Baltimore VA Mortgage Loans
Baltimore is a lovely place to both visit and settle down. If you’re looking to relocate, upgrade to a bigger house or become a first-time homeowner, it can be quite expensive. However, if you qualify for a Maryland VA Loan this process is much more affordable and streamlined. The VA has made it easier than ever for military personnel and veterans to buy a house without having to stress about the immense costs usually associated with homeownership.
How does the VA help?
In Maryland you can qualify for a VA Loan if you have served the allotted time in the military which is typically 181 days of regular active-duty service. You will need to fill out an eligibility form on the VA’s website to see if you qualify. Once you do qualify, you will be able to take advantage of all the benefits of a VA Loan such as no down payment, no monthly insurance and reduced interest rates.
Plus, if you ever decide to refinance, the VA has made this a painless process with the Interest Rate Reduction Refinancing Loan which is also known as the VA Streamline Loan.
Types of loans
Besides the reduced costs of going through the VA to obtain a loan, you also have a lot of flexibility when it comes to repaying the loan. You can choose from a traditional fixed, growing equity mortgage, graduated payment mortgage, traditional ARM and hybrid ARM. If you like stability and seeing the same payments each month then you will want to go with a traditional fixed mortgage.
For people who want low interest rates the first couple years but will be able to afford more as time passes (due to a raise, promotion, etc), the graduated payment mortgage might be a better fit. It’s a good idea to go over all your options with the lender to see what works for you.
If you have dreamed of buying your own home in Baltimore, there has never been a better time than now. With a VA Loan you can get a much bigger house for your money and make your dream a reality. Start the process today with out 1-minute loan form.
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