When selecting a path toward owning a home, many of the veterans wonder why a VA Homeloan is more suitable than other conventional loan. Eligible veterans who qualify really should make use of the VA homeloan due to the enormous sum of money saved, a VA homeloan is much more manageable than most conventional loan.
What most veterans should know about is that a VA homeloan is an excellent investment tool for them. Primarily because there is ease in access to mortgage products, there is absolutely no down payment and PMI involved. With those advantages, veterans can forgo many years of renting for years of equity. Consider the factors that go with determining your VA loan mortgage. The information above applies to you if you are looking at buying a home or considering a VA Refinance. Your credit history is very important.
A VA homeloan is the best choice for veterans who are planning on buying a new home. It can offer you money saving benefits. Listed below are the advantages of VA homeloan.
1. No Down Payment. With VA homeloan there is no up front cash expenses because VA loan does not require a down payment and the seller is usually allowed to pay the closing costs for you.
2. No PMI. VA does not require PMI saving you thousands of dollars each month.
3. No Out of Pocket Closing Costs. Other conventional loan requires up front fees for processing which run up to 3% of the amount of the loan. With VA homeloan, you do not need to pay any closing cost mainly because it allows the vendor to pay them.
4. No Prepay Penalty. For early loan pay offs there is no need to pay a fee unlike most conventional loans.
5. Low Interest Rate. VA loans offer affordable monthly interest rate.
6. Assumable Mortgage. Mortgage is transferable in VA homeloan. In this manner, you can sell your home especially if the interest rate is lower than the current interest rate.
7. Licensed Appraiser. VA assigns a licensed appraiser to estimate your existing home value. For most conventional loans, lenders have the freedom to choose an appraiser costing you a lot of money.
8. Adjustable Rate & Fixed Rate Mortgage. Adjustable rate loan have lower interest rate from the beginning and gradually increase as time passes. Interest rate changes annually to the current interest rate. Whereas, fixed rate loan stays the same till the loan is completed.
9. Disabled Veterans Benefit. For 100% service connected disability, a veteran may be eligible for a $50,000 grant for adapting a home to accommodate disability.
So why should you choose VA Homeloan. Simply because a VA loan program helps active duty and retired military personnel to purchase homes with no down payment, competitive interest rate without having you to pay any mortgage insurance protecting you from other predatory conventional loans.
Considering a VA home loan? Learn more about how to take advantage of our VA financing and in just 2 minutes we will offer you as many as4 VA loan offers. Get started today!
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