VA HOME LOANS IN COLORADO SPRINGS are one of the last 100% financing options left for today's home purchaser. To obtain a VA HOME LOAN, though, one must have served in a branch of the military or currently be serving as an active duty personnel. A surviving spouse of a former veteran may also utilize the benefit of a VA HOME LOAN in Colorado Springs if the death of her spouse was service connected.
As a result of the economic crisis today, we have seen home prices fall to very affordable levels. Many parts of the country, though, are beginning to see prices stabilize. With the advantage of nothing down financing, the Veteran is in a perfect situation to own a home in Colorado Springs with a loan rate not seen since the 1960s.
A veteran can secure a home for his family with a VA HOME LOAN that features a fixed rate, and is assumable to subsequent purchasers which will make it easier to sell in the future.
The icing on the cake for the Veteran purchaser is the current TAX REBATE which is being offered to first time home buyers in the amount of $8000.00. This is the perfect storm. Low RateS, Affordable Prices and a Rebate of $8000.00 to help YOU with debt repayment, home decoration or remodel, furniture purchases, or just to put away in savings.
The VA HOME LOAN is a powerful tool in the arsenal of every Realtor who works with our military families. For the Veteran, the VA HOME LOAN is one of the best means to own a home for your family. Plan ahead and don't let this opportunity pass you by.
FOR FURTHER INFORMATION
IS YOUR DOOR TO THE FUTURE.
One of the things you must obtain when purchasing a home is Property Insurance. It is a requirement of your lender the property be insured in case of a loss. Unless you are paying cash for a home, there is no way to avoid having property insurance. Even if you are paying cash, the benefits of property insurance far outweigh the cost.
Understanding what property insurance is and the types of things covered are important when looking at policies. The typical perils property insurance covers are:
These items are often stated in the policy as "sudden or accidental". So if your roof collapses due to age or disrepair versus storm damage, it may not be covered. It is good to discuss with the insurance agent what type of damages are covered as well as cause of damage. Items that are not typically covered under a standard homeowners policy are:
- Acts of War
- Flood Insurance and Earthquake Insurance are separate policies that can be purchased. You will want to research the cost, deductibles and coverages for each of these to see if they are right for you. Flood Insurance may be a requirement of your lender if you purchase a home located in a high flood plane.
When reviewing the options for property insurance, it is important to understand the difference between Actual Cash Value(ACV) and Replacement Cost Coverage(RCC). Most lenders will require you to carry replacement cost coverage in the amount to cover the loan amount. An example of ACV versus RCC would be if the house were to burn down and need to be completely rebuilt, ACV would only cover the cost for the value at the time of the damage, where RCC would cover the actual cost to rebuild (less your deductible).
Since you may not have ever purchased property insurance before, or you are reviewing your policy coverages, there are some things that you may want to remember to ask the insurance agent about.
- Art and Jewelry~do you have any high priced items that may require a separate rider?
- Antiques~depending upon how many and the value, this may require a separate policy or a special rider
- Theft~how do you need to identify the items stolen and their will they be replaced?
- Guns~how are these covered and are there special handling requirements for them to be covered
- Home Based Business~owning a home based business may require a separate policy
- Liability coverage~what happens if someone gets injured on your property or your child throws a rock through the neighbors window
- What type of dog do you own? If it is a breed that is considered dangerous, there may be additional cost or the insurance carrier may not insure!
- Is the home you are purchasing a 2nd or Vacation home? This may be a different type of coverage
- Properties to be rented out will also take a different type of coverage for rent loss
Sounds more and more expensive by the minute doesn't it? But each of these items are so important in the event of loss. Some items that may help you lower your premiums may be:
- Higher deductibles~chosing a higher deductible will help lower premiums. Your lender may have restrictions on the maximum deductible, be sure to ask
- Does the home have a security system? An alarm system monitored by a central location may help in lowering the premium
- Multiple policy discounts~get your car insurance, life insurance or health insurance grouped together and you may save on all of them!
- Consider cost of insurance when planning on future home improvement projects. Adding a swimming pool adds liability-how will this affect your policy?
- Review your policy annually~there may be items that are no longer applicable to your situation and may lower your insurance costs. Sparky the Rottweiler may have gone to live on a farm or you sold Aunt Jeffie's diamond ring
The numbers of ways property insurance is important for you in owning a home are really worth the premiums you pay. Think of all the homes that have been completely rebuilt after the San Diego wildfires. But those without satisfactory coverage suffered the losses. You want your home and possessions to be back to the way there were prior to the loss. Don't cut corners.
Be sure and shop around when looking to purchase your property insurance. Buy a policy from a reputable company so you are assured if you do have a claim, it will be paid! Be wary of the no name, low rate company, often times if it sounds too good to be true, it may be!
I hope this has shed some light on shopping for your property insurance and has given you an understanding of the types of things that are and are not covered. If you have any questions or would like an agent referral, please feel free to contact me!
Making the Home of Your Dreams A Reality. As your Agent of Possibibility it is my intent to make your home buying or selling process a smooth one!
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