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Finding Out About Financing

When you start shopping for a car, you might be more concerned with additional features and specialty paint jobs than you are about the monthly bill. Unfortunately, the wrong financing can cost you dearly. Compound interest never sleeps, which means that you might be paying much more than you should if you work with the wrong lender. I want to help you to make great financial decisions, which is why I created this website. However, if you can remember a few tricks and keep those payments to a minimum, you can drive away with the car of your dreams without breaking the bank.

Finding Out About Financing

VA Home Loans? Important Benefits For First-Time Buyers

by Colleen Porter

Stepping into the role of a homeowner is an important part of building wealth for your future and your family. It is a well-known fact in the real estate and financial services industries that the purchase of a home is often the largest single investment that most families will ever make and thus a very important part of building their net worth. 

However, many families in this position experience trepidation about making such a large purchase. Many of the fears they experience are about qualifying for a mortgage and meeting and being able to afford the initial costs of purchasing a home. If you are a military service member or meet other qualifications for the VA home loan program and wonder whether you should or shouldn't buy a home, the following information may help to relieve your concerns and ease you into becoming a homeowner.

Down payments are not required to qualify

The young adulthood years for singles, couples, and growing families are often filled with financial ups and downs related to starting a career or becoming a parent. Low starting salaries, student loan payments, and the costs of rent, food, and utilities can make it difficult to save a large sum of money for the down payment needed to qualify for most home loan programs. One of the most important benefits of the VA home loan program is that it is truly a zero-down home mortgage option. 

Closing costs can be rolled into the loan amount

According to one prominent real estate industry database,  the current average closing cost amount for home loans in American is around $3,700. For young adults and families, saving several thousand dollars to cover this cost, plus moving expenses, utility and service fees, and miscellaneous costs incurred during the average move, can seem just as impossible as saving for a large down payment.

Because of the way the VA home loan is structured, closing costs can usually be financed along with the purchase price, allowing buyers to close with little or no cash of their own. 

Quality standards are part of the plan

Another important buyer benefit found in a VA home loan is the fact that every home is put through a rigorous VA appraisal process to help ensure that it meets quality standards. This allows buyers to have more confidence in the home they are buying and helps them avoid maintenance and repair costs as new homeowners. 

To learn more about VA loans, make an appointment to speak with a qualified lending professional in your area.