You probably have reached this page because you are interested in VA home loans, Tucson, AZ. You have come to the right place as we have discussed below some benefits of VA home loans that you must know before you even decide whether to go for it or not. Of course, you have to check out the minimum requirements before making any decision.
Here are some of the benefits of VA home loans, Tucson, AZ:
VA Home loans, in general, have lower interest rates than conventional private mortgages
Unlike the typical home loans that require you to pay monthly PMI premiums, buying insurance is not a requirement with VA home loans – even without a downpayment, saving you some hundreds of dollars a month.
VA home loan requirements are set to ensure that veterans have the financial capability to make their payments and stay in their homes
VA home loans have lower average interest rates than other loan types. VA loans continue to have the lowest average interest rates of all loan types.
Borrowers need not to worry about prepayment penalties. They can pay off a loan early without any financial penalties.
VA loans have two refinance options. They allow homeowners with existing VA loans the option to lower their monthly dues with a new interest rate. Also, eligible homeowners who financed their property with a loan other than a VA loan can refinance into the VA loan program.
VA loans offer an assumable mortgage, which is typically subject to VA and/or lender approval. This allows you to have someone take over your mortgage payment and this can be a big benefit most especially in the environment of rising interest rates.
Avoidance of foreclosure by finding alternatives with the help of VA staff members whose primary function is to give enough guidance about VA loan options.