|
If you
are in the market for a home loan, you might consider giving the
government a call for a VA Loan.
Department of Veterans Affairs home loans -- VA loans for short -- are a popular option with home buyers. In the past fiscal year, the
US government has guaranteed over 498,000 VA loans totaling more than
63 billion dollars.
There is good reason for this large quantity of VA Loans. The loans
do not require a down payment and they are readily available from most
lending institutions. Plus, the government puts a limit on the amount of closing costs and origination fees
the institutions can charge, as well as the appraisal fees. In general, the loans are available to veterans, active service members, reservists and members of the Public Health Service.
Another big benefit to VA home loans -- no private mortgage insurance. Not only does the VA not require PMI, it also prohibits lenders from requiring
it.
Bob Finneran, the VA's assistant director for loan policy and
valuation says, "We're putting a guarantee on the loan, so we're not expecting them to get other insurance and charge the veteran for that," he says.
|
Tools |
| Glossary
of Terms - To help with the understanding of specialized terms related
to all sorts of financing that may be found throughout this site.
Credit Card
Minimum Payment Interest Calculator- This calculator will show you how much interest you will end up paying if you make only the minimum required payment on your credit card bill. It will also tell you how many minimum payments you will make before your balance is paid off.
Loan Comparison
Calculator- This calculator will help you to compare the total interest charges of
up to four different loans at the same time!
Car Cost
Comparison Calculator- This calculator will not only help you to forecast the REAL COST of buying and owning a car, but it will also help you to more accurately compare the real cost of one car buying scenario with the real cost of a second car buying scenario.
Mortgage
Refinancing Calculator- This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.
Bi-Weekly
Mortgage Calculator- This calculator will show you how much you will save if you make 1/2 of your mortgage payment every two weeks instead of making a full mortgage payment once a month.
|
Click
Here to Apply for a VA Loan!
|
