Pittsfield, MA -- (SBWire) -- 05/01/2013 --Real-estate-yogi.com has information about the entire veterans’ mortgage process, and would like to share it now, including:
- VA Certificate of Eligibility
- No Money Down Refinances
- Where to Apply
- General Tips
Obtain a Certificate of Eligibility
The first step in getting Veterans’ Administration mortgage loans is to apply for a VA Certificate of Eligibility. Obtain VA form 26-1880, which is the application, and be ready to provide either years of active duty after 1940 or discharge papers describing what kind of discharge one received. Send these to any VA Eligibility Center. After receiving the Certificate of Eligibility, go house hunting, find a “dream home,” and sign a purchase agreement.
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Perks of VA Mortgage Refinance
There are several pluses to getting a VA mortgage or refinance, one of which is a low down payment or no money down at all. Veteran refinance mortgage rates are considerably lower than those of other mortgage refinancers. Whereas a non-VA refinance may have an interest rate of 6.5%, a VA refinance could be as low as 2.5%. Another advantage of VA mortgages is that a veteran’s credit score does not necessarily lower his chances of approval. VA participating lenders want to help veterans get into good, long-lasting homes, so credit rating does not hold as much weight for them.
Institutions to Apply to for VA Mortgages
Almost every bank and credit union in the country provides VA mortgages and refinances. Most have a Military Mortgage Specialist who understands the unique needs of veterans and can guide them through the process with as little stress as possible. These experts work with VA-approved financers, such as Military United Mortgage Co., to get veterans the best terms and interest rates out there. Just be careful of any financer that demands up-front fees, or does not go over a borrower’s responsibilities and rights prior to signing a contract.
Other Helpful Tips
It’s important, when looking into Veterans’ Administration mortgage loans, to request an appraisal of the house a veteran has chosen to purchase. Appraisals are generally done by lenders, so there’s no out-of-pocket expense for the veteran. This is done to satisfy the lender, the borrower, and the Veteran’s Administration that the house is worth its asking price. If it is not worth the price, the borrower can counteroffer at a lower price.
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Veterans Mortgage Assistance to Become Home Owners: Get 100% Finance from Military Mortgage Specialist
The veterans of the U.S, Armed Forces have earned all the comforts the country can bestow upon them, including a military mortgage specialist when they want to purchase a home.