The Mortgage Planners - San Diego VA Loans

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http://www.sandiegomortgagenews.net/

The Mortgage Planners are a full service mortgage lender based in San Diego, California and have been helping clients with home loans since 2003. They have Mortgage Banking and Broker channels available to their clients to help with purchase, refinance, and reverse mortgages. The Mortgage Planners are affiliated with West Coast Mortgage, a local Direct Lender in San Diego for the past 15 years. The benefits of being a direct lender include controlling the loan documents and funding of the loan, more competitive interest rates and fees, and quicker underwriting time periods.

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The Mortgage Planners - San Diego VA Loans

  1. 1. The Mortgage Planners are a full service mortgage lender based in San Diego, California and have been helping clients with home loans since 2003. They have Mortgage Banking and Broker channels available to their clients to help with purchase, refinance, and reverse mortgages. The Mortgage Planners are affiliated with West Coast Mortgage, a local Direct Lender in San Diego for the past 15 years. The benefits of being a direct lender include controlling the loan documents and funding of the loan, more competitive interest rates and fees, and quicker underwriting time periods. Ask questions and listen to our clients in order to fully understand their needs Create mortgage solutions that complement our client's overall financial strategy, and allow them to effectively accomplish their short and long term financial goals Be sensitive to the fears that many homebuyers have about obtaining a mortgage loan and earn their confidence as a trusted advisor Use the latest technology to complement our customer service, making adjustments when necessary to avoid overwhelming our clients who are less technically proficient Respect our client's time and minimize the amount of effort required of them by applying our knowledge, experience, and resourcefulness Communicate regularly and proactively with our clients to keep them informed of the status of their loan and to reduce the stress associated with uncertainty Ensure smooth, on time closings with anticipated costs and terms Provide our clients the luxury of home loans in the future with minimal effort on their part Take full responsibility for our actions and be honest at all times Seek to improve the quality of service we provide by encouraging each client to critically evaluate our performance Strive to honor God in all that we do The Mortgage Planners 10636 Scripps Summit Court | Suite 130 San Diego, CA 92131 Phone: 619.312.0612 Fax: 619.615.2055
  2. 2. Why Should You Apply for VA Loans? Serving at the United States Armed Forces is such an honor but it is not as rewarding as any other jobs in the government or the private sectors. Soldiers, sailors, airmen and marines do not have luxurious salaries and getting a home of their own not easy. However, the Veteran Affairs offer VA loans to the military personnel which allow them to purchase affordable homes with very minimal requirements. In order to qualify for VA loans, the person should prove his military background. He has to present proofs such as his military ID card which shows his rank and station. He must also produce bank statements and pay slip as proof of his financial capacity so he can show that he has a source of income and will be able to repay the loan comfortably. Another requirement is to prove that the property should only be used for residential purposes and not for commercial reason where it can be rented. Applying for a new home through VA loans need minimal cost. You are not required any down payment to own a home although it is advisable to put some amount during the initial purchase since this is also deducted from the total price. This is one great advantage since you are not forced to pay unlike regular home loans where you need to pay a certain amount. Banks and lenders often do these. When the deal is done and the papers need to be signed, most homeowners are charged with several fees including taxes, insurance, etc. These charges will no longer be imposed upon the member of the armed forces through the VA loans. Through the loan, the buyer enjoys very low interest rates compared to the market value. These are also fixed rates all throughout the number of years in the contract. Such offer encourages more American veteran and military personnel to have their own homes since payments are more manageable. Unlike typical home loans, VA loans offer a deal where you can pay your mortgages earlier than the agreed number of years. There is also no penalty fee charged to the buyer for the early payment. The VA even welcome when the buyer decides to do so. The Mortgage Planners 10636 Scripps Summit Court | Suite 130 San Diego, CA 92131 Phone: 619.312.0612 Fax: 619.615.2055
  3. 3. Here is another difference of VA loans from the conventional home loans. If the homeowner needs to move out and he has a friend or a family member who is a veteran who is interested to assume the mortgage, the VA will allow you to do the transfer without penalty. For veterans who need to have a new home, applying for VA loans has never been this easy. With very few requirements and affordable rates, this is one great reward for someone who serves or who has served the country with honor. Own a Home with VA Loans A VA loan or Veterans Affairs loan is a mortgage loan intended for the active military and veterans. It is a common knowledge that those who have served the country have very few rewards. And this type of offer from the government provides a great opportunity for these men to own their own homes. Although there are certain conditions that must be satisfied, it is a lot easier to secure VA loans. And having a bad credit is never a problem. Securing VA loans has several requirements in order to qualify but is less restrictive compared to typical home loans. Members of the armed forces as well as National Guard and reservists can avail of the home loan. Their rank and length of service are considered during the loan application. Veterans who have been discharged with honorable conditions can also qualify. Those who have low credit rating must have a no bankruptcy ruling made against him for at least two years prior to application. The chance of getting an approval is greater despite a bad credit when existing debt repayments and general monthly expenses are lowered thus, the ratio improves. They must be employed at the time with proofs such as pay slips and bank statement. The income and the amount of debt being repaid are highly important. VA loans are affordable and cost-saving. You do not need to have a large household income in order to qualify. Most borrowers can enjoy the very low minimal residual income requirement. No minimum credit score requirement is imposed. In order to qualify, the personnel must maintain the delinquent-free credit history for at least one year before applying for the loan. He also needs to make sure that the The Mortgage Planners 10636 Scripps Summit Court | Suite 130 San Diego, CA 92131 Phone: 619.312.0612 Fax: 619.615.2055
  4. 4. loan should only be used to buy a private residence and must not be for rent. Another great benefit of this type of loan is that you do not need to wait for several years while saving money since no down payment is required. When the mortgage is greater than 80% of the home equity, the applicant needs is required of a mortgage insurance called PMI or private mortgage insurance. However, this requirement is waived among military personnel. This is another chance to save some money since the Veterans Affairs issues loan repayment guarantees to the lenders. In case of default, repayment is still possible. It also has a very low interest rate which means lower monthly payments and decreased borrowing cost. Despite the less rewarding job in the armed forces, active personnel and veterans still have the opportunity of owning affordable residences by applying for VA loans. No matter what their credit rating is, they are still able to avail of the offer from the government. Mortgage approval has never been easy for the members of the military. Steps in Getting San Diego VA Loan A lot of veterans have served the country in the military. As a way for the government to show their appreciation for their service, they have created a loan program to aid the vets to get a mortgage. The usual misconception is that the Veterans Administration issues mortgage to the veteran; however, their role is to assure loans so that banks and other lending companies can give loans to the old timer without handling all the risk. In the case that the borrower default payments, the Veterans Administration will be the one who will pay a portion of the loaned money. This is why lending institutions offer the vets with great deals that includes lower down payment because the VA shoulders part of the risk. Here are the steps in getting a San Diego VA loan:  The veteran needs to be eligible so he can get a loan. He must obtain a COE or the Certificate of Eligibility.  You can utilize your VA benefit to refinance or purchase your home The Mortgage Planners 10636 Scripps Summit Court | Suite 130 San Diego, CA 92131 Phone: 619.312.0612 Fax: 619.615.2055
  5. 5. and it must be used on the house you currently live in.  The interest rates can alter depending on the lender. You need to ask an approved lender what your mortgage options are. Compare rates so that you can get the most financial benefit from the deal.  Fill up an application with a lending company that is Veterans Administration approved. You should give them your financial and personal information and sign the completed form.  Make sure that you comply all the needed requirements such as your recent pay stubs, COE, tax returns, W-2s, and bank statement. The company will review all these documents so they will know if you are eligible or not.  After you have submitted the requirement, the lending company will verify your eligibility. They will also confirm your percentage of guarantee and if you need to pay an additional funding fee.  When your application will go through underwriting, they will assure that you meet all the guidelines and qualifications set by the Veterans Administration.  An appraisal must be completed first before you get your mortgage. The life expectancy of your home must greater than or the same as the term. If you come to think of it, home appraisal will also be at your advantage because you don’t want to purchase a house that won’t last that long.  Once your mortgage is already approved, the lender will give your additional documents for you to sign. The VA and the lender will work out other necessary documents for you and anything that needs your signature will be covered in the closing documents. As a veteran, you are eligible to get the benefits of San Diego VA loans that the government is offering. The Veterans Administration is there to assist you so that you will be provided by a loan guarantee to help you get a home loan for your family’s needs. The Mortgage Planners 10636 Scripps Summit Court | Suite 130 San Diego, CA 92131 Phone: 619.312.0612 Fax: 619.615.2055

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