Blessings Realty | Colorado Springs and Monument Realtor
Changing minds about Realtors
Assuming another’s VA loan is an intriguing benefit with VA loans. Here we take a look at what an assumption is, the process and who can assume a VA loan.
Assuming a VA loan is a lending process where a borrower takes over or “assumes” a Veteran’s current home loan. VA loan assumptions transfer the existing loan’s balance, the interest rate and the monthly mortgage payments. The assuming party does not have to be a Veteran.
If you put off your home search at any point over the past two years, you may want to consider picking it back up based on today’s housing market conditions. Recent data shows the supply of homes for sale is increasing, giving buyers like you additional options.
But it’s important to keep in mind that while inventory is improving, it’s still a sellers’ market. And that means you need to be prepared as you set out on your home search. Here are three tips for buying the home of your dreams today.
Pretty much everyone knows the Fed raised interest rates a half a point in early May, but what does that really mean? For the most part, the Fed has been planning to inch up rates in order to deal with record inflation, which means it hopes to stem the rise in prices we’re seeing on nearly everything we buy today, from groceries to household supplies.
Rising interest rates also mean you could earn a higher return on your savings, whether you bank with a traditional institution or you park your savings in an online bank.
Unfortunately, there’s another side to rising rates — borrowing money is going to become a lot more expensive than it was in previous years.
