As a military member in service or a veteran, you’ve probably been exposed to the fact that there are different privileges and benefits you can enjoy as a reward for your service.
Regardless of where or how long you have served, the fact is that being in the military comes with its perks. From food discounts and available subsidies to privileges in healthcare access to counseling availability, the array of ways that the American government takes care of its troops is growing.
Over the years, one of the main benefits of military service that has undoubtedly gained much traction is the available options for a smoother home buying experience. This particular benefit proves to be handy for those looking for a place during a duty transfer or post-service! But before you move, there are a few best practices that you should consider before signing a title or contract as employing the best approach will give you a great place to live in and make it easier to build wealth.
A few tips to consider when buying a home
Compared to the average home-buying citizen, military personnel and veterans looking to settle down in a specific location have an abundance of available opportunities they can use to make their move much easier. Fortunately, most—if not all—of these available opportunities can be broken down into several tips and tricks that you can use during your next purchase:
Tip #1: Act fast
With the housing market being even hotter than it ever has been, it’s critical that you act fast because opportunities are fleeting at surprisingly low prices, especially with military personnel being more aware of their benefits.
Although it’s great to do some research and weigh your options before signing the mortgage papers and making an offer, it’s important not to waste too much time because it can cost you a good listing. For best results, it’s ideal that you put in an offer on a home or property listing that you really want so that you can avoid being undercut or experiencing buyer’s remorse!
Tip #2: Opt to buy instead of rent
Admittedly, the idea of getting a new home to settle in is something that you’d want to take on as a renter and not a buyer because you’re most likely moving around. But the truth is that buying is a better option.
Sure, it might be a safer idea for your finances to rent your next home, but the fact that buying a property is a big financial decision doesn’t overshadow the fact that it’s a great long-term investment. Compared to a few years of renting (which can grow more expensive as tenants feel the need to raise prices), taking out a mortgage is much cheaper and capable of generating wealth for you!
Tip #3: Don’t be afraid to use your VA home loan benefit
Today, even more military personnel are buying homes, thanks to one particular mortgage loan program available: VA home loans.
Made available to veterans, reservists, active-duty personnel, and surviving spouses of veterans, these types of home loans are forms of financial assistance that are built on military entitlement. Compared to the traditional home loan, VA home loans allow anyone who is actively serving or has been a person in service to experience a much easier process with lower interest rates.
Here are some reasons getting a VA mortgage loan from Frontline Financial is much more optimal:
They don’t require military personnel—both active and retired—to fork over a hefty down payment
They have reduced interest rates that span over 15 to 30-year fixed loans
They have no monthly mortgage insurance premium
They have limited closing costs
As a military member in service or a veteran, it’s important to approach the home buying process with an open mind because there are benefits that can be reaped with proper care and awareness. By keeping an eye out for the three tips mentioned above and using them, you’ll be able to secure your dream home at the right price and with the easiest experience possible!
If you're an honorable veteran or military member in service that's looking for a reliable VA home loan in St. George, UT, we've got you covered with the best mortgage rates. Get in touch with us today to learn more about our services and how we can help fund the home of your dreams!