What is a COE?
COE stands for "Certificate of Eligibility". The COE verifies, to the lender, that you are eligible for a VA-backed loan
Can you use a VA Loan if a Prior VA Loan was Foreclosed on?
Can you use a VA Loan if a Prior VA Loan was Foreclosed on? Welcome to Joe Knows Mortgages MINUTE, where we answer your mortgage questions. On this week’s Joe Knows Mortgages MINUTE, we answer the question: Can you use a VA Loan if a prior VA loan was foreclosed on? It [...]
What Costs are Included in my Monthly Mortgage Payment?
What Costs are Included in my Monthly Mortgage Payment? In order to fully understand your monthly mortgage payment, you need to know what other fees may be added based on your down payment. There are four main components of your mortgage payment to consider: Principal Interest Taxes Insurance This is also known [...]
What is the difference between Interest Rate and APR?
Annual Percentage Rate (APR) is also expressed as a percentage rate; however, it is a broader measure of the cost of borrowing the money. APR includes other charges and fees such as the interest rate, points, mortgage broker fees, and other charges that you pay to get the loan.
What is a Conventional Loan?
A Conventional Loan is any loan that is not a government loan. An example of a government loan would be a VA loan, an FHA loan, or a USDA loan. These loans are all guaranteed or insured by the government.
What is Mortgage Insurance?
Typically, if a borrower makes a down payment less than 20% of the purchase price of the home on a conventional conforming loan, they will need the loan insured in some way.
What are the Max Seller Concessions on a VA Loan?
On a VA loan, the seller may pay all of the veteran borrowers normal and customary closing costs. However, the VA also says that, in addition to normal and customary closings costs, the seller may pay up to 4% of the purchase price in “seller concessions”
What Do Sellers Have To Pay For On A VA Loan?
The answer is that the VA does not require that the seller pay any specific fees. The VA just says that there is a list of fees that the buyer cannot pay. If the seller is required to pay fees, that would be negotiated and part of the real estate contract.
How to Get the Best Deal on your Mortgage with These 5 Tips
Getting the best mortgage deal doesn’t happen by just calling up a few banks and lenders – there are a great number of factors that can affect your interest rate. If you want to get the best mortgage deal possible and save the most money, you should check out some of these tips to lower your rate and become a more qualified buyer:
Why Live In Brevard County?
Why live in Brevard County? It’s a question that has a lot of fantastic, easy answers: Location, Location, Location Brevard County is nestled on a cozy part of Florida’s East Coast and runs across 72 miles of gorgeous beaches. If you need a break from the beach (not that anybody does), you’re just a quick [...]