Effective October 1, 2011, the costs associated with getting a VA mortgage are going DOWN! An overview: VA mortgages are bundled, securitized and sold in the secondary market with the backing of the Federal Government. In order to insure these mortgages, the government charges a type of insurance premium, called a VA Funding Fee, which is typically added to the loan amount (thereby financed).

When getting a mortgage , one of the steps in the process is to “ lock your rate ” which is a simple agreement between you and the mortgage lender that your rate is “locked in” and won’t change between the time you lock it and the expiration date of the lock.

Whether buying a home is a goal way down the road, or you’re considering buying in the next few years, it’s never too late to start saving for a down payment. Although you can purchase a home with as low as a 3.5 percent down payment using an FHA loan (Federal Housing Administration), the more you put down on your home, the lower your monthly mortgage payment will be. But saving for the ideal 10 to 20 percent down payment for a traditional 30 year fixed loan , especially in today’s cash-strapped economy, can be daunting.

After having toured thousands of homes over 10 years of selling real estate , there are certain things I look for immediately when assessing a property.