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Benefits of Having VA Mortgage Loan VA Mortgage Loan provides many beneficial services to military personnel and qualifying family members that may help ease the process of a home purchase. 1. 2. 3. 4. 5. 6.
No Down Payment No Mortgage Insurance The VA Guarantee Competitive Interest Rates No Pre-Payment Penalty Easier to Qualify
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No Down Payment Traditional loans can at times require a down payment of up to 20% for those who want to purchase a home, making it seemingly impossible to do so. With a VA loan, you will have no down payment, making the possibility of home ownership that much easier.
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No Mortgage Insurance When purchasing a home, it is often the case that you are required to purchase Private Mortgage Insurance (PMI), which can lead to additional monthly fees. With a VA Mortgage Loan, banks won’t require you to purchase PMI, as the government backs the VA loan.
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The VA Guarantee Despite the fact that this loan was created as a federal program, it is not typically funded by the government, but rather by private lenders. These lenders are encouraged to do so by the assurance of the Department of Veterans Affairs guaranty, which ensures the safety of their loans and any losses regarding them.
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Competitive Interest Rates Often banks need to weight the risks that they are taking in loaning money out, and when there are higher risks and no backings on a loan, the interest rates are less competitive on your home loan. With a VA loan, there is a guaranteed backing that assures lenders of a low risk, generally assuring a more competitive rate than with other loans.
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No Pre-Payment Penalty With a VA loan, there is NO payment penalty, ensuring you the ability to sell, refinance, or pay larger sums toward your mortgage without being hit with more charges and financial burden.
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Easier to Qualify Many typical loans can be extremely strict with their qualifications, causing many prospective homebuyers to be unable to own their own home. Due to the government backing and DVA guarantee discussed in point 3, banks and lenders are far more assured of their money’s safety, allowing them to be more flexible and less severe with their qualifications.
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Get more details athttps://www.drewmortgage.com/benefits-of-having-va-mortgage-loan-in -ma/ Also, if you are searching for VA Home Loan Lenders then visit Drew Mortgage Associates located in MA.
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DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/
Peabody Mortgage Lenders
Boston Mortgage Lenders
1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080
232 Commercial St Boston, MA 02109 Phone: (617) 523-3060
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