A VA Loan does more than lower your monthly payment; it actually helps you save money over the long run because of the low interest rates. If you are a qualified veteran looking to purchase or refinance your existing VA Loan, then you should definitely learn more about the program benefits. The amount of money you save certainly speaks for itself, so it is important to learn more about saving money through the VA.

Ways to Save with VA Loans

One of the best ways to save money is through the down payment. Did you know that most of the loans require very little or no money down, talk about saving money, that is certainly a great way to save. You also save money at closing by paying very little closing costs and fees. Conventional loans are very expensive to fully close, and VA Loans are certainly the exception to that rule. The only thing you might have to pay is the loan funding fee, and often times that fee is waived. So you can see that you save a large amount of money in closing costs. Interest rates alone are a great way to save money. For the most part, the loan only consists of the prime rate, which at present is running around 3.5 percent. Conventional loans with less than perfect credit can run anywhere from 7 to 10 percent. You can plainly see there are huge savings in the interest rate alone.

Working with MortgageDepot

If you are looking into VA Loans and are not sure where to start, talk our experts. We are a respected mortgage firm in New York State. We have a team of professionals that help you to fully maximize your savings through VA based loans.

Contact us today at 800-535-0270 for more information or email us here.

It is important to understand some of the complications behind VA financing if you are a veteran looking for a mortgage loan. First and foremost, the entire underwriting process is quite easy. There are minimal restrictions set forth when it comes to qualifying for a VA loan. The loan program was set up to make sure that veterans have easy access to mortgage financing after they serve their tour of duty. Nothing has changed to this point, and the complications are minimal at best.

How a VA Loan Becomes Complicated

One of the biggest myths describes a VA loan as too complicated to qualify. In actuality, nothing can be further from the truth. There are minimal guidelines when it comes to credit scores and various ratios. Conventional loans are extraordinarily complicated with multiple guidelines, but VA loans are straight forward and to the point. The process is now streamlined for VA loans, which is defined as minimal paperwork, straight forward credit reporting, and loan terms that are affordable. The only complication might relate to the amount of time served on active duty, but that particular problem is easily resolved through the Veterans Administration. There are certain rules that borrowers must follow, but those rules do not define eligibility if you are working with mortgage professionals.

Looking to MortgageDepot for Guidance

If a veteran is looking to obtain mortgage financing, then it is important to speak with a VA loan expert. We guide the borrower through the process and find terms that are quick, easy and affordable. We are able to lock in an interest rate that is unheard of with conventional loan financing. Our reputation throughout New York speaks for itself, and we will help with specific VA financing, it is the best move any veteran can make.

Contact us today at 800-535-0270 for more information or email us here.

Recently MortgageDepot Loan Officer Yury Gokhberg, with the expert assistance of mortgage loan processor Phoebe Bartholomew closed a complicated mortgage loan for a client with specialized financial needs.

The client’s financial needs required a “Piggyback or Combo” mortgage loan for a residence whose sales price was initially 760 thousand dollars — understanding that the structure of loan changes are established on Freddie Mac and Fannie Mae (Federal Mortgage programs) guidelines.

The initial loan offered was separated into two parts. Without this split, the qualifying criteria would have been more stringent based on federal government guidelines. By creating this split, the monthly mortgage price was substantially reduced, and the overall interest rate on the mortgage was also lowered significantly. Splitting these two loan products also eliminated the requirement for private mortgage insurance as well, resulting in thousands of dollars saved for the client.

By avoiding what is called a “jumbo loan” in the mortgage industry, substantial savings were achieved. MortgageDepot specializes in matching our clients with mortgage products that are best suited to their financial needs. Speak with a mortgage specialist at MortgageDepot to get pre-qualified on your home mortgage or to gain access to the equity in your home to pay off credit card debt, make repairs, renovations or to buy your first home. We’re here to help make those dreams a reality. Call us today; we’ll assist you in building your goal of homeownership into whatever you envision.

Contact us today for a FREE consultation at (800) 535-0270 or email us here.