A recent survey was conducted amongst homeowners and their living situation. This has revealed that just about 59% of homeowners wish they understood the terms and details of their mortgage better. This stat points directly to how confusing the process of homeownership is especially when inserting VA home loans.
Even dealing with a conventional mortgage can be tricky and difficult. This is why it is important to understand your mortgage plan during mortgage planning and it is even more important to understand VA home loans. Home loans can be tricky and this is something that a lot of homeowners regret when getting involved with the home buying process.
Just about 31% of millennials looking to buy a home plan to do so within 2 years. This is because people want this process to be thorough and full-proof. As a result, young people are willing to wait for some time before settling on what is going to be their future home.
In March 2016, the average sale price for a home in the United States was $186,000. The Freddie Mac 2015 Q4 Refinance Report showed that the median age of a refinanced loan was 6.4 years. Make sure you have the right kind of help when you sit down to finance a home through VA home loans.
Almost 32% of people looking to buy new homes are first time home buyers. According to a 2015 National Association of Realtors report, there was only a median of 14 miles between the homes that recent buyers purchased and the homes that they moved from. If you are going to live in a home for a long time then make sure you understand every single angle in terms of your home ownership process.
According to the 2017 NAR Home Buyer and Seller Generational Trends report, 98% of buyers 36 years and younger financed their homes, whereas 68% of those aged 62 to 70 financed. In 2016, 14% of buyers financed 100% of their entire purchase with a mortgage. A mortgage is similar to VA home loans but also has some different aspects. As a result, make sure you have some guidance in this process.
According to the 2017 NAR Home Buyer and Seller Generational Trends report, 92% of all buyers used a fixed rate mortgage in 2016. Just because the majority of homeowners use a certain type of mortgage does not necessarily make it favorable. But, it does potentially mean it is a more affordable option when it comes to VA home loans.
While some may view getting a loan for a home as a success, there are some dangers and pitfalls. Getting the right type of VA home loans does not matter if your loan rates are too extreme for you to handle. According to the 2017 NAR Home Buyer and Seller Generational Trends report, 24% of buyers reported using an FHA loan.
In Conclusion
Every single year there are people that look to apply for VA home loans. They are excited to get approved for their home loans because they want to get ready for their new life. However, it is important for people to get access to favorable loans so that they can have the right types of rates.
