VA Mortgage: Is It Right For Me? | Articles Bright

Shopping for a VA Mortgage and asking lenders for their current rate is a lot more complicated than buying a phone. VA loans are guaranteed by the Veterans Administration and insure the lender from loss. Take note that VA mortgage rates are not issued by the VA, but by lenders.

For the individuals who qualify for a VA Mortgage the following are the three core advantages offering money saving opportunities.

1. Big Financial Savings

VA loans are special because of the no down payment, no PMI and low interest rate offers. The no down payment option can ease the burden of saving for home when most conventional loans requires one to put 10 to 20% down payment. VA loans are truly no money down loans. You now have the option to put down money to lower your monthly payment, however are definitely not required to do so. Low interest rate that are between 0.5 to 1 percent lower than other conventional loans. Also there is no need for private mortgage insurance, saving you as much as $100 monthly.

2. Flexible Loan Type

VA loans offer two types of loan. It can either be Adjustable Rate Mortgage (ARM) or the Fixed Rate Mortgage type. Adjustable rate mortgage are designed for the low to moderate income families while in fixed rate loan interest rates stay the same for the term of the loan could be 15 or 30 years.

3. Easy Credit Approval

With VA loans there will be no set credit history requirement. The approval concentrates on the debt to income ratio and not your prior credit standing.

VA Mortgage is merely applicable to owner occupied type of residences. It is not recommended to use your VA Homeloan for vacation type properties. Look around to see if the grass is greener with other lenders. Always compare costs and getting the best deal is often wise. Knowledge is your best weapon when deciding what VA mortgage is suitable for your needs.

VA-loan.org a non government agency that specializes in VA home loan and VA financing for active military personnel and veterans like you. Apply now for your mortgage loan and receive a cost-free quote from us today.

Source: http://articlesbright.com/finance/va-mortgage-is-it-right-for-me

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