Are you a Veteran or an active military service member who dreams of having their own house someday but is worried about the finances?
Well, worry no more as Elite Mortgage Source LLC can get you a suitable VA mortgage loan to fulfill your dream.
Whether you’re an active member in the military, a veteran, a survivor, or their surviving spouse, you deserve to have your own space that you can call home and own it by all means, just like any other US citizen. The financial system and governance acknowledge your services and contributions to national defense and the struggles you endure during your service tenure. Hence, they offer one of the best mortgage loans, called VA loans, so that you and your family can cherish the pleasure of homeownership and make your dreams into a reality without undergoing financial crunches.
Here are some of the most appealing benefits of VA loans that help you buy your dream house within a short period of time:
No Down Payment
For traditional mortgage plans, 5-20 % is a down payment barrier for a lot of home buyers. The standard payment for a home worth $200,000 at the rate of 20 percent is $40,000, which is a mind-boggling sum for most families to afford or save up. But there are no down payment requirements for VA loans, which means that you can start living in your new, dream house sooner.
Low-Interest Rates
Interest rates on home loans can skyrocket your monthly mortgage repayments and add up to an insane amount of money, becoming a lump in your throat as it takes years to pay off all that money. The good part about VA loans is that they’re partially backed by the VA, enabling lenders to offer more flexible loans than conventional mortgage loans and thereby issue VA loans at lower interest rates which helps save you a good deal of money every month.
Strict Restrictions On Closing Costs
For conventional mortgage loans, closing costs add up exponentially into a massive amount. However, there are strict limitations placed on VA loans. These limits ensure that the applicant does not have to pay a fortune at closing, and their money can be used for their other needs. This makes VA loans a lot more convenient for surviving spouses and disabled service members.
No Early Payment Penalty
In many mortgage plans, if you pay off your mortgage earlier than due, you may be penalized for that. However, there are no such concerns when it comes to VA loans, and you won’t be penalized for making early payments and going ahead of your schedule.
No PMI
Another good thing about VA loans is that you don’t need Private Mortgage Insurance (PMI) even if you seek a loan for the whole appraise value of a residential property. This makes VA loans a more flexible and affordable mortgage option.
The Bottom Line
VA loans are more like a signature mortgage option and one of the most desired loans for their immense flexibility and easy conditions. It’s always better to seek a reliable cape coral mortgage broker for better details and expert advice regarding the process.
