VA home mortgage loans in Prescott are easier than you think

Veterans guranteed home loanHome loans for veterans have been on the rise in Prescott over the last couple of years and according to Jeff Wilson, a VA loan officer for the Phoenix VA regional loan center that number is predicted to triple in 2017.

The VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans affairs (VA). Originally known as the Servicemen’s Readjustment Act which passed in 1944 it extended a variety of benefits to Veterans including guaranteed home loans. To date over 20 million Veterans have been insured for a home loan by the U.S. Government.

The VA loan program was initially available only to those who had served in active duty during specified times. In1992 it was expanded to Reservists and National Guard who served at least six years honorably.

A home loan for Veterans is easier than you would expect, as a matter of fact Veterans can often skip the minimum 60 day process and be prequalified in a short amount of time as well as approved for a loan in as little at 20 days according to Jeff Wilson.

Benefits to getting pre-qualified

  • Getting pre-qualified for a given loan amount allows you to shop for a home with the comfort of knowing your price range
     
  • Once you have found the home of your dreams being pre-qualified can also speed the process of obtaining a mortgage
     
  • Pre-qualification gives you an advantage with agents and sellers when you submit an offer over those who aren’t as you have demonstrated that you are a determined and qualified buyer
     
  • Proof of pre-qualification is required with the submission of the Arizona Residential Purchase Contract. A residential purchase contract is simply your offer for the home and again, prior credit approvals can expedite the closing of your loan

Home loan pre-approval

Pre-approval to buy a home requires more detailed information from both you and outside sources which is necessary to complete your loan. Once the information has been gathered it is then submitted to an underwriter for review of all of the documentation. An underwriter checks over the figures and makes sure that all of the documentation is in order before deciding on an approval.

If the Underwriter issues an approval of your loan with additional conditions to be met, it is considered approved; however, the outstanding conditions will need to be satisfied before your loan is considered fully approved. Once the pre-approval process is complete, you will be given a letter that is typically valid for 60 days stating that you have been pre-approved and the lender is willing to give you a loan.

Want to learn more about getting pre-qualified or pre-approved for a VA loan in Prescott? Contact Kathleen Yamauchi Group Real Estate or call 928-771-1111  to get started today!
 

A Metal roof is a win, win for both the environment and your wallet

Metal RoofSpring is in the air, and if you are thinking of replacing your roof this year, you might want to consider replacing it with a metal roof. With an average lifespan of 40-60 years, a metal roof not only saves you money but in the long term it can also have a positive environmental impact.

According to the Fidelity Steel Buildings choosing lighter colors such as white or yellow can have an impact on both your home and the environment. Did you know that lighter colors reflect the solar rays and emit higher levels of thermal heat? Dark roofs, on the other hand, tend to retain the heat. By absorbing the heat, your air conditioner works harder both on your wallet and the unit itself. The result is higher utility bills and overall reduced life spam on your air conditioner.

Another interesting fact from Fidelity Steel Buildings is an occurrence known as “Urban Heat Island.” Urban Heat takes place in developments that have a significant number of dark roofs. Higher temperatures in these areas due to the buildings retaining the heat from the sun can be detected.

Benefits of a cool roof

  • Long lasting – On average a metal roof lasts 40-60 years
     
  • Energy savings – By maintaining a more consistent temperature inside your home your air conditioner and heating unit run less thus saving you money
     
  • Environmental health – Reducing the operational time of your air conditioner and heating unit reduces pollution
     
  • A cool roof is designed to reflect more sunlight and absorb less heat than standard roofing. Can you imagine not only reducing energy bills but also your carbon footprint?

As is with any substantial upgrade to your home, the benefits of a new roof typically outweigh the cost. Far beyond the expense is energy cost savings, increased home value, but more importantly instant appeal to potential buyers!

If you would like to learn more about what buyers are looking for in Prescott, contact Kathleen Yamauchi Group Real Estate today!