Guest post from Jessica Thorseon, who writes for VAHomeLoans.net, which assists veterans in accessing their benefits and finding low rate mortgages.
Veterans of the US Armed Forces have some of the greatest benefits when it comes to home buying. Right now, interest rates are as low as they have ever been, and house prices are historically low as well.
These aspects make now a great time for anybody to buy a home, especially service personnel who have additional benefits that make buying a home even easier and more affordable.
Veterans of the US Armed Forces are given certain benefits that enable them to purchase a home at a lower interest rate than those who have not served.
There are a few steps involved in acquiring these loans, but the process is not much harder than it is to get a traditional home loan.
First, the interested veteran needs to receive their DD 214 certificate. This certificate certifies that the holder did indeed serve in the armed forces and was honorably discharged and entitled to receive the full benefits that are granted to veterans.
Once the DD 214 is received, the potential home buyer simply needs to start looking for a home and speaking with a lender or mortgage officer who is licensed to deal with VA loans.
As with many things, the internet is a great resource to use to find a licensed lender. VA Home Loans is a great resource that can help you find a qualified lender in your state.
Once you have found a lender, you need to choose a home. Hopefully by the time you are applying for financing you already have a few potential homes in mind. But you still have the freedom to look some more and make sure that you are buying a home that you love.
There are no special pricing benefits given to military personnel on home prices; these are determined by the banks and sellers who own them.
What if you are a veteran and already own a home?
Let’s say you purchased a home several years ago when prices were very high and interest rates were high as well. Is there anything you can do to save money?
Luckily, veterans also have benefits that allow them to refinance their homes and save money. As with a new home purchase, a veteran must first receive a copy of the DD 214 before he or she can be considered eligible for any veteran benefits.
After this certificate is received, you will be able to apply for a VA Mortgage Refinance. This is a special refinance that allows you to take advantage of the same interest rates that are given to veterans who are applying to purchase a new home.
You will be able to lower the interest rate on your current home mortgage and save thousands of dollars over the remaining life of your loan.
These benefits are great ways for eligible veterans to save money. It is not too difficult to find licensed lenders, so take your time to shop around and find a lender who can offer you the best rate.
Many will charge different closing fees or have hidden fees that can cost you more money than you think. So make sure you find somebody who fits your budget and is willing to work openly with you. Take advantage of your benefits and enjoy your new or newly refinanced home!
Phyllis Zimbler Miller is the author of the novel MRS. LIEUTENANT and the eBook novel LT. COMMANDER MOLLIE SANDERS. Phyllis is the co-founder of the marketing consulting company Miller Mosaic LLC, which works with clients to attract more business. Read her posts at the company's social media marketing blog.