Discover Your Spark with Jonathan Fields

When you’re humming along at work, nothing significant to complain about…but you just feel like something is missing…that missing thing may just be your spark—the thing that just makes you come truly alive.

 
Consciously or not, we all strive to feel that spark. And today you’re in luck. I spoke with Jonathan Fields, award-winning author, executive producer, and host of one of the top-ranked podcasts in the world, Good Life Project. He’s also the Founder and CEO of Spark Endeavors and author of the new book Sparked: Discover Your Unique Imprint for Work that Makes You Come Alive
 
He shared with me some of his favorite stories and bits of actionable wisdom to help us all unlock our potential, motivation, impact, and joy.
 
Listen to the full conversation on Apple, Spotify, or your favorite podcast platform, or just click the audio player above.

What does it mean to truly feel “sparked”?

Based on years of research within organizations yielding more than 25 million data points, Fields knows of what he speaks when it comes to feeling sparked.
 
A spark refers to “what I often call coming alive. And for me, that’s the confluence of 5 different states”:
 
1. Meaningfulnessdo you feel like your work matters?
2. Floware you able to just get lost in it, losing all sense of time?
3. Engagement—are you excited and energized by what’s capturing your attention?
4. Expressed potentialdo you feel great at what you do, like you’re putting your gifts to work?
5. Purposeare you doing what you’re meant to do?

How can we discover our own spark?

Through his research, Fields identified 10 unique archetypes (and combining the word spark with archetype, he’s landed on Sparketypes) that represent our primary impulses. You may be a maven, maker, scientist, essentialist, performer, sage, warrior, advisor, advocate, or nurturer. 
 
The assessment will feed you a primary sparketype, a shadow (secondary) sparketype, and an anti-sparketype, the thing that “most readily empties you and requires the greatest recovery.”
 
I took the free assessment which showed my primary type is Advisor, my secondary is Sage, and my anti is Performer—all of which resonated completely.
 
You too can take the free assessment to “get some really interesting insights about who [you] are and [what your] strongest impulse is that makes [you] come alive.”

What can we do with the results?

Knowing your Sparketype helps you to look at the work you’re doing and either validate that you’re in the right place doing the right things or may prompt you to do a bit of discovery.
 
It facilitates “…the process of asking, is [my work] giving me what I want, what I need to feel like I’m flourishing as a human being?”
 
“We're all in this moment,” Fields shared, “where we have an opportunity to reimagine how we play together. And it starts with the individual and really understanding what is that deeper impulse within me. And then it ripples out into the entire ecosystem that might allow us to bring that forward, to express it and contribute in a meaningful way.”
 
Some people, upon discovering a mismatch between their Sparketype and their job description, take the “nuclear career option” where they choose to blow it all up and start fresh. It’s an option, but not often the recommended path. Jonathan calls this the “option of last resort.”
 
Instead, he counsels, try to “reimagine the way that you're doing what you're doing, potentially build more sparked activities around it…” that honor your values. Choosing activities that give you purpose and meaning can often provide the compromise we’re seeking.
 
“I talk about work…as basically anything that requires us to exert effort in a sustained way. That could be our job, an activity, an endeavor, a hobby, a role, a devotion, and those all fold in to give us the opportunity to feel those things that we want to feel to come alive. 
 
Start looking outside of the boundaries of the thing that you get paid to do and ask, ‘what else can I do? What else can I say yes to what else can I create that would give me this feeling?’  And very often the blend of an optimized, main job and a compliment of things that you wrap around it, they get you there.”

Can this self-awareness help us manage burnout?

When I asked Fields the burnout question, he said, “A lot of people are pointing to the lack of boundaries between work and life as the central problem now. And I think that's a superficial overlay.”
 
The deeper issue, he explains, is the misalignment between the descriptions of our jobs, and our interior sense of purpose, of values, and of what lights us up.

How can teams use the assessment for good?

As this is a podcast about workplace success, I had to ask how leaders might utilize the assessment with their teams. And he offered a three-step recommendation:
  1. Leaders themselves should take the assessment to enhance their own sense of self-awareness around what makes them feel most alive and show up most authentically
  2. Leaders should then encourage team members to do the same
  3. Finally, leaders should facilitate an open dialog with the team about everyone’s natural sparketypes—finding spots where joy and purpose may be bumped up.
As we closed, Jonathan called attention to the unique moment we’re in (as we close out 2021).  
 
“There is universal groundlessness. And everyone [seems to be asking these big questions and making bold decisions. [Someday] that window's going to close. “
 
In other words, he leaves us with a call to action. Take the assessment, gain some self-awareness, and give yourself the gift of feeling fully alive.

Source: quickanddirtytips.com

Good End of the Year Deals To Look Out For

The end of the year can be a time of profligate spending, but it can also be a time where you can find some pretty good deals. If you’ve managed your budget or your sinking funds so you still have extra money left over in November and December, there are a few things you might be on the lookout for. Remember, just because something seems like a good deal or is on sale, it doesn’t mean that you have to buy it. Consider your needs and your wants in the context of your whole budget before buying any of these items at the end of the year.

Buying a car

Traditionally, the end of the year (November and December) is considered the best time of year to buy a car. This is true for a couple of reasons. First of all, many salespeople and manufacturers are trying to hit their end-of-quarter and end-of-year quotas. That gives them extra incentive to try and make a deal. In their enthusiasm to close the sale, you can often find deals that you wouldn’t find earlier in the year.

The end of the year being a good time to buy a car doesn’t apply only to new and leased cars. Each year in the fall, most manufacturers release the new version of each of their car models. When the 2022 models are introduced in late 2021, that means that all 2021 models have to be cleared out to make room. Similarly, as people lease or buy new cars, they are trading in their old cars. This combination can lead to excellent savings on used cars as well.

Electric car and other tax breaks

Speaking of cars, there are also many tax breaks for purchasing electric cars. These tax deductions and credits can be available at the federal, state and local levels, and often change each tax year. So if you’ve been saving towards an electric or hybrid car, you should make sure that you know what credits you might be eligible for.

Electric cars aren’t the only thing that sometimes have tax breaks — many types of renewable energy qualify for tax benefits. This can include buying or installing solar panels or taking advantage of wind or geothermal energy. And if you’re expecting a new child, one thing to consider is that a child born on December 31st is considered to have lived with you the whole year for tax purposes. That could mean an additional tax deduction and child tax credit as compared to having a New Year’s baby.

Starting a new rental lease

While moving in the middle of the winter and holiday season might not sound like the most fun adventure possible, it may be worth your while. This is because nobody ELSE likes to move in the middle of the winter, so landlords and management companies are often experiencing higher-than-average vacancy and more willing to give good end of year deals.

If you’ve been considering moving across town or across the country, take a look at the leasing listings and see if there are any move-in specials that you might take advantage of. You might get a discount on your first month’s rent, or a lower security deposit. Even if you don’t really want to move, you might be able to take advantage of this phenomenon if your lease is up or you’re on a month-to-month lease. Show your current landlord the other options you’re considering and see if they will cut you a deal.

Post Black Friday deals

As most people know, the weekend after Thanksgiving (Black Friday and Cyber Monday) is probably the biggest shopping weekend of the year. But while there are often very amazing Black Friday deals, most of the truly great sale prices are extremely limited in quantity. Unless you’re one of those precious few, you can often still find some of the same deals in the runup to the Christmas holidays.

It’s somewhat of an open secret that many of the Black Friday sales are not all that fantastic. There may be one or two “doorbusters”, intended to get you in the door of the store or to the website, but most of the other things included in the listed sales will still be available on Cyber Monday or throughout December. The end of the year is a great time to get deals on electronics, appliances, headphones and entertainment, among other things.

The Bottom Line

For many people, money is tight during the holidays and at the end of the year. But if you’ve done a great job budgeting and still have extra money leftover, the end of the year can be a great time to look for deals on certain things. Buying a new (or just new to you) car, signing a new lease or deals on electronics and appliances are just a few things that you can get deals on in November and December. Make sure to stay within the confines of your budget and make smart financial decisions, and you’ll be well on your way to a successful holiday season.

The post Good End of the Year Deals To Look Out For appeared first on MintLife Blog.

Source: mint.intuit.com

What Are the FHA Loan Requirements for 2021?

FHA loan applicationFederal Housing Administration (FHA) loans are a government-insurance mortgage product offered to qualified borrowers across the country. These loans, which are offered by private lenders and secured by the FHA, may make homeownership more accessible and affordable. This is especially true for borrowers with lower credit scores or a smaller down payment contribution. If you’re considering an FHA loan for your next home purchase, there are a few personal and property requirements to keep in mind first. Consider working with a financial advisor as you weigh your options for getting a mortgage.

Requirements for the Property

Knowing the FHA loan requirements can help ensure that you are eligible to take out one of these government-insured loans before you even apply. In order to qualify for an FHA loan, the home must be your primary property. It can be a single-family home or a multi-family property with up to four total units. FHA loans are also available on manufactured and mobile homes, whether or not you own the land it’s on.

Prior to closing on an FHA loan, each home will need to pass an FHA inspection and appraisal. This can help identify any hidden or potential issues within the property. It also provides all parties with an accurate market value of the home.

FHA Loan Limits

The maximum FHA mortgage loan you can take out depends on the type of home you’re buying as well as your location.

In calendar year 2021, FHA mortgage loan maximums for single-unit properties can range from $356,362 and $822,375. When it comes to Home Equity Conversion Mortgages (HECMs) for eligible seniors, the FHA loan maximum is $822,375 for all areas of the country.

FHA Loan Requirements Credit Score and Down Payment

Asian couple checking to see if their FHA loan application was approved

To qualify for an FHA loan, borrowers need to have a FICO credit score of at least 500. With a 500 credit score, borrowers can take out an FHA loan with as little as 10% down. If you’re interested in a smaller down payment amount — putting down as little as 3.5% on the new loan — the minimum FICO credit score required is 580.

It’s important to note that even though the FHA has minimum credit score requirements of just 500 and 580, the individual lenders that actually offer the mortgage loans are able to set higher thresholds. This means that you could, for example, find an FHA lender with a credit score requirement well into the 600s. You would need to meet this requirement in order to take out an FHA loan through that lender.

Employment and Income

There are no specific income or employment requirements in order to qualify for an FHA loan. However, lenders will look at these factors when determining whether you’re reasonably able to repay a mortgage loan.

With that said, lenders will verify applicants’ employment over the previous two years. Applicants will be expected to explain any gaps in employment (one or more months) that occurred during that time. Lenders may also request additional employment records and verification of training or education. In some cases, they can even request an employer’s confirmation that you are being offered continued employment.

FHA Loan Debt Ratio Limits

In order to qualify for an FHA loan, you’ll need to meet certain limits regarding your debts. First, there is a maximum monthly housing expenses ratio limit of 31% of your gross monthly income. The category of housing expenses includes rent or mortgage, insurance, property taxes etc.

Then, there is a debt-to-income (DTI) limit of 43%. This means that your total debt burden (minimum monthly payments on loans, credit card balances etc.) cannot exceed 43% of your gross monthly income.

The Bottom Line

House key

An FHA-insured mortgage loan can make homeownership more accessible for borrowers with small down payments or lower credit scores at the time of application. While these loans enable private lenders to take on higher-risk borrowers, there are still important requirements in order to qualify. Additionally, borrowers should remember that lenders can also set their own requirements. In some cases, these may be more stringent than those imposed by the FHA.

Mortgage Tips

  • Not sure how best to seek a mortgage? A financial advisor can offer valuable guidance. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • Use our free mortgage calculator to find out how much house you can really afford.

Photo credit: Â©iStock.com/Kameleon007 , ©iStock.com/Ridofranz, ©iStock.com/designer491

The post What Are the FHA Loan Requirements for 2021? appeared first on SmartAsset Blog.

Source: smartasset.com

How to book a trip to Thailand with your Amex Platinum Card

Thinking about booking a trip to Thailand as the world opens back up?

There are many different ways to use your credit card rewards and miles to get yourself a free trip to the “Land of Smiles” and also lots of airlines you can use to route yourself to Bangkok’s Suvarnabhumi International Airport (BKK).

If you’ve been racking up Membership Rewards points using The Platinum Card® from American Express over the past year – or any other Amex rewards-earning card – now is the time to turn your points into post-pandemic travel.

Since there are a few ways to put these points to work for planning an epic trip, let’s first look at the two methods for planning international travel. Then I’ll share my top option for redeeming my American Express earnings to land myself in the birthplace of pad thai. (Spoiler alert: It’s transferring points for round-trip business class travel on All Nippon Airways [ANA] via Japan.)

See related: How I use my Amex Platinum card

Read more from our credit card experts.

Ask Stephanie a question.

Two ways to redeem Amex points for international travel

There are two distinct ways to use your Membership Rewards points to book an international ticket to Thailand. You can either book directly through the American Express Travel portal, or you can transfer your points to any of the 19 Membership Rewards airline partners and book directly with them.

Which way is better? Both options are fantastic, but you’ll need to factor in where you are going, which airlines will take you there and how much the ticket costs to determine which booking method will give you a better return on the value of your points.

Booking with Amex Travel

When I log in to my American Express account and search the travel page, it’s easy to see that tickets from Los Angeles (LAX) to Thailand (BKK) in late summer 2021 are around $750 round trip in economy class, or 75,000 Membership Rewards points. Not too bad since I got 100,000 points from my Platinum card’s welcome bonus, and the flights are on ANA – a nice Japanese airline.

However, since a trans-Pacific flight to Bangkok is a long plane ride, I prefer to travel premium class whenever possible. If I use Amex Travel to look up the cost of that same round-trip ANA flight from LAX to BKK in business class, it’s $6,377. Paying with Membership Rewards, the equivalent price is 637,655 points. Unfortunately, that’s more points or money than I normally have at any given time to spend on a flight.

See related: Cash back vs. points: Which is better?

Booking through a Membership Rewards travel partner

You can also transfer your Membership Rewards points to one of the program’s travel partners, then use those points to book your trip through that airline’s mileage program.

For the same trip to Thailand from LAX, you could transfer points from Membership Rewards to the ANA mileage program. Once the points arrive in your ANA account (which might take a few days), you can use them to book your tickets. Amex Travel bases the points cost of your flight on the actual ticket price, but ANA charges set rates according to the class of service, fare type, and whether you’re traveling during high, medium or low season.

For example, the same ANA business class fare I would have paid over 600,000 miles for on the travel portal would only cost 100,000 miles during the low season purchased directly through ANA. Guess which ticket I’ll be choosing to fly to Thailand.

See related: Avoid these common travel credit card mistakes

Which option should you choose?

To know which method is best for booking any specific itinerary, you’ll have to check and compare all of your options every time.

The benefit of booking through a mileage program is that sometimes, as in my example, you can squeeze more value out of your points – especially if you purchase more expensive premium tickets. But you’ll have to do the research to know which airline partner programs to check.

On the other hand, if you book through Amex Travel, you may get a better deal on points cost if the fare is already low. And since this type of rewards ticket is considered a “paid” ticket from the airline’s perspective, you’ll still earn miles from the flight in the airline’s loyalty program when you take your trip.

Bottom line

Membership Rewards points earned from the American Express Platinum card are valuable for booking big trips like a post-pandemic visit to Thailand. Because these points provide flexibility when booking tickets, you have many options to get the most redemption value.

Source: creditcards.com

What Is a VA Loan? | Rates & Guidelines 2021

A VA loan is a mortgage loan that’s backed by the U.S. Department of Veterans Affairs. These loans are reserved for military service members, veterans, and their spouses. The VA home loan program is one of the lowest-cost, most valuable mortgage loan options currently available.

See if you’re eligible for a VA home loan. Start here. (Dec 6th, 2021)

Benefits of a VA loan

VA loans come with a number of significant benefits to home buyers, particularly when compared with other types of mortgage programs.

Just a few VA loan advantages include:

  • No down payment required: Most other loan programs require at least 3% down ($9,000 on a $300,000 house).
  • Competitively low interest rates: Rates on VA loans are some of the lowest you’ll find. This saves you both monthly and in the long run.
  • Closing costs are limited: You can’t be charged an origination fee of more than 1%, and sellers can contribute a large portion of your closing costs.
  • No prepayment penalty: This means you can pay off the loan or refinance quickly without an added fee.
  • No private mortgage insurance (PMI) is required: The majority of other loan products require mortgage insurance, which adds upfront and monthly fees.

VA loans are also assumable, which means if you eventually sell the house, the buyer can take over your loan, too — a huge perk, given the low rates and other benefits VA loans come with.

VA mortgage rates 2021

When compared to other loan types — conventional loans and FHA loans, for example — VA home loans offer consistently lower rates than loans for the average consumer.

VA Conventional FHA
August 2021 2.88% 3.19% 3.23%
July 2021 2.94% 3.27% 3.27%
June 2021 2.92% 3.25% 3.23%
May 2021 2.98% 3.30% 3.25%
April 2021 2.95% 3.25% 3.23%
March 2021 2.72% 3.02% 2.99%

Source: Ellie Mae Origination Insight Report, June 2021

*These rates are only averages. Your VA loan rate could be higher or lower than average depending on factors like your credit score and down payment size. Check with a lender to find out what rate you qualify for.

Click here to request a VA home loan quote. (Dec 6th, 2021)

Types of VA loans

There are several types of VA loans to choose from. The right one depends on your goals as a borrower, as well as how you’ll be using the funds.

The four main types of VA loans include:

  • VA purchase loan: These are VA loans designed for purchasing a property. You can buy a single-family home, a multifamily home with up to four units, a manufactured or mobile home, an approved condo unit, or a new construction home.
  • VA Streamline Refinance: The VA’s Streamline Refinance — also known as a VA Interest Rate Reduction Refinance Loan (IRRRL) — is for existing homeowners looking to refinance their mortgage and reduce their interest rate.
  • VA cash-out refinance: With a VA cash-out refinance, you take cash out of your home. It replaces your existing mortgage with a newer, larger one, giving you the difference in cash.
  • VA energy efficient mortgage: Also called EEMs, these are VA loans that can help you finance energy improvements on your home.

The VA also offers NADL loans, which are mortgages reserved strictly for Native American veterans buying on federal land.

VA loan eligibility requirements

VA loans are only for qualified veterans, active-duty service members, and, in many cases, their surviving spouses. To qualify, you’ll need to meet specific service requirements.

These service requirements vary slightly based on when you served, but generally speaking, you will need to have at least one of the following:

  • 90 consecutive days of active service during wartime
  • 181 days of active service during peacetime
  • 6 years of service in the National Guard or Reserves
  • A veteran/service member spouse who died in the line of duty or due to a service-related disability or injury

To prove you have the above service record, you’ll need to submit a Certificate of Eligibility (COE) to your lender. This is a document that details your service record, the nature of your release from the military, and your VA loan entitlement.

You can get your COE through the VA eBenefits portal online. Or, when you apply for a VA loan, the lender can request a COE on your behalf. This usually takes only a few minutes.

Qualifying for a VA loan

Beyond service eligibility requirements, the VA doesn’t set specific financial standards for these mortgages. The individual private lenders that issue VA loans, however, often do. While these vary from one lender to the next, you can typically expect to need a 620 credit score and a 41% debt-to-income ratio or lower.

The good news is, there’s no down payment required for a VA loan. So eligible borrowers can qualify for a VA home loan with very little cash upfront.

VA property requirements

The VA home loan program is designed to help military service members and their families purchase a primary residence, which means you cannot use your VA home loan benefits to purchase a second home, vacation home, or investment property.

Additionally, the home must meet certain standards set by the VA to ensure the home is safe and livable.

How does a VA loan work?

The VA loan process is fairly similar to that of other mortgage programs, just with a few added steps along the way.

Are you considering a VA loan for your home purchase or refinance? Just follow these steps:

#1. Verify eligibility and request your Certificate of Eligibility (COE)

The first step is to make sure you meet the VA’s service requirements (you can see the full list here). If you do, you’ll need to request your Certificate of Eligibility, which proves you’re eligible for the program. You can get your COE in your eBenefits portal, request it by mail, or ask your lender to pull it on your behalf.

#2. Get prequalified

The next step is to get prequalified for your loan. To do this, you’ll give a lender some basic information about your finances. They’ll then determine if you’re a good candidate for a VA loan and how much home you can likely afford.

#3. Get pre-approved

Next, you’ll apply for a full pre-approval. This requires filling out an application and submitting to a credit check, both of which your lender will consider in detail. Once they’ve analyzed it all, you’ll get a pre-approval letter stating how much you can borrow and at what interest rate. You can use this to guide your home search.

#4. Put in an offer

After you’re pre-approved, you can start shopping for a house. When you’ve found that perfect property, submit an offer, and include your pre-approval letter. If the seller accepts, it’s time to move through the rest of the VA loan process.

#5. Go through the VA appraisal and underwriting

You’ll need to fill out your lender’s full loan application next, and your lender will order an appraisal of the property you intend to buy. They’ll also begin underwriting your loan, which essentially means verifying all your information to ensure you can meet the obligations and pay your mortgage.

#6. Close on your new home

When your loan is fully underwritten, you’ll be scheduled for a closing appointment, which is when you’ll pay your closing costs, sign your paperwork, and get your keys.

What is the VA funding fee?

The VA funding fee is a one-time fee you’ll pay at closing. It varies from 0.5% to 3.6% of your loan amount and is used to help sustain the VA mortgage program.

The amount of the VA funding fee you’ll pay depends on the nature of your military service, the size of your down payment, the type of loan you want and the number of times you’ve previously used your VA home loan benefit.

First-time use purchase VA funding fee

Down Payment Veteran/Active Duty Reservist/National Guard
Less than 5% 2.3% 2.3%
5% to 9.99% 1.65% 1.65%
10% or more 1.4% 1.4%

How does VA loan assumption work?

With a VA loan assumption, the VA loan transfers with the house. The buyer assumes the seller’s VA loan, including its same rate, terms, and balance, and resumes making payments as initially planned through the original loan. Though the buyer doesn’t need to be a veteran or military member to assume a VA loan, they do need to meet all the financial requirements of the loan program (and the lender) to be eligible.

Ready to get started? Request a VA home loan quote here. (Dec 6th, 2021)

VA Home Loan FAQ

What is a VA loan?

A VA loan is a mortgage backed by the Department of Veterans Affairs. Only active duty military members, veterans, and their spouses are eligible.

What are the benefits of a VA home loan?

There are many benefits to a VA loan. They require no down payment, have low interest rates, and do not require mortgage insurance. They also come with limited closing costs and are assumable.

How does a VA loan work?

VA loans are guaranteed by the Department of Veterans Affairs, meaning it will pay back the lender if a borrower defaults on the loan. This reduces the risk that lenders take on and allows them to offer loans with no down payments, no mortgage insurance, and lower credit score minimums.

What’s the difference between a VA loan and a regular loan?

VA loans are only for military members and veterans, so that’s the biggest difference. They also require no down payment, which is rare when it comes to mortgage loans. Most other loan programs require 3% to 3.5% down payments minimum.

What is the interest rate on a VA home loan?

Your interest rate will vary depending on your credit score, debt-to-income ratio, loan amount, down payment, and other details. Generally speaking, VA loan rates are lower or comparable to rates on other loan programs.

What credit score is needed for a VA home loan?

The VA doesn’t have a set credit score minimum for its loans, though individual lenders often do. This is typically between 620 and 640, depending on your mortgage company.

What is the minimum income for a VA loan?

There is no minimum income to be eligible for a VA loan. Your lender will, however, consider your debt-to-income ratio to be sure you can comfortably make your monthly payments.

What are VA loan limits?

There are no limits on VA loans. You can borrow as much as you can financially qualify for, given your credit history, debt-to-income ratio, and other financial details.

What is the VA funding fee?

The VA funding fee is a one-time fee all VA borrowers pay at closing. It goes toward supporting and sustaining the VA loan program. Funding fees vary between 0.5% and 3.6% of the loan amount depending on your down payment size, type of loan, and the number of times you’ve used your VA loan benefit.

What is needed for a VA home loan?

For a VA loan, you (or your spouse) will need to meet the military service requirements set out by the Department of Veterans Affairs. You will also need to submit a Certificate of Eligibility, as well as various forms of financial documentation, including tax returns, W-2s, and more.

What is needed to get a VA home loan?

To get a VA loan, you’ll need to work with a VA-approved mortgage lender, submit your COE, and meet the remaining eligibility and documentation requirements of your lender.

How does a VA assumable loan work?

VA loans are assumable, meaning when a VA-financed home is sold, the buyer may be able to assume the VA loan attached to it, too. The buyer does not need to be a military member for this to happen, though they will need to meet other financial requirements set out by the VA and the lender.

What are the pros and cons of a VA loan?

The pros of a VA loan are many. There’s no down payment or mortgage insurance, and rates are competitively low. On the downside, they come with strict appraisals and can sometimes take a bit longer to process than loans through other programs.

Is a VA loan really worth it?

If you can qualify, VA loans are most often worth it. With zero down payment and no mortgage insurance requirement, they can make buying a house much more affordable than an FHA or conventional mortgage. They also have no hard-and-fast credit score minimum.

Do you pay back a VA loan?

You repay a VA loan just as you would any other type of mortgage or loan product. VA loans come with either a 15- or 30-year loan term, which means your monthly mortgage payments are spread out over either 15 years or 30.

If I’ve previously used a VA loan, can I use it again?

Your VA loan benefit never expires. After you pay off your existing VA loan, you can continue to use the VA loan again and again. In some cases, you may be able to have two VA loans simultaneously.

Are VA loans a good deal?

When compared to other mortgage loans, VA loans are absolutely a good deal. Thanks to the VA guarantee, your mortgage lender can afford to pass significant benefits along to borrowers. VA home loans have fewer upfront costs, low interest rates, and no mortgage insurance, making them one of the best mortgage loan products on the market.

See if you’re eligible for a VA home loan. Start here. (Dec 6th, 2021)

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The post Blog first appeared on MilitaryVALoan.com.

Source: militaryvaloan.com

23 Best Money Making Apps

This page may include affiliate links. Please see the disclosure page for more information. There are many ways you can make extra money in your free time. Money making apps make it possible to boost your income when you have a few minutes or can work part-time. …

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23 Best Money Making Apps was first posted on July 19, 2021 at 2:49 pm.
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