KateHorrell

Helping Military Families Make The Most of Their Money

2020 Basic Allowance for Housing Rates Released!


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The Department of Defense has posted the military basic allowance for housing rates for 2020, and, as usual, there are some big winners and some big losers. (Some readers are reporting that the link is giving them difficulties. If you are on an iPhone, you need to open using the three dots instead of clicking… | Read More…

Favorable Tax Rules for Military When Excluding Capital Gain from Sale of Principal Residence


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I asked my smart friend Paul Allen if he could possibly explain the capital gains exclusion in another way, especially the part about partial exclusions. I’ve always been confused by them. Even thought I’ve written about this here, I was still baffled about that part. And Paul came back in a big way. I am… | Read More…

The New, Higher VA Funding Fees for 2020


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Effective 1 January 2020, funding fees are increasing for home loans backed by the Department of Veterans Affairs (VA) home loan guaranty program. What Is The Funding Fee? The funding fee for home loans backed by a VA guaranty is designed to cover the costs of the program, including administration and default. You pay the… | Read More…

Hurricane Evacuations, Military Entitlements, and Insurance Coverage


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I am updating this article as I gather new information – come back for the latest details! There’s a hurricane headed to the east coast of the United States, and military bases are preparing. Many military families are wondering if they should evacuate, and when and if the military or their insurance company will help… | Read More…

Why Does My Mortgage Payment Change From Year To Year? How Mortgage Escrow Works


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One of the most confusing parts of having a mortgage is understanding how the payment on your fixed rate mortgage can change, usually every single year. In order to understand why your payment changes, you need to know your escrow account works. An escrow account is an account that pays different bills related to the… | Read More…

How To Get A Refund Of The VA Home Loan Funding Fee


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Home mortgages guaranteed by the Department of Veterans Affairs (VA) are a valuable benefit of military service. One of the characteristics of a VA-backed home loan is that you have to pay a funding fee when you get the loan. However, some folks are exempt from the funding fee. If you pay the funding fee,… | Read More…

Kate Rants: If Your Rental Is Not Making Money, Stop Saying “It’s A Good Investment”


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As a financial educator, and a military landlord myself, I spend a lot of time talking to military families about their rental houses. In almost all cases, these are houses that the family bought at a duty station, and then rented out when they PCSed away from the area. Maybe that was the plan all… | Read More…

BAH Rate Protection (or The Grandfather Clause)


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As the Department of Defense (DoD) released their 2019 BAH rates, this is a perfect time to review BAH rate protection, or “the grandfather clause.” Each year, the DoD does a thorough study of the actual costs to rent a house in each military housing area. They use that information to adjust BAH, with some… | Read More…

How Much Should Military BAH Pay For?


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I was at a really great military spouse event on Wednesday (thanks, USO!) and someone mentioned that BAH doesn’t always cover the cost of housing. It’s true that a lot of military families spend more than their BAH on housing. I hear things like this all the time, something along the lines of “I don’t… | Read More…

The Simplest Reason Why Renting Will Save You Money


This post may contain affiliate links, from which I may earn revenue to support this free site. All opinions are my own, and I only promote products that I use and love!

Airman Mildollar, the author of the Military Dollar blog, introduced me to a saying that has become my new favorite. “When you rent, you never pay more than you rent each month. When you buy a house, you never pay less than your mortgage each month.” Unfortunately, neither Airman or I know the source of… | Read More…

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Disclaimer

Kate does not represent the Department of Defense, the Department of Veterans Affairs, or any government agency. This blog is strictly for informational and entertainment purposes only. The content on this site should not be considered professional financial or legal advice. I may receive compensation through affiliate or advertising relationships from products mentioned on this site. All reviews on this site represent the personal opinions of the author. All references to third party products, rates, and offers may change without notice.