Are you getting ready to buy a house? Maybe you were in the armed forces. VA loans offer many advantages. You can also find several choices.

Refinance or purchasing

You can buy a house with a VA mortgage loan. Did you know that you can refinance your current VA mortgage? You can get ninety percent of your original loan amount.

Streamline

You can get a fast and simple refinance with a streamline loan. There may not be many papers to sign. Things like credit checks and appraisals may not be needed. This will lower your current VA mortgage interest. You can also take equity out.

Adjustable rate

You can receive a VA adjustable rate mortgage. Interest will be steady for the first few years. It will never go above five percent of the original amount.

How do VA mortgages work?

Special loan programs are available to veterans that qualify. Part of the loan is guaranteed by the U. S. Government. This amount is called the entitlement. The maximum entitlement is $60,000. This is available for loans over $144,000. For less than that, the entitlement is $36,000. This amount will vary depending on the size of the mortgage. Entitlements are only paid in case of loan default. It is not an amount of money due the veteran. You will also need a certificate of eligibility. This comes from the VA office. Your loan company may be able to get your certificate for you.

Advantages to VA mortgages

You may not have to come up with down money. Some loan companies may want as much as twenty percent for a conventional loan. This can make a big difference.
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You will pay no private mortgage insurance. PMI is insurance for the lender. Suppose you put down less than twenty percent down payment. You are a higher risk to the lender. To allow for that, you must pay PMI. This will make your house payment higher. You will pay this until you have paid off twenty percent of your loan. This will make your VA loan cheaper.

There will no prepayment penalties. Often times, lenders will make you pay a fee if you pay a loan off too soon. This helps to make up for lost interest money.

It may be much easier to qualify for your home loan. Lenders will also let the seller pay all of your closing costs. This can get you into a house with virtually no out of pocket expenses.

Bad side

Many times the lender will ask the seller to pay all closing costs. However, they may not accept.

VA mortgage loans may take longer to process and complete. This may make some sellers hesitant to do business with you.

You will have to pay a funding fee on your loan. When it closes, your fee can be two percent or more of the loan amount. This can be added to your loan.

Final thoughts

VA loans can serve many purposes. Take all of the choices into consideration. Talk to a lender to get more details.

If you looking for VA home loans your one stop should be www.myvarefinance.net. All your questions about VA loanswill be answered here.