You can receive the best VA loan rates from NHL lending in Fort Lauderdale!

Since VA home loans are insured by the federal government, lenders can charge competitive interest rates. However, you will want to keep in mind that there are still some factors that will influence your interest rate including:
• Your credit score
• Your debt to income ratio
• The loan duration
• Current market conditions

Once you find the home that you are interested in purchasing and have signed your paperwork, then the next step will be to lock in your rate. The best time during your loan process to lock in your interest rate is after the underwriter is done processing your file. By doing this, you and your lender will have a better idea of when your closing date will be. When you contact our lenders at Kloze, we can help you figure out what the current VA loan rates are in Fort Lauderdale.

What advantages will you have by choosing a VA loan through NHL Lending?

VA home loans offer many significant advantages over almost all conventional loans. The first benefit to receiving a VA loans is that all veterans are ensured that they will be given an equal opportunity to buy a home with VA assistance without any regards to the following:

• Race
• Color
• Religion
• Sex
• Handicap
• Family status
• National origin

Second, when purchasing a home with a VA loan, there is no down payment that is required. However, there may be certain times where a down payment may be required when purchasing a home with a VA home loan. The times that a down payment may be required by the lender is when the purchase price of the home is more than the reasonable value of the property that is determined by VA or if the loan is made with graduated payment features. Another advantage to receiving a VA home loan is that they come with a variable fixed interest rate. This rate will be competitive with conventional mortgage interest rates. Fourth, you will be thoroughly informed of the estimated reasonable value of the property, and you may not be notified when it comes to a conventional home loan. Fifth, there are limitations on closing costs, which can be very helpful to you as a new homeowner. One of the best advantages that come with receiving a VA home loan is that these types of loans are considered to be an assumable mortgage. This means that when you sell your home, the buyer can take over the payments and interest that you were previously paying without penalty. However, you will want to keep in mind that for loans that were closed on March 1, 1988, or after, you will need to have the assumption approved in advance. This can be done through the lender or VA and will involve a review of the following:

• Purchaser’s creditworthiness
• Ability to make loan payments
• Willingness to make mortgage payments

The seventh advantage of receiving a VA home loan is that you have the right to prepay without penalty. A lack of a pre-paying penalty is a significant advantage because sometimes lenders may require that any partial prepayments be of at least one monthly installment of principal or $100, whichever is less with conventional home loans. The last advantage of a VA home loan is that houses that were inspected by VA during construction can receive a warranty from the builder. In addition to that, they can receive VA assistance in trying to obtain the builder’s cooperation in correcting any justified construction complaint. All of which can be very helpful. Also, forbearance (leniency) is extended to worthy VA homeowners that are experiencing temporary financial difficulty. If you would like more information on the advantages of receiving a VA home loan or would like to help to apply for a home loan, contact NHL lending in Fort Lauderdale today!