The Advantages Of VA Loan
When it’s time to buy a new home, VA loans offer those who qualify some of the best advantages available on the mortgage market today. These specialized loans for America’s veterans put homeownership within reach by offering low interest rates, no money down options and more.
At MyVaRefinance.net, we are proud to specialize in VA home loans. We offer a variety of solutions for our clients and offer the service and respect our veterans deserve. MyVaRefinance.net was founded on the principles of The Golden Rule and we take our promise to deliver the best in service seriously.
So, why should you consider VA home loans or a VA refinance?
As a result of changes to the mortgage industry, options for a conventional loan with $0 down have evaporated and VA loans are one of the only $0 down home loan options still available.
You can also save money each month since you do not have to pay PMI. PMI is private mortgage insurance and can cost hundreds of dollars per month. Plus, you can even qualify for lower VA mortgage rates by using your VA benefits.
Some people believe a VA loan involves red tape and requires more work. We specialize in VA loans and have streamlined the process to save you time and money. This is why so many families take advantage of their VA benefits and get a VA home loan instead of a conventional loan.
Down Payment - VA Offers $0 Down
In today's market, banks are generally asking for 10-20% down on a conventional loan. Because VA loans are backed by the federal government, banks do not require a down payment making a VA loan one of the only loan programs that can still offer 100% financing.
Monthly Payment - Save Big Every Month
Since the loan is backed by the government, banks do not require PMI (private mortgage insurance), an added monthly expense required for conventional loans where the borrower finances more than 80% of the home's value. Banks will also offer a lower interest rate to a VA borrower (typically 0.5%-1.0% reduction vs. conventional). Interest rates are based on the banks’ capital risk should the loan go into default, but because a VA loan is backed by the government the bank takes less risk and is able to offer a lower interest rate to you. A lower rate combined with no PMI can substantially lower your monthly payment as seen in the chart below.
A Streamlined Process
Many people believe VA home loans may require more work on their part. While that may be true if you work with a local broker, we specialize in VA loans and have developed a streamlined process for you. This saves you time while also cutting out the red tape so you can take advantage of your benefits and save money today.
Qualification Standards - VA is More Lenient
The qualification standards for each loan type are very different. Once again, because the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA loans making them easier to obtain.
It is important to know the differences between the loan types and understand your options. Please feel free to explore our website and see why VA mortgage rates are among the best in the industry. When you’re ready to begin the process to obtain a loan to finance your dreams, just fill out our 30-second request form. We consider it an honor to help America’s veterans make their dreams come true.
At MyVaRefinance.net, we are proud to specialize in VA home loans. We offer a variety of solutions for our clients and offer the service and respect our veterans deserve. MyVaRefinance.net was founded on the principles of The Golden Rule and we take our promise to deliver the best in service seriously.
So, why should you consider VA home loans or a VA refinance?
As a result of changes to the mortgage industry, options for a conventional loan with $0 down have evaporated and VA loans are one of the only $0 down home loan options still available.
You can also save money each month since you do not have to pay PMI. PMI is private mortgage insurance and can cost hundreds of dollars per month. Plus, you can even qualify for lower VA mortgage rates by using your VA benefits.
Some people believe a VA loan involves red tape and requires more work. We specialize in VA loans and have streamlined the process to save you time and money. This is why so many families take advantage of their VA benefits and get a VA home loan instead of a conventional loan.
Down Payment - VA Offers $0 Down
In today's market, banks are generally asking for 10-20% down on a conventional loan. Because VA loans are backed by the federal government, banks do not require a down payment making a VA loan one of the only loan programs that can still offer 100% financing.
Monthly Payment - Save Big Every Month
Since the loan is backed by the government, banks do not require PMI (private mortgage insurance), an added monthly expense required for conventional loans where the borrower finances more than 80% of the home's value. Banks will also offer a lower interest rate to a VA borrower (typically 0.5%-1.0% reduction vs. conventional). Interest rates are based on the banks’ capital risk should the loan go into default, but because a VA loan is backed by the government the bank takes less risk and is able to offer a lower interest rate to you. A lower rate combined with no PMI can substantially lower your monthly payment as seen in the chart below.
A Streamlined Process
Many people believe VA home loans may require more work on their part. While that may be true if you work with a local broker, we specialize in VA loans and have developed a streamlined process for you. This saves you time while also cutting out the red tape so you can take advantage of your benefits and save money today.
Qualification Standards - VA is More Lenient
The qualification standards for each loan type are very different. Once again, because the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA loans making them easier to obtain.
It is important to know the differences between the loan types and understand your options. Please feel free to explore our website and see why VA mortgage rates are among the best in the industry. When you’re ready to begin the process to obtain a loan to finance your dreams, just fill out our 30-second request form. We consider it an honor to help America’s veterans make their dreams come true.
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