If you are a Veteran who is considering purchasing a home, there's some good news. Premier Mortgage Resources (PMR) can provide the guidance you deserve! And with federally back VA Loans, fulfilling your dream of owning a home is not as challenging as you think.
The Veterans Administration provides insurance to lenders for added protection our Veterans and their families deserve.
Because the mortgage is guaranteed, lenders have added flexibility and can offer lower terms to applicants. The low interest rates compete and beat comparable conventional mortgage loan programs.
In addition to these savings, VA loans may also offer reduced closing costs and no repayment penalties.
Applicants of VA loans can also enjoy other housing-related benefits, including programs geared toward helping veterans with building, repairing or retaining their homes.
Click here to learn more about these loans.
Here are five ways VA loans will save you money.
Eliminate Private Mortgage Insurance
Unlike other loan programs that require a down payment, VA loans do not require private mortgage insurance. This can mean hundreds of dollars of savings every month.
Save Money Simply by Using a VA loan
Veterans who opt for a VA loan save money immediately. These low-risk loans allow lenders to pass on direct savings to applicants. Lower interest rates mean lower costs today and beyond.
There are no penalties for paying a VA loan off earlier than your loan documentation specified. This is unique when compared to other loan programs.
Get Ahead of the Game
VA loans make it easier to qualify for a loan, giving veterans the upper hand in competing in this market. A VA loan guarantees a portion of the mortgage, which means lenders may offer favorable terms.
Save that Down Payment for Something Else
With a VA loan, you can bypass the need for a down payment. Most borrowers are required to put down a substantial down payment – sometimes 20 percent – toward the purchase of a home. With a VA loan, that burden is lifted and allows you financial flexibility to pursue more dreams as a newly minted homeowner.
If you would like more information, make sure to contact us today!