Welcome to this week's Mortgages with Melinda!

Today, we're diving into a candid discussion about VA loans and the unfortunate discrimination many veterans face when using VA financing to put in an offer. It's widely known how challenging it can be for veterans to get their VA loan offers accepted, but why does this discrimination persist?

There's a misconception that VA financing poses higher risks compared to conventional or FHA financing because it often requires no down payment. However, many veterans do choose to put money down and still opt for VA loans because they offer the lowest interest rates available, even lower than conventional or FHA loans.

It's crucial to understand that veterans have earned the right to utilize VA loans, regardless of whether they put down a payment. They've sacrificed for our country, and their choice of financing should not be a barrier to homeownership.

In my opinion, there needs to be better education among real estate professionals, facilitated by organizations like the National Association of Realtors (NAR), to dispel these myths and combat discrimination. Sellers should focus on whether a buyer is financed, not the type of financing used, which I believe is irrelevant and potentially discriminatory.

Contrary to popular belief, buying a home with a VA loan isn't more complicated, especially when it comes to the appraisal process—it can actually be smoother. Join us as we explore these issues further and advocate for fair treatment of our veterans in the housing market.

Keep up with the latest Florida real estate market news by joining us weekly!

NMLS #1054357 | FL License: #MBR1395

This week with Mortgages with Melinda, we're diving into how to get mortgage ready. What can you do to improve your chances of getting the best possible rate and making the underwriting process smoother?

First and foremost, you want to present your credit in the best light. Aim to pay down any credit card debt at least 45 days before applying for a mortgage. If that's not possible, our loan officers can help you evaluate your credit and suggest improvements, including the option for a rapid rescore (note: this involves a fee).

Focus on your revolving debt—credit cards, not installment loans like car or student loans. Ideally, your balance should be about 30% of your available credit limit. For instance, if you have a $200 credit limit, keep your balance below $60 to maintain a good credit rating.

Stay tuned to Mortgages with Melinda for more insights on making the best mortgage decisions!

Keep up with the latest Florida real estate market news by joining us weekly!

NMLS #1054357 | FL License: #MBR1395

In this session of Mortgages with Melinda, we're diving into essential mortgage terms every homeowner should know. Whether you're new to owning a home or looking to refresh your knowledge, this episode has you covered.

Today, we're starting with the term "escrow." Escrow serves two main purposes in the homebuying process. Initially, it involves placing funds in escrow when you enter into a contract, much like a security deposit for an apartment. This money ensures the commitment to purchase the home is genuine and is typically held by a title company, real estate office, or attorney until closing.

It's important not to confuse this with escrowing for taxes and insurance. In this scenario, a portion of your monthly mortgage payment is set aside to cover annual expenses, ensuring you're prepared when these bills come due.

Find out more about appraisals, surveys and inspections as we cover all of the terms you need to know as you purchase your next home.

Keep up with the latest Florida real estate market news by joining us weekly!

NMLS #1054357 | FL License: #MBR1395