Why You Should Choose a VA Loan Over a Conventional Loan

Comparing VA and Conventional Loans

 

Make no mistake: the VA loan program is drastically superior to the conventional loan program. In an effort to turn this trend around, we want to do a direct comparison between the VA loan program and conventional home loans. The benefits to getting a VA loan instead of a conventional are as significant as they are numerous, and we are confident that after reading this ebook you’ll agree that getting a VA loan whenever possible is the best route to choose.

We’re going to compare the two loan programs on a variety of fronts. We’ll talk about interest rates, closing costs, down payments, qualifying for the respective loan programs, and the available loan options on each program, both for new purchases and refinances. There are other aspects we could compare the two on, but the ones above are the most important and have the most eect one way or the other. If you have questions after reading this ebook, don’t hesitate to give us a call or contact us via our website and we’ll be happy to answer them.

On every important measurement, the VA loan program is a significantly better option than the conventional loan program. If you are a VA-eligible borrower, you owe it to yourself and your family to get a VA loan instead of a conventional loan. At the very least, you should apply for a loan with a VA-approved lender and see for yourself how much money you can save over the life of the loan. Feel free to give us a call at 866-569-8272 or contact us via our website.

eBook VA Energy Efficient Mortgage

Click here for our free ebook

 

What is an Energy Efficient Mortgage?

An Energy Efficient Mortgage (EEM) is a loan that covers the cost of making energy efficiency improvements to a dwelling. An EEM is not a stand-alone loan; rather, it is made as an add-on to a VA loan for a new purchase or a VA refinance. The amount borrowed for the EEM is considered part of the purchase or refinance and is allowed on all types of VA loans. EEMs can only be used for the very-specific purpose of reducing the veteran borrower’s utility bills by making the home more energy efficient.

We will discuss in our Energy Efficient Mortgage eBook about the VA Lender’s Handbook and what it offers to help guide us through a list of things that can always be approved for an EEM (as long as the borrower is qualified for the increased loan amount). Acceptable uses are not limited by the things on this list; if you have an improvement to your home that you’d like to do but it does not appear on this list, consult with us here at Low VA Rates and as a VA-approved lender we can go over the details for your family and your situation.

We should all be aware of what we can do with Energy Efficiency. Click here to learn, or download, how to save money and fund your home’s Energy Efficient Mortgage guide.

Renting vs. Buying- Which is Really Better?

Renting vs. Buying Full eBook here.

THIS IS A TOPIC THAT CAN BE EXTREMELY COMPLICATED

Because there are so many factors to consider in calculating it. In all reality, your goals and plans for the future affect the answer to this question as much (if not more than) the way the numbers crunch. Before you begin reading this ebook, you should ask yourself and your spouse what your plans for the future are in regards to both your living arrangements and your finances.

Usually the cost of rent and the cost of buying a home will go up and down together, but there may be differences specific to your area that tilt the scale towards either renting or buying.

LET’S GET INTO THE MEAT OF THINGS:

The numbers that you need to be comparing and the ones that don’t mean as much as you might think. In looking at these numbers, we’re going to assume that if the borrower is going to purchase a home, he or she is going to do so with a VA loan (we’re a VA Mortgage Lender). This matters because the terms on a VA loan go a long way in mitigating the more burdensome parts of purchasing a home. The numbers that you need to consider when deciding whether it’s better to rent or buy include the monthly payment, associated expenses, and future return.

THE MONTHLY PAYMENT

This is one of those things that you can’t just compare straight across the board. The thing about buying a house is that when you pay off principal on the home, you’re not actually paying money, you’re just turning a liquid asset into a less-liquid asset – trading cash for ownership in the home. Not only do homes retain their value over time (even with crashes like 2008), but they also rise in value, on average, at a rate of 3.5% per year. This makes your home a veritable investment. So, comparing the full monthly PITI payment on a home to the rent payment on a comparable home is not what you need to be doing to find out which is better – you should take out the principal of the mortgage payment and only compare the interest, taxes, and insurance you pay on the home to the cost of renting a similar home. If you can rent a comparable home for less than the interest, taxes, and insurance you would be paying on a home purchase, this can be a score for renting.
However, this is far from the whole story.

Click here to check out our eBook and learn why Renting or Buying would be best for you.

College Benefits for Military Service Members and Veterans

College Benefits for Military Service Members and Veterans

   There are two GI Bills that a veteran may be entitled to.

This guide will walk you through choosing which one is best for you.

The available benefits with each GI Bill are very different. If you’re eligible for both the MGIB and the Post 9/11 GI Bill, chances are you’ve already been required to decide which one you would like to receive. A veteran is only able to CHOOSE ONE.

The primary factor in determining which GI bill is available to you is whether you served pre or post 9/11/2001. Those who were already serving before 9/11 and continued to serve after are those who have their pick of either benefit. Each GI Bill also has its own eligibility requirements and education and training that it can be used for. We’re going to cover the eligibility requirements and benefits of the Montgomery GI Bill first, then cover the requirements and benefits of the Post 9/11 GI Bill.

Additionally, once you are approved for benefits, in order to begin using them, you’ll need to use the VA’s Web Automated Verification of Eligibility (WAVE)  every single month that you want to receive a payment. Going through WAVE only takes a few minutes, but you’ll need to do it every month in order to receive a check. You will not receive a check for that month until you have gone through WAVE.

Now it is clear that the Montgomery GI Bill is more flexible of the two GI Bill options. You can use the MGIB for traditional colleges and universities, but you can also use it for technical and vocational courses and programs, as well as distance learning, professional certifications, and apprenticeships or job training.

Different from the MGIB, the Post-9/11 GI Bill does not require any sort of buy-in or payment during the first year of service. Veterans and active servicemembers are eligible for the Post-9/11 GI Bill if they have put in 90 days of active duty after September 10, 2001. This is the case for those in the active military, and also includes any time spent on an order to active duty from the National Guard or the Reserves. Also, time spent by National Guard members organizing, administering, recruiting, instructing, or training the National Guard, or responding to a national emergency counts towards the Post-9/11 GI Bill eligibility requirements.

In addition to eligibility for the Post-9/11 GI Bill in general, there are specific benefits inside the Bill that you may or may not be eligible for depending on your current status. There are 7 ‘pieces’ of the Post-9/11 GI Bill and your eligibility for the individual pieces will depend on whether you’re active duty, an eligible Guard or Selected Reserve member, or a veteran.

 If you’re having a hard time choosing, this guide is the perfect place for you to be. We will discuss Eligibility Requirements, Benefits and Advantages, and the process for applications.

Low VA Rates Buyer’s Guide E-Book

VA Loan Buyers Guide
Click Image to Download

Low VA Rates recently created a buyer’s guide to assist veteran and military home owners through the VA loan process.  The VA home loan is a wonderful benefit for military home owners, but many veterans have questions about the loan and lack basic knowledge about the loan program. The Buyer’s Guide will help veteran home owners understand the basics of the VA home loan program and feel more comfortable with the loan process.

The e-book also gives some background and introductory information about Low VA Rates so the veteran home owner understands our commitment to military families. The Low VA Rates Buyer’s Guide e-book goes into greater detail about the specific benefits of using a VA home loan.  The e-book also discusses VA loan eligibility, COE, occupancy requirements, closing costs, the pre approval process and refinancing options.

The information is designed to give military home owners a strong foundation and knowledge base about their VA loan. We would love to here your feedback or comments about the Low VA Rates Buyer’s Guide e-book.  You can email your comments or suggestions to pr@lowvarates.com. We hope you enjoy the EBook and find it informational and educational.  Please feel free to contact us with any other questions at 866-569-8272.

To download the e-book click here.

© 2020 Low VA Rates, LLC™. All Rights Reserved. Low VA Rates, LLC ™ is not affiliated with any U.S. Government Agency nor do we represent any of them. Corporate Address: 384 South 400 West Suite 100, Lindon, UT 84042, 801-341-7000. VA ID 979752000 FHA ID 00206 Alaska Mortgage Broker/Lender License No. AK-1109426; Arizona Mortgage Banker License #0926340; California DBO Finance Lenders Law License #603L038; Licensed by the Delaware State Banking Commission License #018115; Georgia Residential Mortgage Licensee License #40217; Illinois Residential Mortgage License #MB.6761021; Licensed by the New Jersey Department of Banking and Insurance, Ohio Mortgage Loan Act Certificate of Registration #SM.501937.000; Oregon Mortgage Lending License # ML-5266; Rhode Island Licensed Mortgage Lender License #20143026LL; Texas License LOCATED at 201 S Lakeline Blvd., Ste 901, Cedar Park, TX 78613; EAH061020 NMLS ID# 1109426 Consumer NMLS Access www.nmlsconsumeraccess.org. Click on these links to access our Privacy Policy and our Licensing Information. Consumer's total finance charges may be higher over the life of the loan. Consumer NMLS Access - NMLS #1109426.

*Annual savings calculator based on 2015 monthly average savings extrapolated year-to-date.