How a VA Loan Specialist Can Help You Save Money

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VA Loans for Vets NMLS#184169 5050 North 40th Street, Ste 260 Phoenix, AZ 85018 602-908-5849 Jimmy Vercellino is one of the nation’s top VA Home Loan mortgage originators. A Marine veteran, he and his team work hard to help veterans take advantage of their VA loan benefit and become homeowners. From start to finish, they guide their clients through the process and make it as smooth and stress-free as possible. Visit the site at https://www.valoansforvets.com

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Presentation Transcript

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SAVE MONEY

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For first time homebuyers a VA loan is simply one of the best options out there and many veterans arent even aware of this benefit.

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There are however many steps involved when applying for this type of loan.

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A VA Loan specialist can guide you through these steps and ensure that you take advantage of all the perks saving you tens of thousands of dollars over the life of your loan.

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Here are some ways VA loans save you money.

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NO DOWN PAYMENT

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When youre starting out in life coming up with money for a down payment can cause financial hardship.

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While FHA loans require a minimum down payment of 3.5 VA borrowers can purchase a home with no down payment at all.

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NO PRIVATE MORTGAGE INSURANCE REQUIREMENT PMI

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Perhaps the biggest money saver VA loans offer is not having to purchase private mortgage insurance.

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A typical FHA loan with a down payment of less than 20 requires both an upfront and monthly mortgage insurance payment.

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The upfront payment is equal to about 1 of the loan. These borrowers also pay an annual mortgage premium of about 1 of their loan amount.

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The upfront payment on a 150000 home would be 1500 and the annual premium would add approximately 120 to a borrowers monthly payment.

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This can add up to over 20000 over the life of the loan.

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LOWER RATES

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The federal government backs VA loans. This means banks carry less risk and can offer lower interest rates.

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VA rates are usually 0.5 to 1 lower than conventional rates. When purchasing a 150000 home VA borrowers can save 14760 with a 0.5 rate reduction…

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…and 28000 with a 1 reduction. A VA loan specialist will work with you to get the lowest rate.

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CLOSING COSTS

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The law prohibits VA borrowers from paying certain closing fees including underwriting and attorney fees.

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This is an area where the VA loan specialist plays a pivotal role.

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Sellers can pay up to 4 of closing costs. Agents and lenders can also pay closing costs.

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If a borrower still needs to cover some closing costs the lender can charge a 1 origination fee instead of charging prohibited fees.

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NO PREPAYMENT PENALTIES

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All VA loans prohibit prepayment penalties. This means you can pay off your loan early and save thousands of dollars in interest payments.

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If you have an existing loan a VA loan specialist can help you reduce your monthly payment with a VA streamline refinance loan.

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Borrowers do need to keep in mind that there is a one-time VA funding fee that helps offset the cost of the loans to taxpayers.

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These fees range from 1.25 to 3.3 . The fee can be built into the loan. This will reduce the amount due at closing but monthly payments will increase.

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A seller may agree to pay for all or part of the funding fee as well.

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What could you do with an extra 20000 or even 50000 Pay your mortgage in full early Send your kids to college

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A VA loan specialist can walk you through each step of the loan process getting you the well-earned best deal.

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Mortgage Originator Jimmy Vercellino specializing in VA loans helps veterans use their VA loan benefit to their greatest advantage.

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Be a proud homeowner today. For more details call 480-351-5904 or visit the site www.valoansforvets.com

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VA Loans for Vets 7600 E. Doubletree Ranch Road 200 Scottsdale AZ 85258 Phone: 480 351-5904 Email: jimmyvfcbmtg.com

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