Buying a home can be a rewarding experience for anyone, but for military families, it is part of achieving the American dream that they have fought to preserve. Veterans have additional options, such as VA loans to help obtain the dream of homeownership. To help make the home buying process run more smoothly, try these four home buying tips for veterans:
As a member of the military, you are entitled to VA loans that can require very low to no down payment. While a down payment is important to establishing equity in a home if you are planning to stay in the home for a long period of time, you will be able to rebuild that equity. Instead use the money you have saved for the down payment to pay off high interest revolving debt, such as credit cards. This will help give a significant boost to your credit rating which will save you on mortgage interest.
VA loans were created to help military families who served their country be able to achieve the dream of homeownership. It is important to remember that you are entitled to VA loans, so take advantage of the lower down payment options. Additionally, VA loans will provide better interest rates if your credit score is less than perfect.
Getting all of your documentation as well as understanding all of the parameters that go into the loan, such as purchase limits for the government guarantee, is essential. This will not only expedite the loan process but it will also allow you to present all of the information to the loan manager at the beginning so that they can find your best home buying option.
Having a loan preapproved and knowing not only the interest rate you will pay but also the amount you are approved for, will make the home buying process significantly easier. Preapproval also signifies to real estate agents that you are serious about buying. Some real estate agencies now require preapproval even before showing certain listings.
Make your dream of owning a home a reality by following these tips. If you are a veteran and are interested in learning more information about your home buying options, contact the professionals at Midland Mortgage today and start the road to making your dreams a reality.