If you have ever served in the military, you may have heard of a VA loan. Learn what this type of loan is, what it is mainly used for, how it can benefit you, and how you can get a free VA loan quote.
What a VA loan is
Like the name implies, a VA loan is a type of loan extended to military service members. If you need money and are active military, a veteran, or the surviving spouse of someone who has served in the military, you may be eligible for a VA loan if you have financial need.
What a VA loan is for
A VA loan is used primarily to help military personnel who meet veteran, active duty, or surviving spouse status attain a home. You can use a VA loan to refinance your existing mortgage or get a loan for new home ownership.
How a VA loan can benefit you
There are many lenders who provide VA loans. Depending on your credit, you can get a VA loan for your mortgage at no money down, or receive a very low interest rate on your monthly loan payment installments. In some cases, you can even borrow more money than the home you are buying or refinancing on is worth so you can have excess funds for renovations and other needs.
How you can get a quote
You can visit your local mortgage company to ask about VA loans. You will need to provide a few financial basics, such as:
- your income
- any current debts (including medical and credit cards)
- assets you own (cars, boats, timeshares, etc)
- bank account amounts in savings and checking
You will also want to provide documentation proving your military status. The agent you work with will help you locate the best lenders to provide you a free VA loan quote so you can choose the best loan for your needs.
If you are currently in the military, are a veteran, or a surviving spouse of a veteran and need help financing a home, a VA loan may be just what you need. There are many lenders out there who are willing to offer you a free quote so you can see how much money you can borrow to buy your dream home or refinance on your current home. Your local mortgage company can help you find the right VA loan lender for your needs.