If you want to get more involved in a real estate career, you may have considered becoming a loan officer. For those who like to work with buyers to get into the perfect home, becoming a loan officer is a great job.

State by State

Loan Officer licenses and requirements are regulated by each state so it is important to know where you plan to work and what their requirements are. A great way to learn is to ask current loan officers. You can also consider getting a job as an assistant or in some other capacity at a mortgage company to learn the ins and outs of the industry and decide if the job is the right one for you. They may also sponsor your education, testing, and licensing to become a loan officer as long as you agree to continue working for them.

Passing the Test

Most states require potential loan officers to take professional licensing education courses and pass a state exam. Many of these courses are offered online or in flexible formats, allowing you to continue working at your current job while pursuing your license as a loan officer. These classes can get expensive, which is another reason that having a mortgage company to pay for them for you is a great way to go.

You will likely need to pass an exam to become a fully licenses loan officer. Your pre-licensing education can help prepare you for the test. There are also study guides and courses specifically geared toward test-taking to help you get ready. After you get your loan officer license you are ready to start working. You will need to find a job at a mortgage company and continue with your education to maintain your license.

Spring is springing in many areas of the United States and with warmer temperatures come some extra chores and household jobs that will keep your home in great shape.

Do a Deep Clean

Spring is a great time to deep clean the interior of your home. This can include dusting seldomly-cleaned surfaces like ceiling fans as well as doing a full pantry and fridge cleanout. Don’t forget to clean and disinfect commonly touched surfaces like doorknobs and light switches.

Many experts recommend changing out your smoke detector batteries each Spring as well. Getting into this habit will ensure that your smoke detector works in the event of an emergency.

Get Outdoor Spaces Ready

Spring heralds the arrival of warmer weather, which many people like to spend outdoors. You can get your outdoor spaces ready by clearing out debris and old plants, sweeping off your deck or patio, and power washing. If you have grass, it may be time to make sure your mower is in good working order or to arrange to have someone else tend to the lawn as it starts to grow.

Wash and Put Away Winter Gear

You can say goodbye to heavy coats and snow boots but you may want to keep a jacket or two handy for unexpected cold days or spring rain. If you do have heavier winter items to put away, make sure that they are freshly cleaned. This is especially important for boots that may have gotten mud or slush on them during the winter months.

The same goes for your tires and car items. If you have an ice scraper, you can likely put it away in the garage. Make sure that anything you put away gets a good, thorough cleaning to save yourself the headache of tackling it next winter.

If you are a military member or Veteran considering buying a home, you have probably heard the term VA Loan tossed around by your real estate agent or lender. This mortgage option can help military members, their families, and Veterans purchase a home with a low (or no) down payment.

Who Can Use the VA Loan?

The VA Loan is open to Veterans, active duty military members, National Guard members and Reservists with six or more years of service, and military spouses whose service member spouse died in the line of duty or due to a service-related disability.

There are some service time requirements to be eligible for the VA Loan. During peacetime, service members must serve at least 181 days. During a time of war, service members must serve at least 90 consecutive days to be eligible for the VA Loan.

What Does the VA Loan Offer?

The VA Loan allows those eligible to purchase a home with no down payment. This is a significant contributor to homeownership for the military community. The home must be their primary residence and still appraise for the value of the loan.

VA Loans are backed by the Department of Veterans Affairs. Buyers still apply for and qualify for a loan through an independent lender, but that lender is able to offer such great terms because they know that the VA will make sure the loan is repaid.

Because the loan terms are so favorable, there are a few extra steps that must be taken during the application process. The main one is the VA appraisal. An independent appraiser must come out to assess the condition and value of the home. As long as it falls within the VA’s requirements and the purchase price of the home, the loan can move forward. If it is lower, the buyer will likely need to come up with some additional money for a down payment but can still use the other favorable terms of the VA Loan.

If you are a military member or Veteran considering buying a home, you have probably heard the term VA Loan tossed around by your real estate agent or lender. This mortgage option can help military members, their families, and Veterans purchase a home with a low (or no) down payment.

Who Can Use the VA Loan?

The VA Loan is open to Veterans, active duty military members, National Guard members and Reservists with six or more years of service, and military spouses whose service member spouse died in the line of duty or due to a service-related disability.

There are some service time requirements to be eligible for the VA Loan. During peacetime, service members must serve at least 181 days. During a time of war, service members must serve at least 90 consecutive days to be eligible for the VA Loan.

What Does the VA Loan Offer?

The VA Loan allows those eligible to purchase a home with no down payment. This is a significant contributor to homeownership for the military community. The home must be their primary residence and still appraise for the value of the loan.

VA Loans are backed by the Department of Veterans Affairs. Buyers still apply for and qualify for a loan through an independent lender, but that lender is able to offer such great terms because they know that the VA will make sure the loan is repaid.

Because the loan terms are so favorable, there are a few extra steps that must be taken during the application process. The main one is the VA appraisal. An independent appraiser must come out to assess the condition and value of the home. As long as it falls within the VA’s requirements and the purchase price of the home, the loan can move forward. If it is lower, the buyer will likely need to come up with some additional money for a down payment but can still use the other favorable terms of the VA Loan.

With the housing market in constant change, you may be wondering if this is the right time to rent a home or buy a home? Try considering these scenarios to decide if you are ready to buy or if you should continue renting.

Do you have a down payment?

Not all mortgages require a sizeable down payment but having one ready can greatly increase your chances of getting approved for the loan. It can also lower your monthly payment, which will make your mortgage easier to afford in your budget.

Can you afford the mortgage?

One of the most important things that your lender will want to know is whether or not you can afford to pay your mortgage each month. Depending on your area, a mortgage may actually be less expensive than rent. But consider that you will be required to pay all utilities, homeowner association dues, and taxes. You should also include some room for extra expenses as they come up.

Are you ready for home upkeep?

As a homeowner, you will be responsible for fixing things when they break. Some are relatively minor, like replacing light bulbs or mowing the grass. Other things, like replacing appliances or systems, are much more expensive.

Are home prices increasing or decreasing?

It can be difficult to time your purchase to correspond exactly with the most affordable home prices, but you should at least be aware of interest rates and prices in your area. If interest rates are high and home prices are high, your home may not maintain the high value over years if you do purchase it now. On the other side, if you purchase a home when interest rates and prices are exceptionally low, your home may go up in value in the future. It can be hard to time it just right but your real estate agent can let you know what trends they have seen.

Going into 2022, many potential home buyers and real estate investors are watching certain cities to find the best buys. Many factors impact housing prices, including job creation and growth in the area, population growth, and others. Some areas grow faster than others and offer great opportunities for home buyers to get a great value on their home purchase. Want to specifically look for a hot real estate market? Check out these cities that are growing.

Growing Real Estate Markets in 2022

• Raleigh, North Carolina
• Tampa, Florida
• Jacksonville, Florida
• San Antonio, Texas
• Charlotte, North Carolina
• Nashville, Tennessee
• Boise, Idaho
• Phoenix, Arizona
• Austin, Texas

Home prices in some markets are consistently high and remain so for years. While you may not be able to find a great deal in these markets, chances are you won’t be losing money by purchasing a home there.

Real Estate Markets Still Going Strong in 2022

• San Francisco, California
• San Diego, California
• Los Angeles, California
• Boston, Massachusetts
• Sacramento, California

The best way to find out more about your market is to talk to a real estate agent to get first-hand knowledge about home prices, buying and selling trends, and which neighborhoods will work for your wants and needs.

Keep in mind that housing trends do not always follow predictions. Buying a home in a “hot area” is not a guarantee that the value will increase or even stay the same. It’s always best to work directly with an expert, such as a real estate agent, in your area.

It’s also important to make sure that your new city can provide the lifestyle and opportunities that you want. In the market for a new job? Many of these cities also have plenty of growth in the job market as well.

Once you start the homebuying process, it can seem like an endless stream of paperwork to get to closing. Fortunately, there are plenty of people to help keep things clear along the way. Your real estate agent, loan officer, and processor can all explain the steps and required paperwork to go from an accepted offer to getting the keys to your home. Here is a quick guide to some of the documents that you will need for your mortgage application.

Information about the home

Your loan officer and processor will ask for information about the house that you plan to purchase. This can include things like the purchase offer that outlines the price and conditions. It may also mean that you need to get a survey, home inspection, or appraisal. This depends on the type of loan that you plan to use and what is required by your lender.

Your real estate agent can help schedule any special appointments, like a home inspection or appraisal. Your loan officer will often be the one to order these documents and pay for them, although the costs do get included in the final loan.

Information about your finances

You will be responsible for providing up-to-date information about your finances and ability to pay back the loan. Some things, like your credit score, only require that you authorize your loan officer or processor to get the information from the credit bureau.

Other items, like your paystubs, existing loan balances, and credit card balances, will come from you. Your lender will tell you which items that they require. If your finances are complicated, such as multiple sources of income or multiple lines of credit, you might have to provide explanations or additional documents to help the lender get a clear picture of where your money is going.

Updating or renovating your house is a great way to add value to your home. Projects can range from small things you can DIY in one weekend, such as painting a room or adding a backsplash. Other projects may need a professional or multiple days and weeks of work, such as adding a deck or patio. An addition is a great way to increase your home’s value and provide extra living space. Whether you want to add another wing to your home or just a small room, an addition may be just the thing you need.

Popular Options To Increase Your Homes Value:

#1) Attached Additions

Many additions use the existing home’s structure. The exterior walls become interior walls and a new room or wing is built out. Some people prefer to use this as an interesting design feature, while others redo the walls to make them match and work with the other interior style.

You can also add an addition as a second floor. This is often more expensive than a single-floor addition. If your available space is limited, however, this is a good way to get extra space, add additional rooms, and keep the same footprint.

#2) Additional Dwelling Units

Some areas favor separate structures on the same lot as the existing home. Often called Additional Dwelling Units, or ADUs, these additions can be the most cost effective because they do not require any modifications to the home. They can also provide a little oasis that can be used as a home office, room for hobbies, or guest suite.

If you do decide to go with an ADU, make sure that you have enough space to meet your city’s regulations. Some places do not allow additions like these with adequate space around the structure. You will almost always have to get a permit and will need to have your plans approved by your local authority.

If home ownership is still a distant dream for you, don’t worry and don’t give up. Saving money for a down payment is often one of the hardest steps. Depending on the type of mortgage you plan to use, a down payment can be as much as 10-20% of the home purchase price. This can mean a lot of money! Here are a few tips you can implement this year to make saving money for a down payment part of your financial routine.

Make Small Contributions

You don’t need to have a huge windfall to add to your down payment fund. Even small contributions, such as $5 or $10 each week, can add up over time. While they may not be enough to fund the entire thing, adding even small amounts can keep you enthusiastic and motivated as you watch your account grow.

Go for a Promotion

If you are performing well at work and see the opportunity to take on some additional responsibility, go for it! Saving money for a down payment can be a great motivator to challenge yourself to increase your earnings potential. Maybe this means applying for a promotion, approaching your boss about a raise (if earned), or getting additional training to bring new skills to your job. Whatever your situation, take that extra income and put it directly into your down payment savings.

Start a Side Hustle

To bring in some extra money to put towards a down payment, consider using your skills or hobbies to build a side business. You can do everything from photography or digital design to driving for a ride-share company. Your spare time and effort can go toward homeownership.

Talk to other people working a side hustle to see what they do, how they started, and if it works for them financially. You can also get a good idea of how much time or initial investment it may take to get started and if it is a good option to bring in extra money. Just be careful about scams that expect you to spend money upfront with the promise of returns down the line.

The most common type of mortgage that new homeowners take out is a fixed rate mortgage. If you are shopping for a new home and talking to lenders, chances are you have gone over the options for a fixed rate loan. Here is what you need to know to decide is a fixed rate mortgage is right for you.

The interest rate is fixed.

The “fixed” part of the fixed rate mortgage applies to the interest rate. When you borrow money to purchase a home, your lender will charge you interest at a certain rate. Rates can vary by lender but must also follow guidelines set by the Federal Reserve. Other factors that will impact your rate include your credit, the length of the loan, the type of the loan, and the purchase price and down payment.

With a fixed rate loan, that interest rate will not change over the life of the loan. This means that over the 15 or 30 years that you pay off the loan, the interest rate will remain the same and your monthly payments will not change based on the interest rate. Keep in mind that they may change due to taxes.

The interest rate is okay.

You can usually find a lower interest rate with an adjustable rate mortgage, ARM, given the same other factors (credit, down payment, etc.). Some people prefer this lower monthly payment and opt for an ARM. Keep in mind that the interest rate may go up down the road, making your monthly payments higher.

The interest rate for an ARM can change over the life of the loan, however. Many homeowners prefer to have a consistent monthly payment and unchanging interest rate that they can count on as they pay off their home. If you plan to be in your home for a long time, the certainty that comes with a fixed rate mortgage can be a better option than the temporary lower interest rate of an ARM.