Purchasing a Home vs. Military Housing

military home buyingBeing an active military member can leave you wondering how long you’re going to be stationed at your current or upcoming location. With PCS season approaching, this may be the topic of discussion in your family this summer. Because of the possibility of change, you may not know exactly what to do about your housing situation.

 

If you’re debating whether to purchase a home or live in military housing, there are several factors you need to consider. Before you make a decision, sit down with your family and discuss the following:

Quality of Housing

Depending where you’re located, it may be much easier to find a high quality private home than a suitable on-base home. To avoid living in an area that may not be up to your standards or what you expected, purchasing a home will allow you to control where you and your family live.

Location Options

Similarly, by purchasing a home, you are able to choose the neighborhood and area you’ll be living. With location options, you can also control the school district for your children and type of lifestyle, such as a more urban community.

Stability

With military housing, it’s possible you’ll be asked to move without much notice. Because you have no control over this, your family could be relocated within the military housing fairly easily. Purchasing your own home will allow you to connect with the community and build roots for your family.

Privacy & Independence

Owning private property would allow you to obtain some breathing room with family and friends. You can also escape some strict rules that come along with military housing.

Affordable Mortgage Loan

As an active military member, you are able to qualify for a VA loan. VA loans don’t require a down payment or a monthly mortgage insurance premium. Call a VA mortgage lender and you’ll likely find that buying a home is cheaper than renting.

 

For more information or to get pre approved, contact Midwest VA Loans today!

 

I Made an Offer on a Home- Now What?

moving processFinding the home you love and making an offer is a very exciting time. But what comes after the offer in the home buying process?

Here are some recommended steps to follow in the home buying process:

Patiently await the seller’s response

Once your agent has submitted your offer, the only thing you can do is wait. The seller is either going to accept it, come back with a counteroffer or reject it outright. It’s possible the seller has received multiple offers, which might spark a counteroffer of the price or change in one of your conditions. In this case, you will then be put in the position of accepting their counteroffer.

Work with a settlement agent

Now that you and the seller have reached an agreement, you’ll want some help with the paperwork. A settlement agent, or closing agent, will be able to handle any legal requirements of the sale such as prepaid taxes and the title search.

Get a home inspection

We highly recommend making your offer eligible upon a home inspection. A professional inspection can identify any trouble spots and give you peace of mind.

Get going on home insurance

Home insurance will protect your mortgage lender’s investment and your growing asset. Your lender will be able to provide you with the necessary coverage information and referrals.

Time to start packing

Hopefully you’ve been slowly getting organized and began the packing process. Don’t forget things like changing your address with the post office and notifying your utilities and financial institutions.

Inform family and friends

If you have children, let them know the optimisms of your upcoming move. You may also need to notify schools or childcare facilities. Also, remember to let your friends know you’ll have a change in address.

Make it a done deal

It’s time to resolve any discrepancies and close the deal. Once everything is signed and finalized, get the keys and enjoy your new home!

 

For more information on the home buying process or to apply for a VA Loan, contact Darren Copeland at Midwest VA Loans at  816-875-6392.

 

The DO’s and DON’Ts During the Mortgage Process

If you’re purchasing your first home, the mortgage process is likely very new to you. Even if you’re ready for your 2nd or 3rd home, it’s important to be prepared.

As your local mortgage lender, we want to provide you with some do’s and don’ts during the mortgage process.

 

Once you’ve been pre approved, here are some things to DO:

DO: Continue to pay your rent or mortgage payments on time

DO: Stay current on all your existing accounts

DO: Keep working at your current employer

DO: Continue to use your credit as normal

 

There are also several DON’Ts during the mortgage process that we want to help you avoid.

DON’T: Make any major purchases such as a car, boat, etc.

DON’T: Transfer money between accounts

DON’T: Close or open any new accounts

DON’T: Apply for any new credit

DON’T: Pay off any collections (without having spoken with us first)

DON’T: Buy furniture just yet- wait until after you’ve closed on your home

 

For more DON’Ts to the mortgage process to help your family be more prepared, check out more things Darren recommend to not do:

 

The biggest DO that we recommend after you’ve been pre approved is to call or email us with any questions you may have. We will provide you with the best information for your situation and help you through each step of the mortgage process.

 

For questions or more information, contact Darren Copeland, your local mortgage expert, call (816)268-4025 or email him at darrencopeland@kcloantips.com.

 

The Importance of Getting Pre Approved

Before you begin the exciting process of looking for a home, you need to connect with a local mortgage lender. A trusted mortgage lender can then begin the process of getting you pre approved.

 

Why should I get pre approved first?

There are several reasons it’s critical to be pre approved before looking for a home.

First, most realtors won’t show you houses until you have an approval letter from a bank. Second, a mortgage lender will be able to discuss with you how much home your family can afford. Even if there are issues with your credit, a local lender will be able to sit down with you and formulate a strategy to help you become mortgage ready.

 

What does getting pre approved mean?

Getting pre approved by a mortgage banker ensures you that you can afford the home you choose.

Whether you’re in need of an FHA, VA, USDA or conventional loan, they all work the same in Kansas and Missouri and you’ll need to be pre approved.

The process of getting pre approved only takes a few minutes. Your mortgage banker will run your credit and determine your debt to income ratios. This ratio is based off of how much income is coming in vs. how much is going out for bills each month.

 

In order for us to complete this process, we ask that you bring the following along:

-Last year’s tax return

-Recent bank statement(s)

-Recent pay stub(s)

 

Once a pre approval letter has been issued, we look forward to building a relationship with you and staying in touch during your house hunt.

 

For any questions or for more information about getting pre approved, contact Darren Copeland at Midwest VA Loans today!