I have worked in residential lending for over 10 years now and specifically with VA Home Loans. From sales to operations I have been fortunate to be a contributor to the currently number one ranked company for VA Loan Origination. There are many benefits to a VA Home Loan in comparison to alternative options during the purchase of your home as well as the life of the loan.
It’s very surprising to me to see how many eligible veterans don’t take advantage of the VA Home Loan benefit they’ve earned. VA Home Loans are guaranteed by The Department of Veterans Affairs and it’s one of the biggest financial benefits one can receive for their honorable service. This is also a benefit that once eligible for you will have for the rest of your life and possibly even your spouse in some cases.
VA Home Loan borrowers are extremely fortunate both at time of purchase as well as when they look to lower their interest rate by streamlining their loan. When purchasing a home using a VA Home Loan the most commonly known and cited reason for getting a VA Loan is NO DOWN PAYMENT. The VA Loan makes 100% financing available where most other mortgage options require a down payment. There are many more benefits that make VA Home Loans valuable and the eligible borrowers fortunate.
When VA Home Loan borrowers go to refinance and simply lower their interest rate to save money they have a huge benefit. Streamline refinance of a VA Home Loan requires NO APPRAISAL, this means that veterans can refinance their homes to lower interest rates even if they owe more than it’s worth. No other mortgage program will allow you to refinance if you’re upside down and have no equity in your home. No appraisal is the biggest benefit of refinancing a VA Home Loan.
I am extremely disappointed when I learn that a homeowner that is eligible for a VA Loan has another type of mortgage due to not knowing about VA Home Loans and especially when others (often professionals) convince them to not use their eligibility due to their inexperience with VA Loans. I have heard borrowers tell me that their Realtor told them not do utilize a VA Loan and the borrower ends up paying more in fees and monthly payments due to higher interest rates and private mortgage insurance. All of those things are controlled and avoided with a VA Home Loan.
It’s always saddening to hear an eligible veteran call in and respond to my advertisement aimed at veterans wanting to refinance their mortgage and lower their interest rate and be unable to qualify due to not having a VA Loan. Often times they find out they can be upside down and an appraisal is not required but that is only with VA Loans and only with a few VA Loan experts.
Don’t let anyone talk you out of your VA Loan benefit. There is not a better program available for financing your home. You are required to work with an approved VA Lender and not all of them are experts so make sure you work with the Best VA Loan Specialist’s in the country and save yourself time, money and frustration. You deserve to work with the best always. The many benefits associated with a VA Home Loan will save you thousands of dollars.