Six digits of debt are intimidating, especially when you're a single homeowner. But at 29 years old and just 15 months after buying my house, I've already paid $100,000 off my mortgage.. and I plan to pay the other $155,000 off before I turn 31.
Congress created the VA loan program in 1944 as part of the massive GI Bill. The government basically insures a portion of each loan, and that security help spur the country's post-war housing boom. Today, VA loans are more popular than ever.
As sales metrics improve month by month, economists seem to agree that residential real estate is awakening from its 36-month slumber. That being said, buyers and sellers are well advised to accept the uncertainties of the market and compromise.
Deciding on a mortgage is likely the most important financial decision consumers will ever make, yet borrowers are more often than not taking the first loan offer that comes their way, failing to fully capitalize on low rates by comparison shopping.
One option you may be considering is a personal loan, which can be used in a variety of different ways -- to help with a small business, finance a home renovation, consolidate debt or even pay for a wedding or vacation.
To be sure, VA loans aren't the best fit for every military borrower. Veterans with sterling credit and enough cash to cover a healthy down payment might want to seek conventional financing. But that's far from the norm for most service members and their families.
The CFPB does stuff like protecting regular people from predatory financial institutions. That's like home loaners who'll make loans to people who can't pay the bills, or payday loaners who deceive military families.
I propose the creation of a new banking industry initiative called NOBAR (Nonstandard Borrowers Alternative Resource). Its mission is to help responsible individuals with bad credit scores -- where reasonable and appropriate -- secure a new mortgage or refi.