Benefits of The VA Mortgage Loan

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Benefits of Having VA Mortgage Loan

• VA Mortgage Loan provides many beneficial
  services to military personnel and qualifying
  family members that may help ease the process of
  a home purchase.
• No Down Payment
• No Mortgage Insurance
• The VA Guarantee
• Competitive Interest Rates
• No Pre-Payment Penalty
• Easier to Qualify

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No Down Payment
Traditional loans can at times require a down
payment of up to 20 for those who want to
purchase a home, making it seemingly impossible
to do so. With a VA loan, you will have no down
payment, making the possibility of home ownership
that much easier.
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No Mortgage Insurance
When purchasing a home, it is often the case that
you are required to purchase Private Mortgage
Insurance (PMI), which can lead to additional
monthly fees. With a VA Mortgage Loan, banks
wont require you to purchase PMI, as the
government backs the VA loan.
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The VA Guarantee
Despite the fact that this loan was created as a
federal program, it is not typically funded by
the government, but rather by private lenders.
These lenders are encouraged to do so by the
assurance of the Department of Veterans Affairs
guaranty, which ensures the safety of their loans
and any losses regarding them.
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Competitive Interest Rates
Often banks need to weight the risks that they
are taking in loaning money out, and when there
are higher risks and no backings on a loan, the
interest rates are less competitive on your home
loan. With a VA loan, there is a guaranteed
backing that assures lenders of a low risk,
generally assuring a more competitive rate than
with other loans.
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No Pre-Payment Penalty
With a VA loan, there is NO payment penalty,
ensuring you the ability to sell, refinance, or
pay larger sums toward your mortgage without
being hit with more charges and financial burden.
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Easier to Qualify
Many typical loans can be extremely strict with
their qualifications, causing many prospective
homebuyers to be unable to own their own home.
Due to the government backing and DVA guarantee
discussed in point 3, banks and lenders are far
more assured of their moneys safety, allowing
them to be more flexible and less severe with
their qualifications.
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Get more details at-
https//www.drewmortgage.com/benefits-of-having-va
-mortgage-loan-in-ma/ Also, if you are searching
for VA Home Loan Lenders then visit Drew
Mortgage Associates located in MA.
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DREW MORTGAGE BRANCH OFFICES
Drew Mortgage Associates 196 Boston Turnpike
Road Shrewsbury, MA 01545 Phone
508-753-1656 Website https//www.drewmortgage.com
/
Peabody Mortgage Lenders 1 Mt Pleasant
Drive Peabody, MA 01960 Phone [phone]
Boston Mortgage Lenders 232 Commercial St Boston,
MA 02109 Phone [phone]