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Can I borrow more than the value of my home with a VA Loan?

Can I borrow more than the value of my home with a VA Loan?

Can I Borrow More Than the Value of My Home with a VA Loan

The good news for veterans who are VA Loan eligible is the VA does not place a cap on the amount of money you can borrow. However, many veterans ask if they can borrow more than the overall value of the home. Unfortunately, the VA will not back any extra money you obtain that is higher than the value of the home. If you want to obtain more than the house is worth, you will have to negotiate with the private lender without the backing of the VA.

Why Should I Obtain a VA Loan if I cannot Borrow More Than the House is Worth

One of the biggest reasons you should obtain a VA backed loan if you are a qualified vet is the amount of generosity afforded within the loan. The VA does not require that you put any money down on their loans. That is unheard of in the world of conventional loans. You are practically guaranteed the prime interest rate on your loan. The current prime rate stands at 3.5 percent. Most conventional loans for those with a marginal credit score the interest rates can run anywhere from 7 to 10 percent. You can also finance 100 percent of the home’s value with no down payment. This too is unheard of in the world of conventional loans.

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

When purchasing a home, does the VA Loan allow for cash back options?

When purchasing a home, does the VA Loan allow for cash back options?

When you purchase a home through a VA Loan, there are options for you to choose from to obtain cash back. If the value of your home has increased since the purchase date, you now have positive equity in your home. However, if you are looking for cash back at closing during the buying process, this does not occur. You actually need to have “a little skin in the game” before the loan will close and fund. You can obtain cash back through traditional home equity loans offered by the Veterans Administration.

Cash Back from VA Loan Programs

There are two different loan programs offered by the VA that affects your current mortgage. You can apply for a VA Refinance after six months on ownership. This program allows you to basically trade one loan for another with a lower interest rate. It is normally referred to as a VA to VA loan. There is no cash back on the loan but you are obtaining a lower interest rate. You can also apply for a VA Cash Out Refinance. With this program, you can extract the equity in your home in the form of cash. It means you will have an entirely new loan with a new rate and term. The interest rates remain low and the cash out refinance does not require any money down on your part.

Using MortgageDepot for Help

We are a leading mortgage firm based out of New York. If you do not feel comfortable trying to negotiate with the lender, then you need to get us involved. We are mortgage experts with a professional team of loan experts. We guide you throughout the entire process, and rest assured you will receive all the benefits you deserve as a veteran.

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

What’s next after closing

What’s next after closing

Post Close Correspondence

Several similar-looking letters may be received by the Borrower post-close containing information regarding:

  • Servicer changes
  • Payment address changes
  • Loan number changes
  • It is extremely important that home-owner read each correspondence individually in date order and follow the instructions on the most recent communication

First Payments

Borrowers should refer to the first payment letter that is in their closing package for their first payment due date.

  • If you do not receive a statement in the mail before your first payment date, payment should be remitted to the address on the first payment letter
  • If you do receive a statement in the mail before their first payment date, payment should be remitted to the address on the statement
  • Due to statement delivery rules, borrowers may receive two statements for the same payment. In this case, you should read all correspondence individually and follow the instructions on the most recent communication

If the borrower is unsure, you can direct questions to 800-535-0270 or send an email to support@mortgagedepot.com

Thank you for choosing MortgageDepot.

Can the VA Loan help me lower my monthly bills?

Can the VA Loan help me lower my monthly bills?

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.

multi family

How Complicated is VA Financing?

How Complicated is VA Financing?

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.

MortgageDepot Piggyback Loan Closing

MortgageDepot Piggyback Loan Closing

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.

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