 and is still growing. You can also find new homes fairly priced.

Another popular spot for Veterans is also is Mesa. This is the bigger of the cities that has grown vastly over the past decade. Many homes have been built over the last years and are fairly priced. Mesa is suburban and you will find all the amenities you need to live in today’s world. The population is 452,000.

There are many spots in Arizona that Veterans can enjoy to live. The weather is warm. The state offers prime golf courses, vast desert scenery, skiing in the winter months in some areas of the state, and of course the historic Grand Canyon. If you are looking for pine trees and mountains you can head north to Pine Top, Arizona. There you will find many cabins, beautiful forest and mountains. The climate stays a little cooler due to elevation compared to the rest of the state.

Arizona attracts many retired veterans. They find they get quite a bit of house for the price now days. Also many areas are fairly brand new.

So if you are looking to live in Arizona, these are some very nice areas to search for a house in. www.lowvarates.com offers all Veteran financing made simple. Please let us know how we can accommodate your next purchase in Arizona.

If you choose to move to Arizona then using an Arizona VA loan is your best option.

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Posted in Uncategorized | No Comments »

What is a VA Jumbo Loan

June 15th, 2010 by Eric Kandell

Many veterans have already taken advantage of the VA loan. With easier qualifications and more flexibility it has been the right choice for many to purchase and refinance their homes through this program. However, in most counties, the conforming loan limit with no money down is $417,000. What happens when your home costs more than this? There is a solution! The VA Jumbo loan.

A VA jumbo loan is any VA loan greater than $417,000. Qualifying veterans can apply to purchase or refinance their home for up to a value of $1,000,000 through this type of loan. The VA Jumbo mortgage just asks the veteran to make a down payment of 25% on any amount over the limit of $417,000. Basically the home is purchased for this down payment and the closing costs, which can be rolled into the loan and do not have to be paid out of pocket. Plus you get all the benefits of a VA loan!

For example, imagine you are a veteran and the home you intend to purchase is $650,000. In order to find out the down payment you would need, simply start by subtracting the conforming loan limit ($417,000) from the purchase price, which equals $233,000. Multiply this amount by 25%, which equals $58,250. This would be your down payment. This works out to about a 9% down payment. That’s less than the standard down payment on most homes. The VA program is hard to compare to a conventional loan when you look at it from this point of view.

VA Jumbo loans are only available to those that qualify for VA loans and their eligibility requirements. It will allow you to choose a home that suits you and your family the best. Jumbo loans have all of the benefits of a VA loan, plus it allows you to obtain a larger loan amount if that is what you need. Definitely make sure you check out this amazing offer!

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Tags: VA Jumbo Loan, VA Loan, va loan amounts
Posted in VA Jumbo Loan, VA Loan | No Comments »

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World Military Spending Compared (infographic)

True NO Cost VA Streamline Loans are Easier Than Ever

VA Streamlines and Bankruptcies

When A Soldier Comes Home

THE TOP 3 REASONS TO DO A VA STREAMLINE REFINANCE

NOW IS THE TIME TO REFINANCE VA STREAMLINE

A va rate reduction loan may be right for you

VA Streamline Interest Rates Hit an all Time Low

Best Places in Arizona for Veterans to Live

What is a VA Jumbo Loan

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