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Prequalify for Your VA Loan
Prequalifying gives you a general idea about your borrowing power as a veteran. If you prequalify for
a VA loan, it means that you have told a lender what your income and assets are,
and that based on those statements, you should be able to qualify for a given loan.
Keep in mind that prequalifying merely gives you an estimate based upon the information you
provide. Prequalifying can give you an estimate of how much you can afford in a mortgage payment.
Prequalifying for a mortgage will help answer these questions:
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Once you are Prequalified for a specific loan amount, you will
enjoy the following advantages:
- House Hunting with Confidence:
Knowing that your mortgage loan is already approved, you can look for your new home with the confidence that the closing process will be smooth and easy.
- Negotiating Power:
With your financing secured and a closing date guaranteed, sellers know that your offer is solid.
- Flexibility:
Although our pre-approvals will be for a specific loan amount, we realize that your loan requirements may change. Simply call us if you need to change your loan amount, or the term or type of loan.
- Service Excellence:
Our service is outstanding and we will answer all of your mortgage questions promptly and thoroughly.
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FREQUENTLY ASKED QUESTION # 36 [ -more VA Loan questions- ]
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Q: Selling My VA Loan Property - Once I sell my property, am I released from my VA loan obligation?
A: Some people may assume that selling the property purchased with a VA loan releases them from obligation to the VA loan. This is not automatic! The borrower must notify either the VA or the lender and request that liability be transferred to the new owner. The borrower needs to request a 'release from liability" notice from the VA. There is an exception to this policy for those with loans closed before March 1, 1988. In these cases no notification is required, but it is a very good idea to request a release from liability from the VA anyway.
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VA Loan Rates
for 5/11/2008
30 year fixed
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0.000 points
6.000%
6.110% APR
15 year fixed
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0.000 points
6.000%
6.190% APR
Life Insurance for Military Members
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