The year was 1944. The FDR was president, the Allies attacked France, and the U.S. Department of Veterans Affairs launched a program to reward most of the country’s sacrificed citizens for help in the area of home ownership. 73 years later, not only did these little-known VA mortgage options not expire, but historically low interest rates made them more valuable than ever before.
Thanks to your service, PMI insurance and down payment are not required.
A typical homeowner with less than 20% of the capital should pay PMI (private mortgage insurance), but there is one exception: veterans. No PMI is required through the VA refinancing program. That factor alone could put hundreds of dollars in your pocket every month. What’s even more impressive is that when you buy a home you don’t have to have an advance if you meet it.
The VA Mortgage Program is designed to empower veteran homeowners with better mortgages and the options available to veterans may surprise you. Every homeowner is aware of our grandfather’s mortgage, a 30-year fixed-term loan. What most people don’t realize is that there are many more opportunities for veterans, including:
- 25 years determined
- 20 years determined
- 15 years determined
- 10 years fixed
- Adjustable rate mortgages with special government restrictions.
What is our favorite crowd? Down below, it’s a 15-year mortgage on the VA.
Veterans: reduce the interest rates of your home by 72%.
If you have taken out a 30-year mortgage on your home, you are not alone. And during your loan, you could pay tens of thousands of dollars in unnecessary interest. But don’t worry. VA’s refinancing program is designed to empower veteran homeowners with better mortgages.
Secret? Restore the power of complex interest
A 15-year mortgage demolishes a 30-year mortgage on two overlapping fronts: interest over time and interest rates. A 15-year mortgage has lower interest rates than a 30-year mortgage and halves the length of interest growth. Bottom line: MorningFinance has found that 72% of employees ’monthly payments on a 30-year mortgage are pure interest. When a member of the Morning Finance team included his data in LendingTree’s secure platform, he was shocked by the result. By switching from a fixed-rate mortgage of 30 to 15 years, he unlocked $ 159,447.09 in savings. This logic is not only for VA mortgages, it also applies to regular mortgage loans.
TIP PRO: Even if you have a regular mortgage, a reputable lender can help you switch to a mortgage with VA benefits. Calculate your new payment here ›››
Apply for a VA mortgage now
There is only one way to know for sure if you can take advantage of this exclusive offer from the U.S. Department of Veterans Affairs. To qualify for this exceptional offer, click on your country on the map below.