Our REALTORS® have worked with many clients who make use of VA loans to buy their first home. The VA home loan, available to most service members, reservists, and National Guard members, can be genuinely life-changing.
In 2020, benefits associated with the loan will get even better.
If you are looking at Chattanooga homes for sale – or even just considering whether it's time to buy – it's important to know about these pending changes. Many of them can make it easier to get the home you want.
Two crucial adjustments are coming as of January 1, 2020.
VA Loan Limits Will Be Eliminated – For Good
As part of the Blue Water Navy Vietnam Veterans Act of 2019, signed into law in June, VA loan limits will be removed for all qualified loan applications in 2020 and beyond.
Loan limits specify the highest sum the Department of Veterans Affairs can guarantee with zero down payment. Naturally, the lack of down payment is one of the most attractive aspects of the VA home loan. It can save loan recipients thousands of dollars.
The holiday season is often a busy time of the year — especially when you're planning on moving into one of our Chattanooga homes for sale. Whether you're trying to save up for a down payment or tightening up your budget in anticipation of moving, our REALTORS® have gathered money-saving tips that keep your holidays stress-free!
Closing costs are inevitable when you purchase Chattanooga homes for sale. It is essential to include these in your accounting when choosing your home. Knowing what these fees are, and how much they will cost, will protect you from "sticker shock" during the closing process. When closing on a home, be aware of these potential closing costs you may run into.
So you're itching to get started shopping Chattanooga homes for sale to become a homeowner, but you'll need a mortgage loan to realize that goal. Given that fact, you'll certainly want to get your credit report in shape to ensure that you can get approved for that loan – and that you can get the best possible interest rate on it when you do. So how does an aspiring homeowner go about raising their credit score? Here are tips that can help:
Check your credit report for errors
Your credit reports are documents that detail your track record with credit, outlining factors that include how much debt you're holding in relation to your income and how responsible you have been in paying off that debt. There will be three major reports detailing your credit history, held by three major credit bureaus; Experian, TransUnion, and Equifax. While these bureaus know their business, they rely on information collected from your creditors to compile their reports, and errors are fairly common. For that reason, getting copies of your reports from all three companies and examining them for errors is an important first step if you're working to raise your credit score. If any of your reports do contain errors, contacting the credit bureaus to get them corrected is your next step.
You negotiated a good deal on your dream home with the beautiful kitchen, and you are approved for a mortgage. Now, all that's left is to sign the paperwork. All those pages you are signing detail what you will pay for the house you are making a home. One specific number to pay attention to is the interest rate, which of course, adds to the final amount you pay back.
So how is the interest rate calculated for people buying Chattanooga homes for sale? Here is a quick primer:
The process of buying a home starts long before you start looking at listings. It starts when you begin building credit. The ways you spend money and the debts you carry will have a significant impact on your credit. Our REALTORS® are here to help you understand the "Five C's" of credit and what lenders are looking for when you're buying a home.
If you are ready to become a first-time homeowner and are itching to get started shopping Chattanooga homes for sale, it is time to learn a few things about how to get the mortgage you need for your purchase. The mortgage process can often be the most complicated part of buying a home, but being well-prepared to tackle it can make things easier and less stressful. Here are some key points to understand the mortgage process:
Having all your ducks in a row before beginning the mortgage process can help ensure that you can make the process work to your best advantage. Here are some important steps to take to get ready to apply for a mortgage:
Is a new home on your holiday wish list? Whether you've just started searching for Chattanooga homes for sale or have been considering it for a while, we've created this home-buying checklist to make buying that perfect house simpler.
The first and biggest hurdle when looking to buy one of the many Chattanooga homes for sale is coming up with the down payment. The minimum down payment that you can expect to make is 3 percent which means that you'd have to come up with $3,000 on a $100,000 home purchase. However, to avoid mortgage insurance, you would need a down payment of 20 percent. That's $20,000 on a $100,000 home.
Don't let these numbers scare you from buying that dream home. Here are five tips from our REALTORS® that can help you save for that down payment by showing your money who's boss.
Finding your perfect home is exciting! You've looked at many Chattanooga homes for sale and found the one! You probably can't wait to move in! But there are a few things that have to be completed before you can officially call it yours. These next important steps will get you through to closing day.