VA Mortgage Loan – Veterans Avoid PMI with a VA Home Loan
Posted on | September 9, 2009 | 3 Comments
Getting a VA mortgage loan could greatly save veterans money by avoiding PMI. The biggest attraction to getting a VA mortgage loan is the fact that you do not need to put any money down unlike conventional loans. On most conventional loans borrowers will have to pay PMI if they cannot put down at least 3%. With a VA loan, you will not only avoid the down payment but you will also avoid PMI totally.
VA mortgage loans are getting more and more popular for Veterans in this struggling economy because Veterans can save money in multiple ways. As stated earlier, by getting a VA mortgage loan borrowers can avoid any down payment which will also help them avoid PMI. This could save home owners as much as $210 a month on a $150,000 mortgage. This may not seem like a huge amount but it can add up quickly.
By saving over $200 a month you will save over $1400 a year! Most Americans would love to put an extra $1400 in their pockets with the unemployment rate increasing and the amount we get paid decreasing. Not only is there a huge savings by avoiding PMI but most VA home mortgage loans have lower mortgage interest rates. On average VA loans are typically .5% to 1% lower than average mortgage rates.
With average mortgage rates sitting at 5% some VA loan borrowers might get the opportunity to lock in around 4% and avoid all PMI costs. This might seem too good to be true but this is what Veterans deserve after fighting for their country through the years. If you are a veteran there is no reason you should not get out there and get an extremely low mortgage rate on a VA mortgage loan.
There are many resources available for VA Mortgages with one of the best sites being VA Mortgage Center. This site is very extensive and can help you calculate the savings you will see by completing a VA mortgage. The government is working hard to pay you back for you risking your life for this country so take advantage of these opportunities.
Author: Alan Lake
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September 9th, 2009 @ 9:59 pm
[...] Full story is available on Subprime Blogger [...]
September 10th, 2009 @ 12:14 am
[...] Read full story at Subprimeblogger [...]
September 14th, 2009 @ 7:43 am
[...] VA loans are getting more and more popular for Veterans in this struggling economy because Veterans can save money in multiple ways. As stated earlier, by getting a VA loan borrowers can avoid any down payment which will also help them avoid PMI. This could save home owners as much as $210 a month on a $150,000 home loan. This may not seem like a huge amount but it can add up quickly. Read the complete article VA online. [...]