3 Military Mortgage Loan Myths

Many people decide to utilize a military mortgage loan because of the advantages that they can provide. Because of their popularity, there are lot of misconceptions about these types of loans. Here are some popular military mortgage loan myths.

1. They Aren't Any Better

Many people mistakenly believe that these loans are not better than what you could get from a traditional lender. This is simply not the case. Loans that you can get from the VA are going to have a lower interest rate than what you can get in the market and you will be able to avoid making a down payment in most cases.

2. For Retired Military

Many people also mistakenly believe that VA loans are only for retired military personnel. This is a common misconception and other people are eligible for these loans. Active military and spouses of certain military personnel can also qualify for these loans.

3. There Are No Closing Costs

Even though you are not necessarily going to have to come up with money for closing costs for a down payment out of your pocket, this does not mean that there will be no closing costs. You are still going to have to pay the lender even if they roll the closing costs into the loan.

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