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VA Home Loan & Refinance Rates

By Dewittwalkins Subscribe to RSS | May 22nd 2012 | Views:
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The supportive and beneficial measures taken from the part of the Dept. of Veteran Affairs of United States to the military veterans of America for providing them the long term home loan facilities are included under the VA mortgage category. Compared to the usual mortgages, refinance and its rates, VA loans are having many differences in its formalities eligibility criteria.

The approval and disbursement of VA loans are not directly done by the Veteran Affairs, instead there are VA approved home loan lenders who are responsible in conducting the eligibility formalities other processes. The guarantee by the US government enables the lenders to provide lower interest rates to the veterans. The Certificate of Eligibility should be applied by the borrowers by filling up a VA form along with the proof of military service. The spouse of the veteran is also eligible for availing this loan. There are flexible loan period schemes in which the interest rate also varies according to the tenure of the loan. The absence of down payment is the most important feature of the VA home loans. Also there is no need for qualifying the private mortgage insurance here but reasonable credit worthiness should be guaranteed by the person who avails this loan.

The VA home loan rate varies based on the existing market rates and the borrower can think of keeping the interest at a reduced rate by paying more upfront payment or through buy down percentage. The buy downs will help you to avail the VA rates which are below the market interest. The mortgage bond market is one of the influencing factors where the variations in the VA mortgage interest rates are depending on the former. Hence the investment decision of the investors also affects the mortgage interest rates. Your intentions to gain the prompt return on investments can be realized within a period of 7 to 10 years.

VA refinance is said to be a great relief for the veterans who would like to reduce their current high interest burden. The refinance will help them to lower down their monthly pay out and enable them to save a pretty good amount as part of their investment. The conversion of the old VA loan to a new one will enable them to build up their liquid money in the long run as savings. Here the easy formalities required by the lender will shorten the refinance process without much lengthy formalities. The margin in the VA mortgage refinance rates is absolutely fortune for the veterans or their spouse as this additional income gain through the refinance process can be sensibly used for their other household purposes. Hence such rational use of opportunities in the mortgage loan market can release them from high interest burdens.

This Article Content is Taken From this Website: http://www.ideamarketers.com/?articleid=3255531&CFID=179704609&CFTOKEN=92792957

Dewittwalkins - About Author:
We have over 20 years experience in originating VA Loans. Dealing with professionals who take the time to fully educate you on the process makes all the difference. We have developed a proprietary consultation and folder to provide you to ensure that all mission critical information is covered. For more details about home mortgage loans and va mortgage loan rates please contact us.

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