Category Archives: VA Loans

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Rent is Too High! It’s Time to Buy!

By | Adjustable Rate Mortgage Loan (ARM), FHA Loans, Fixed Rate Loans, HARP Loans, Monster News, VA Loans | No Comments

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Have you recently looked into renting a new home and been shocked by the high costs all around? You aren’t the only one. According to a report from CNBC, renters in the U.S. now are expected to pay 30% of their monthly income to rent alone, up 6% from pre-housing boom levels. Depending on where you live, that number can jump to as high as 40-50% of your income, specifically in areas like Los Angeles and New York.

That’s an astronomical number to be paying for something you will likely never own. And with more people renting now than ever, there just are not enough new apartment buildings to keep up with consumer demand.

This isn’t all necessarily a bad thing. While the renting market is hovering near historic highs, buyers are spending half as much as renters, 15% of their monthly income on average, on mortgage payments. Unlike with rent, this is actually down 6% from pre-housing boom levels.

And the numbers indicate that owning will be cheaper than renting for the foreseeable future. Even if rates nearly double to 6% in the next year, home owners will still be spending less than 30% of their income on average for mortgage.

To put things simply, if there was ever a time to stop renting and start owning, it would be now. With the recent loosening of credit restrictions for new home owners, buying your dream home today may be more realistic than it’s ever been.

So what are you waiting for? Get a free MonsterLoans quote today!

Tracking Today’s Market Trends

By | FHA Loans, Fixed Rate Loans, HARP Loans, Monster News, VA Loans | No Comments

 

mortgagesavingsWith the housing market constantly evolving, keeping up with trends can be a tedious task. Should you refinance? Is now the time to buy? Are home values at a place where you want to sell? These are all questions that can be difficult to answer if you do not have a solid grasp of the market and its trends.

But fear not!

Instead of leaving you to read the market and figure things out on your own, MonsterLoans has put together a list of key trends in today’s market to help you decide your next step!

  1. MI Reduction in your FHA Loan – Not all home-owners are interested in a refinance that totally changes their loan. Instead, they are just looking to save a couple hundred dollars a month to help with other bills. Due to the Department of Housing and Urban Development (HUD) dropping the mortgage insurance premium on FHA loans, a simple refinance can drop your MI premium and easily give you some extra cash every month!
  2. Converting Your Conventional Loan – MI reduction sound great, but not an FHA loan holder? No problem! Converting from your conventional loan to an FHA will help you take advantage of the MI Reduction and put some cash in your pockets. Rising home values indicate that it’s likely you are in a better position today to refinance than any time in the past.
  3. Home Values Continue to Skyrocket – Speaking of rising home values, industry experts predict that we will continue to see them climbing through the end of the year and into the foreseeable future. In fact, some forecasts predict a 4-5% annual gain in home prices. With your homes value likely up in a big way, now is the time to cash-out on your equity and get some immediate cash!
  4. I’m Cashin’ Out! – With home values on the rise and debts continuing to pile up, it’s no surprise that one of the fastest-growing refinance methods in the country today is the Cash-Out refi. Home-owners are taking advantage of their equity to pull some cash for immediate relief. The best part? There are NO RESTRICTIONS on how you can spend this money. Use it for home upgrades, credit card and debt relief or just to take a vacation!
  5. Streamline to the Rescue – In today’s economy, a lot of people are just getting by making mortgage payments and trying to get their credit score back on track. Saving money and refinancing don’t seem like much of an option, but there’s a program out there that can turn lowering your rate from a dream to a reality! The VA’s Streamline Refinance program (aka IRRRL program) can be done with zero out-of-pocket cost and can help a home-owner in need of financial relief without the burden of a high-cost refi.

About MonsterLoans

MonsterLoans is a privately-owned mortgage lender based out of Irvine, CA. Founded in 2003, MonsterLoans is the premier national mortgage lender specializing in VA, FHA, Harp, Fixed, ARM and Jumbo loans. With all services centralized under one roof, MonsterLoans is able to provide precise and specialized attention to every client, ensuring the best loan possible for each specific situation. At MonsterLoans, we depend on your loyalty and satisfaction, and our mission is to never let you down. For more information, please visit http://www.MonsterLoans.com

Five Reasons to Consider a Cash-Out Refinance

By | Fixed Rate Loans, Monster News, VA Loans | No Comments

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Thinking about refinancing your home but unsure which way to go in today’s market? Here are five reasons you should consider a Cash-Out refinance!

1. Upgrade Your Property – By using a Cash-Out refinance, home owners have the opportunity to give their homes some much-needed upgrades. Remodeling or adding to your property will not only help aesthetically, but it will also add more value to your property long-term.

2. Eliminate Credit Card Debt – Looking to raise your credit score and get rid of those credit card debts that follow you around month to month? With a Cash-Out refinance you could potentially pay off your credit card debt entirely!

3. Pay Your Cars Off – Similar to credit card debt, a car payment (or two or three) is a monthly cost that many home owners would be happy to see gone. With the cash from your refinance, you can get rid of your car loan and boost your credit score at the same time.

4. Take a Vacation – Imagine yourself on an island, soaking in the sun without a care in the world. That would be great wouldn’t it? Well by taking advantage of the Cash-Out refinance, you can finally have enough cash to plan your dream vacation and escape the daily grind.

5. Pad Your Savings! – So your home isn’t in need of upgrades, you’ve paid off your credit cards and your cars, and you just got back from the Bahamas a few weeks ago. That doesn’t mean you shouldn’t take advantage of the Cash-Out option! By cashing out the equity in your home, you can put a nice chunk of change into your savings account.

About MonsterLoans

MonsterLoans is a privately-owned mortgage lender based out of Irvine, CA. Founded in 2003, MonsterLoans is the premier national mortgage lender specializing in VA, FHA, Harp, Fixed, ARM and Jumbo loans. With all services centralized under one roof, MonsterLoans is able to provide precise and specialized attention to every client, ensuring the best loan possible for each specific situation. At MonsterLoans, we depend on your loyalty and satisfaction, and our mission is to never let you down. For more information, please visit http://www.MonsterLoans.com

 

What Do Rising Interest Rates Mean to Home Owners?

By | FHA Loans, Fixed Rate Loans, HARP Loans, Monster News, VA Loans | No Comments

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In recent months, the housing market has seen increases across the board. Fortunately for home owners, there has been a surge in home values throughout 2015. However, we have also seen a spike in interest rates in recent months, and with the Fed expected to hike rates as soon as September, the low rates we have seen over the past year could soon be a distant memory.

So how does this affect you, the homeowner?

If you are considering a refinance on hour home, these trends indicate that moving forward in the process now while rates are still low is your best option.  While we are yet to see drastic spikes in our interest rates, we have seen a noticeable increase. As a home owner, you may see the rate jump from 3.735% to 4.25% and not think much of it, however on a $200,000 loan not only is that a $70+ increase in payments, but also an issue that could affect loan and refinance approval.

At MonsterLoans, we want to help you kick-start your refinance and guarantee the lowest possible rate on your refinance. Simply put, with rates on the rise, now is the time to lock in your low rate!

About MonsterLoans

MonsterLoans is a privately-owned mortgage lender based out of Irvine, CA. Founded in 2003, MonsterLoans is the premier national mortgage lender specializing in VA, FHA, Harp, Fixed, ARM and Jumbo loans. With all services centralized under one roof, MonsterLoans is able to provide precise and specialized attention to every client, ensuring the best loan possible for each specific situation. At MonsterLoans, we depend on your loyalty and satisfaction, and our mission is to never let you down. For more information, please visit http://www.MonsterLoans.com 

Taking Advantage of Rising Home Values

By | Monster News, VA Loans | No Comments

home-prices

Slowly but surely, home values are on the rise in today’s market. Industry experts predict that trend will continue through 2015, with some expecting a 4-5% annual gain in home prices according to Forbes. If you are current home-owner, you are in a great position to take advantage of these rising values with a cash-out refinance.

In a situation where your home value has in fact gone up, you might be able to turn that equity into some immediate cash. The best part of cashing out? There are no restrictions on how you can spend the cash you pull from your home!

Looking to get rid of some high-interest credit cards or finally finish pay off your car? What about making some upgrades to your home and raising its value even more? Or you could just take the cash and go on a nice family vacation! You really have unlimited options and it all starts with a cash-out refinance!

If you believe your homes value has risen and could use some extra cash, contact our loan experts at MonsterLoans today!

About MonsterLoans

MonsterLoans is a privately-owned mortgage lender based out of Irvine, CA. Founded in 2003, MonsterLoans is the premier national mortgage lender specializing in VA, FHA, Harp, Fixed, ARM and Jumbo loans. With all services centralized under one roof, MonsterLoans is able to provide precise and specialized attention to every client, ensuring the best loan possible for each specific situation. At MonsterLoans, we depend on your loyalty and satisfaction, and our mission is to never let you down. For more information, please visit http://www.MonsterLoans.com

 

What Are the Benefits to Converting Your FHA Loan?

By | FHA Loans, Monster News, VA Loans | No Comments

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Could you use a couple hundred dollars extra per month to help pay your bills or pad your vacation fund? If the thought of refinancing has crossed your mind, there is an option out there that could save you money immediately. By converting your FHA Loan, you may be able to eliminate your month Mortgage Insurance (MI) premium, saving you hundreds of dollars monthly.

With home values on the rise, there is no better time to refinance with no MI payment included. For those who have attempted to refinance in the past, it is likely that you are in a better position to do so today due to your home likely having a higher value.

Another benefit of converting your FHA loan is that these mortgages often times can offer lower interest rates. Along with dropping your MI payment, this refinance could in fact save you money on the total amount due on your mortgage.

While converting from an loan does offer these great benefits, whether or not you should refinance in this manner should always be looked at on a case-by-case basis. Let our MonsterLoans experts help you find the best option for YOUR refinance today!

About MonsterLoans

MonsterLoans is a privately-owned mortgage lender based out of Irvine, CA. Founded in 2003, MonsterLoans is the premier national mortgage lender specializing in VA, FHA, Harp, Fixed, ARM and Jumbo loans. With all services centralized under one roof, MonsterLoans is able to provide precise and specialized attention to every client, ensuring the best loan possible for each specific situation. At MonsterLoans, we depend on your loyalty and satisfaction, and our mission is to never let you down. For more information, please visit http://www.MonsterLoans.com

 

 

The VA Streamline Program: Refinancing Made Easy

By | Monster News, VA Loans | No Comments

military-family

In today’s economy, fluctuating credit scores and difficulty saving money can make a home refinance seem like nothing more than a pipedream. But in reality, if you are someone who is just getting by making your mortgage payments or trying to get your credit score back on track, you can still have an opportunity to refinance your loan at a lower rate.

How you ask? With the VA’s Streamline Refinance program! Also known as an Interest Rate Reduction Refinancing Loan (IRRRL), this loan can be done with zero out-of-pocket cost to you. Instead of paying up front, these costs are rolled into the new loan and a part of your monthly payment.

Another plus of a VA Streamline is that the VA does not require an appraisal or income verification. As long as you have made your last 6 payments on time you can be eligible for this loan program!

If you’re looking to save some money and lower your interest rate with little to no out-of-pocket costs, then let MonsterLoans help you today!

About MonsterLoans

MonsterLoans is a privately-owned mortgage lender based out of Irvine, CA. Founded in 2003, MonsterLoans is the premier national mortgage lender specializing in VA, FHA, Harp, Fixed, ARM and Jumbo loans. With all services centralized under one roof, MonsterLoans is able to provide precise and specialized attention to every client, ensuring the best loan possible for each specific situation. At MonsterLoans, we depend on your loyalty and satisfaction, and our mission is to never let you down. For more information, please visit http://www.MonsterLoans.com

 

How a Jumbo Loan Can Get Your Dream Home

By | Monster News, VA Loans | No Comments

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Are you finally ready to move into your dream home, but worried about taking out a mortgage with a high loan amount? With many potential home owners looking to purchase in today’s market, real estate prices are on the rise. One way to get the amount of money you need for your home, regardless of price, is to take out a Jumbo loan. Any  property with a loan that will be over $417,000 is eligible for a Jumbo loan. In some more expensive areas such as Hawaii and the U.S. Virgin Islands, that amount actually jumps to $625,500.

Taking out a Jumbo loan ensures you of a couple of advantages. First and foremost, you will be able to take out a larger loan without having to drain your savings to help pay for the property. Secondly, a Jumbo Loan allows potential homeowners to take out just one simple loan. In the past, homeowners might have had to take out two loans with different lenders to purchase a larger or more expensive property, but that is not the case with a Jumbo loan.

While taking out a Jumbo loan has become a popular option in today’s market, climbing interest rates for such loans indicate that now more than ever is the time to jump into a Jumbo loan. In March alone, the interest rate for a Jumbo loan climbed from 3.52% to 4.02%. While that rate may or may not continue to climb, if a potential homeowner is serious about purchasing with a Jumbo loan, there is no better time to do so than now!

What are you waiting for? Go get that dream home!

About MonsterLoans

MonsterLoans is a privately-owned mortgage lender based out of Irvine, CA. Founded in 2003, MonsterLoans is the premier national mortgage lender specializing in VA, FHA, Harp, Fixed, ARM and Jumbo loans. With all services centralized under one roof, MonsterLoans is able to provide precise and specialized attention to every client, ensuring the best loan possible for each specific situation. At MonsterLoans, we depend on your loyalty and satisfaction, and our mission is to never let you down. For more information, please visit http://www.MonsterLoans.com

H/T WSJ

Why Should You Cash-Out?

By | Cash-Out, Monster News, VA Loans | No Comments

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One of the fastest-growing refinancing methods in the country today is the Cash-Out refinance. By cashing-out, homeowners have the ability to benefit from the equity they’ve built through rising prices of homes. In fact, according to Freddie Mac, the amount of homeowners who have refinanced via a cash-out has more than doubled over the past year.

But not all options fit every homeowner, so why should you cash-out?

First and foremost, the most obvious reason – TO GET SOME CASH! Looking to make some upgrades to your property? Pay off credit card debt or a car loan? Or just looking for some cash to go on vacation with your family? The cash-out option can help you accomplish any of these goals. Imagine being able to refinance and then get the cash you need to upgrade your home and shoot the value through the roof?

There’s a reason the cash-out method has become so popular!

For VA members, the Cash-Out option allows you to refinance a non-VA loan into a VA loan, which the VA will guarantee for up to 100% value of your home. Because the VA guarantees at least a portion of your loan, private lenders such as banks and mortgage companies will provide you with more favorable terms.

Any homeowner considering a refinance on their home should definitely take a look at the Cash-Out option. For more information, contact MonsterLoans and one of our representatives will be more than happy to lay your options out for you.

About MonsterLoans

MonsterLoans is a privately-owned mortgage lender based out of Irvine, CA. Founded in 2003, MonsterLoans is the premier national mortgage lender specializing in VA, FHA, Harp, Fixed, ARM and Jumbo loans. With all services centralized under one roof, MonsterLoans is able to provide precise and specialized attention to every client, ensuring the best loan possible for each specific situation. At MonsterLoans, we depend on your loyalty and satisfaction, and our mission is to never let you down. For more information, please visit http://www.MonsterLoans.com

 

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