Like most things in life that we commit to, such as buying a car, purchasing appliances, signing a contract for a job or any other types of things, there are many promises that come with that contract or purchase. With a car or household appliances, the promise may be that it has a wonderful warranty. When signing a contract with a job, there are promises of pay, insurance and vacation or holiday pay. The trick with all of these things is that when you really get down to needing to use the warranty, there can be detailed questions that you don't have the answers for. It can be a matter of where do I go to get the warranty work done, what is the co-pay and what is and isn't covered. With work benefits it can be that there is unforeseen paper work required to get the insurance.
As a veteran of the military you were probably told that there would be benefits of home loans, interest rates and other benefits as a veteran. Now the question is how do I take advantage of the benefits of serving our country and once you get into the veteran loan you might have many other questions? Let's go through some of the common questions and answer some of those questions so that you can be prepared to take advantage of your benefits:
1. How do I know if I can apply for a veteran loan? It can be a little complicated and there are different time frames that need to be considered, but if you have an honorable discharge or are on active duty right now it is worth looking more into to see if you qualify. Moreover, if you are the widow or widower of a veteran, you are likely to qualify. You can find this information on different websites, but visiting the veterans affairs site is likely your best source to get the specifics.
2. How can you apply for the loan once you have decided that you do qualify for a veteran loan? The best thing is to find a company that specializes in veteran loans and apply. There are many ways to tell if a company is good to deal with and testimonials are a great way to know if a company is good to work with. Ones that only specialize in veteran loans are definitely a good direction, because they focus their efforts specifically on helping veterans.
3. Can I pay off my loan early? Veteran loans do not have any pre-payment penalties and can be paid off whenever you want to pay them off.
4. Can I be self employed and still get a loan? Yes. Sometimes there are more specific requirements to qualify for the loan, but veteran loans are definitely an option for self employed individuals.
5. How do I know how much equity I have in my home? This is the value of the actual real estate minus the balance owing on the home. If there are any debts against the property they must be paid in full before the equity can be borrowed
against.
6. How do I know what my interest rates will be? Rates are based on the type of the loan, your credit history an income, value of the property and the number of points you are willing to pay. Generally with veterans loans the interest rates are lower than the national interest rate because the government strives to give veterans the best rates available.
7. What will a loan cost? If you find the right veteran loan company they will give you the up-front application fee for free. There are typical fees that apply to loan processing and closing. Some of those fees for the lender are:
- Inspection fee (newly constructed home loans)
- Underwriting fee
- Document preparation fee / review fee
- Tax service fee
- Mortgage insurance
Title Charges can include:
- Attorney's fees
- Title insurance
- Transfer tax (excludes refinances)
- Recording tax
Miscellaneous charges:
- Property survey
- Termite inspection
- Prepaid expenses (not part of the actual cost of the loan, but included with payment)
- Prepaid interest (interest that accrues between closing and the end of the closing month)
- Homeowner's insurance
- Real estate taxes
8. Can I get a loan with Bad Credit? This is a very common question, especially with the ways of the economy right now. Many are trying to do the best they can and need to get in a home. Unfortunately there are times that we get behind 30 days on something, but have good intentions. The good news is that you can get a loan with bad credit. Veteran loans actually have no FICO score requirements.
Each loan is looked at on a case by case situation and can be approved by a VA underwriter. It is important to find a veteran loan company that is willing to make every effort to help you purchase a home refinance or get a second mortgage to consolidate your bills. You will want someone who is willing to go the extra mile and look at every option for you.
With these questions answered you should take comfort that it is worth looking into a veteran loan for you and your family. You have served our country and now it is time to take advantage of the services that are offered to you and your family for the sacrifices that all of you have made. Recognize that no matter what your situation is it is important to apply and give it a try.
Remember that those that specialize in veteran loans are working for you. They want to see you succeed and get into that new home that you have dreamed of, make those home improvements that will help you save money, refinance your home so that you are getting the best rates possible, consolidate your debt so that it is easier for your family to afford your monthly bills and many other services that are available to veterans to make their life easier and more pleasant.
Go look, find a company that specializes in veteran loans and get the assistance you need.
As a veteran of the military you were probably told that there would be benefits of home loans, interest rates and other benefits as a veteran. Now the question is how do I take advantage of the benefits of serving our country and once you get into the veteran loan you might have many other questions? Let's go through some of the common questions and answer some of those questions so that you can be prepared to take advantage of your benefits:
1. How do I know if I can apply for a veteran loan? It can be a little complicated and there are different time frames that need to be considered, but if you have an honorable discharge or are on active duty right now it is worth looking more into to see if you qualify. Moreover, if you are the widow or widower of a veteran, you are likely to qualify. You can find this information on different websites, but visiting the veterans affairs site is likely your best source to get the specifics.
2. How can you apply for the loan once you have decided that you do qualify for a veteran loan? The best thing is to find a company that specializes in veteran loans and apply. There are many ways to tell if a company is good to deal with and testimonials are a great way to know if a company is good to work with. Ones that only specialize in veteran loans are definitely a good direction, because they focus their efforts specifically on helping veterans.
3. Can I pay off my loan early? Veteran loans do not have any pre-payment penalties and can be paid off whenever you want to pay them off.
4. Can I be self employed and still get a loan? Yes. Sometimes there are more specific requirements to qualify for the loan, but veteran loans are definitely an option for self employed individuals.
5. How do I know how much equity I have in my home? This is the value of the actual real estate minus the balance owing on the home. If there are any debts against the property they must be paid in full before the equity can be borrowed
6. How do I know what my interest rates will be? Rates are based on the type of the loan, your credit history an income, value of the property and the number of points you are willing to pay. Generally with veterans loans the interest rates are lower than the national interest rate because the government strives to give veterans the best rates available.
7. What will a loan cost? If you find the right veteran loan company they will give you the up-front application fee for free. There are typical fees that apply to loan processing and closing. Some of those fees for the lender are:
- Inspection fee (newly constructed home loans)
- Underwriting fee
- Document preparation fee / review fee
- Tax service fee
- Mortgage insurance
Title Charges can include:
- Attorney's fees
- Title insurance
- Transfer tax (excludes refinances)
- Recording tax
Miscellaneous charges:
- Property survey
- Termite inspection
- Prepaid expenses (not part of the actual cost of the loan, but included with payment)
- Prepaid interest (interest that accrues between closing and the end of the closing month)
- Homeowner's insurance
- Real estate taxes
8. Can I get a loan with Bad Credit? This is a very common question, especially with the ways of the economy right now. Many are trying to do the best they can and need to get in a home. Unfortunately there are times that we get behind 30 days on something, but have good intentions. The good news is that you can get a loan with bad credit. Veteran loans actually have no FICO score requirements.
Each loan is looked at on a case by case situation and can be approved by a VA underwriter. It is important to find a veteran loan company that is willing to make every effort to help you purchase a home refinance or get a second mortgage to consolidate your bills. You will want someone who is willing to go the extra mile and look at every option for you.
With these questions answered you should take comfort that it is worth looking into a veteran loan for you and your family. You have served our country and now it is time to take advantage of the services that are offered to you and your family for the sacrifices that all of you have made. Recognize that no matter what your situation is it is important to apply and give it a try.
Remember that those that specialize in veteran loans are working for you. They want to see you succeed and get into that new home that you have dreamed of, make those home improvements that will help you save money, refinance your home so that you are getting the best rates possible, consolidate your debt so that it is easier for your family to afford your monthly bills and many other services that are available to veterans to make their life easier and more pleasant.
Go look, find a company that specializes in veteran loans and get the assistance you need.
Art Gib
Low VA Rates (http://www.lowvarates.com) specializes in offering veterans loans at the lowest rates available. Veterans can apply for pre-qualification online or check their eligibility for veterans loans within minutes. Art Gib is a freelance writer.
View all articles by Art Gib