Get VA Loan Mortgages and Save Money for Other Purposes
Veterans and those in active military service don’t need to worry about buying a house or bringing their monthly amortization down through the VA mortgage loan rates. Sadly, not too many soldiers and veterans are taking advantage of this opportunity mainly because they don’t understand the whole concept. This fear is not warranted even after the scare created when the housing bubble erupted in the U.S. rendering hundreds of thousands homeless and the term ‘refinancing’ took on a whole negative connotation.
Why is a VA loan rate affordable?
This forms part of the VA home loan guarantee program following the enactment of the GI Bill of Rights in 1944. But rather than releasing loans to millions of veterans and soldiers, the Department of Veterans Affairs instead is offering to shoulder a portion of the loan to allow banks and mortgage companies to extend the loan even to borrowers saddled with debt. The aim is to allow veterans and soldiers to “purchase and retain homes in recognition of their service to the Nation.” This program however doesn’t bind these private lending institutions into giving you the loan because what it does is to assume part of the risk of default.
What are the benefits of a VA mortgage loan rate?
The obvious benefit is your credit score wouldn’t matter much. In fact, most borrowers who inquire about VA loan mortgage rates won’t even be considered for an interview if they apply for a conventional loan. Also, you can get your house at zero down payments and pre-qualify for up to $729,000 either in refinancing or new purchase in some selected locations. You also don’t need to worry about closing costs and funding fee because they can be incorporated into the loan. In fact, you can have the seller assume at least 6% of the total closing cost.
Inquire about VA mortgage loan rate today
But first you must contact the Department of Veterans Affairs to secure your eligibility certificate. That’s an important document for private lending institutions to consider you. If you don’t know how, some lenders will walk you through all the requirements. After the usual background check on your credit score and income, the final closing will take not even an hour to have all papers signed and delivered. You don’t have to lose sleep on whether or not you can keep your house or buy a new one. Inquire about the VA loan rate that’s best for you.
Published by Alesia Ace on May 1st 2012 | Loans
Published by Aldis Roy on June 8th 2012 | Loans
Published by Aston Martin on December 22nd 2011 | Loans
Published by Alex Abigil on November 28th 2011 | Loans
Published by Jaken Smeth on July 24th 2012 | Loans
Published by Malen Cheks on May 10th 2012 | Loans
Published by Dalton Erwin on March 28th 2012 | Loans
Published by Nain Seek on January 7th 2012 | Loans
Published by Terry Schow on December 29th 2011 | Loans
Published by Thomas Symends on May 26th 2012 | Loans
Published by Thomas Parker on January 4th 2012 | Loans
Published by Johnty Bert on May 23rd 2012 | Loans
Published by Aldis Roy on May 26th 2012 | Loans
Published by Karen Rase on July 3rd 2012 | Loans
Published by Peter Paul on December 22nd 2011 | Finance
Published by Johnty Bert on July 11th 2012 | Loans
Published by Andrew Watson on December 30th 2011 | Finance
Published by David Hassia on April 4th 2012 | Loans
Published by David King on January 5th 2012 | Loans
Published by Karen Rase on June 13th 2012 | Loans