If you or someone you love qualifies for a veterans affairs loan, you will want to learn as much about them as possible. Commonly abbreviating as VA loan, veterans affairs loans are loans offered to veterans that do not require a down payment.
But to be honest, they never really talk much about what refinancing does. Is it really helpful? What fees will be incurred because of it? What can refinancing do to your credit?
It is important to note that you can still qualify for a va loan if you served on the Reserves or the National Guard, but you had to have served for six years or more.
Spouses (who have not remarried) of POWs, MIAs, and Reserve and Guard members are also eligible to receive a va loan, if they meet the basic qualifications for the loan.
Your first financing refers to the initial loan taken out. That's the loan that made your expensive purchase possible.
Government retirement checks can be nice as well. The extent to which these benefits are given is largely determined by the length of service and rank obtained by the veteran in question.
This act extended many different kinds of benefits to veterans. Because of this Act in 1944, the Veterans Affairs office can guarantee or insure business, home, and farm loans made to veterans by lenders and institutions. Since this program has been in existence, the VA office of the government has insured about 18 million loans to veterans. The VA office can make direct loans if a veteran wants to buy or build a home or farm.
The lender has the right to walk in and repossess his or her property. In the case of a car, it could simply mean taking an expensive vehicle away.
In 1970, the Veterans Housing Act was passed. This act removed all termination dates from the application process for VA-guaranteed housing loans.
This made it easier and less stressful for veterans to secure housing loans. Additionally, this amendment made it possible for veterans to secure loans on mobile homes.
In regards to your credit score, your credit shouldn't be hurt too much by a single refinance. If, however, you make it a habit of refinancing credit cards, your credit report will be pulled in excess as well (hurting your credit). A single refinance for a VA home loan won't hurt you too much. Multiple will though, so use this option only when you need to.
Refinancing and second mortgages are available if needed. Loan rates are pretty set. The rules of the VA loan are very straight forward. You know what you're getting into.
With a va loan, the government usually does not actually give direct loans under the act. The government simply guarantees loan provided by other lenders and institutions.
Weight your options before making a final decision. You could either end up with a life-saving deal, or a monster of debt.
But to be honest, they never really talk much about what refinancing does. Is it really helpful? What fees will be incurred because of it? What can refinancing do to your credit?
It is important to note that you can still qualify for a va loan if you served on the Reserves or the National Guard, but you had to have served for six years or more.
Spouses (who have not remarried) of POWs, MIAs, and Reserve and Guard members are also eligible to receive a va loan, if they meet the basic qualifications for the loan.
Your first financing refers to the initial loan taken out. That's the loan that made your expensive purchase possible.
Government retirement checks can be nice as well. The extent to which these benefits are given is largely determined by the length of service and rank obtained by the veteran in question.
This act extended many different kinds of benefits to veterans. Because of this Act in 1944, the Veterans Affairs office can guarantee or insure business, home, and farm loans made to veterans by lenders and institutions. Since this program has been in existence, the VA office of the government has insured about 18 million loans to veterans. The VA office can make direct loans if a veteran wants to buy or build a home or farm.
The lender has the right to walk in and repossess his or her property. In the case of a car, it could simply mean taking an expensive vehicle away.
In 1970, the Veterans Housing Act was passed. This act removed all termination dates from the application process for VA-guaranteed housing loans.
This made it easier and less stressful for veterans to secure housing loans. Additionally, this amendment made it possible for veterans to secure loans on mobile homes.
In regards to your credit score, your credit shouldn't be hurt too much by a single refinance. If, however, you make it a habit of refinancing credit cards, your credit report will be pulled in excess as well (hurting your credit). A single refinance for a VA home loan won't hurt you too much. Multiple will though, so use this option only when you need to.
Refinancing and second mortgages are available if needed. Loan rates are pretty set. The rules of the VA loan are very straight forward. You know what you're getting into.
With a va loan, the government usually does not actually give direct loans under the act. The government simply guarantees loan provided by other lenders and institutions.
Weight your options before making a final decision. You could either end up with a life-saving deal, or a monster of debt.
About the Author:
Government Loan Pro is a licensed VA and FHA mortgage broker and we can provide a large variety of VA home loan options for you and your family. We make it easy to find refinancing options for your VA home mortgage loans, great rates on purchasing loans, and we'll connect you to the mortgage lender who can answer your questions and help you make the decisions that fit your financial needs.
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