B4 • Friday, December 2, 2022
thegardenisland.com
THE GARDEN ISLAND
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Julie Black, Principal Broker & Owner (808) 652-6174 with daughter Kela Caspillo, Realtor Sales Person (808) 652-6173 kauaidreams.com
Featured 5 myths about Veteran Affairs loans Homes with a VA loan, you may be able to finance multiple homes simultaneously, including your primary home, rental properties and vacation homes.
BRANDPOINT
Koloa
4650 Amio Road Spectacular views from almost every room in this 3 bed/ 3.5 bath Poipu Vacation Rental. An oceanfront home with a large deck, open floor plan, air conditioning, newer septic tank, recent exterior paint, new front entry, and Koa wood kitchen cabinetry. Not part of a HOA or any association, no monthly fees. Owner has plans for an ADU and other additions. MLS # 664027; $5,895,000. Julie Black, RB-14203 (808) 652-6174 or Kela Caspillo, RB-23365 (808) 652-6173
More veterans are taking advantage of an important benefit for service members: A Veterans Affairs (VA) loan. According to data from the Department of Veterans Affairs, more than 1.4 million VA loans were taken out in 2021, a 15.6 percent increase from the previous year. However, there are still many veterans who are not using this important earned benefit for their service and sacrifice for the country. VA home loans allow veterans and active-duty service members to obtain home mortgages with more favorable terms than other loans on the market. A VA loan is a mortgage supported by the U.S. Department of Veteran Affairs and serviced by authorized lenders, like loanDepot, one of the nation’s largest non-bank retail mortgage lenders. Why aren’t more veterans and active-duty service members using this benefit? Many are unaware of how to qualify for a VA loan or its benefits.
3. Myth: VA loans are less preferable to sellers because they have a lot of restrictions A VA loan may take a few days more to close versus a conventional loan, but that doesn’t necessarily make them more restrictive. VA loans have additional controls in place to protect the veteran and their family; e.g., appraisals have to be completed by a VA-approved appraiser, which may increase the processing time of the loan. BRANDPOINT / CONTRIBUTED
w Competitively low-interest rates w No private mortgage insurance w Limited closing costs w Funding fee waived for disabled veterans w Lower credit minimums Eligibility and benefits “A VA home loan is one of the You may be eligible for a VA loan most powerful tools our nation’s veterans can use to purchase a if you are an active duty home and build long-term wealth,” servicemember with at least 90 said Patton Gade, loanDepot days of continuous service, or if branch manager and former U.S. you are a veteran who served on Army officer. “Yet, it surprises me active duty and was honorably just how unknown and discharged meeting minimum requirements based on your dates misunderstood these loans are among the people who have of service. National Guard and earned them. With all of the Reserve members who meet misconceptions out there, it’s certain criteria are also eligible. While there are a number of VA important to work with a mortgage professional who loan options, typical benefits can specializes in VA loans, so you can include: better understand and unlock w No down payment
their full potential.” Even knowing about the advantages of VA loans and that you may be eligible, you may still be unsure about using this earned benefit because of popular misconceptions.
4. Myth: The appraisal process for VA loans is more stringent and difficult than a conventional loan The appraisal process is similar to a conventional loan. The VA approves and hires local appraisal professionals to ensure a smooth process.
1. Myth: A VA loan can only be 5. Myth: VA loans accessed once take forever to close Many veterans are under the impression that you can only access a VA loan once. However, you can use and reuse the VA benefit again and again. There is no limit to how many times you can use the VA loan program as long as you remain eligible. 2. Myth: You can only have one VA loan at a time Sometimes you may have to finance multiple properties at once. Under certain conditions,
Working with a lender that specializes in VA loans and understands how they work can prevent issues that may slow the process. They can help to keep everything moving on time so you can get the home of your dreams with minimal delays. If you’re thinking of taking out a VA loan, be sure to work with a lender who has specific expertise with the product and working with the veteran community, so they are well prepared to help you.
Hawaiiana Management Company, Ltd. Serving Kauai’s Condo & Community Associations with award-winning service
Average long-term mortgage rates dip third week in a row
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ASSOCIATED PRESS WASHINGTON, D.C. — The average long-term U.S. mortgage rate ticked down for the third week in a row and have fallen more than a half-point since hitting a 20-year high less than a month ago. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.49 percent from 6.58 percent last week. A year ago the average rate was 3.11 percent. The rate for a 15-year mortgage, popular with those refinancing their homes, edged down to 5.76 percent from 5.90 percent last week. It was 2.39 percent one year ago. Mortgage rates are still more than double what they were in early January, mirroring a sharp rise in the yield on the 10-year Treasury note. The yield is influenced by a variety of factors, including global demand for U.S. Treasury notes and investors’ expectations for future inflation, which heighten the prospect of rising interest rates overall. The Federal Reserve, which has been hiking its short-term lending rate since March in a bid to crush the highest inflation in decades, raised its rate again early this month by 0.75 percentage points, three times its usual margin, for a fourth time this year. Its key rate now stands in a range of 3.75 percent to 4 percent. Markets rallied Wednesday after Fed Chair Jerome Powell signaled that the Fed may increase its key interest rate by just a half-point at its December meeting. Rate increases could then fall to a more traditional quarter-point size at its February and March meetings, based on previous Fed forecasts. Powell said the Fed will likely have to keep rates elevated for longer than originally planned, as inflation has eased somewhat but remains way above the central bank’s 2 percent target.
Sunshine Ruiz Hatto Vice President Kauai Operations
awaiiana currently serves over 60 residential and commercial associations on the Island of Kauai, with a staff of nine management executives, three local support professionals and the property management industry’s most experienced accounting and technical personnel. Kauai native Sunshine Ruiz Hatto serves as Hawaiiana’s Vice President of Kauai 2SHUDWLRQV IURP LWV RIŅFH LQ /LKXHģV .XNXL *URYH ([HFXWLYH &HQWHU +DZDLLDQD 0DQDJHPHQW &RPSDQ\ /WG LV +DZDLLģV FRQGR DQG FRPPXQLW\ DVVRFLDWLRQ management company, with over 750 association clients throughout the state.
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