North Carolina VA Loans
If you are a qualified veteran looking to relocate to North Carolina, you will want to consider going through the VA to obtain your loan. Whether you’re looking to move off base for the first time, upgrade to a bigger family home or build your dream house, when you use a North Carolina VA Loan you will be able to afford much more than with a conventional loan. Here are some of the great benefits you will get when you purchase a house in North Carolina with a VA guaranteed loan.
No Down Payment
With a VA Loan you are not required to supply a down payment on the house. With conventional loans, you can expect to pay anywhere between 5 – 20% on the down payment. The VA has made it possible to purchase big, beautiful houses in the upper six figures with no money down. This is really great for first time homeowners who might not have the capital to afford the down payment.
No Monthly Insurance
The VA guarantees your loan, which is essentially the same as insuring it for your lender. Because of this you are not required to pay private monthly mortgage insurance.
Lower Interest Rates
Having a VA Guaranty makes you a very desirable borrower to private lenders. Because of this, it is possible to negotiate a lower interest rate with your lender than with a conventional loan. There are even some instances where you can get a rate that is below the mortgage market rate.
Flexible Repayment Options
The VA offers five different repayment plans: traditional fixed, traditional ARM, hybrid ARM, growing equity mortgage and graduated payments mortgage. Each is designed to suit individual incomes and needs. For example, the graduated payments mortgage starts off with small monthly payments that increase over the course of six years. This is ideal for first time homeowners who may need more cash in the beginning for repairs, furniture, etc.
Easy Refinancing
The VA has created the Interest Rate Reduction Refinancing Loan (IRRRL) which has been nicknamed the VA Streamline Refinance Loan due to the simple, easy nature of obtaining the loan. With an IRRRL you won’t be required to provide any additional paperwork or incur any out-of-pocket expenses.
North Carolina Metros
Charlotte, Gastonia and Rock Hill VA Loans
Greensboro, Winston-Salem, High Point VA Loans
How to Get Started Today
It’s never been easier to get started with a VA refinance. Simply fill out our secure 1-minute quote request form and start comparing rates today.
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