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The WeVett Military Mortgage Calculator

Understanding Our Military Mortgage Calculator

Our military mortgage calculator is a specialized financial tool designed to help active-duty service members, veterans, and their families assess their mortgage options. It allows them to estimate their monthly mortgage payments, determine their affordability, and make informed decisions about home financing.

Benefits of Using Our Military Mortgage Calculator

Using Our military mortgage calculator offers several advantages:

    1. BAH Comparison: Active-duty service members can directly compare their estimated mortgage payments with their current or future BAH rates.
    2. Budget Planning: Service members can plan their budget effectively by understanding their potential mortgage payments.
    3. Time-Saving: It streamlines the mortgage application process, saving time and reducing paperwork.
    4. Cost-Efficiency: Helps in finding the best mortgage deals, saving money in the long run.

How to Use Our Military Mortgage Calculator

Using the military mortgage calculator is straightforward:

    1. Enter the home value you are considering, along with your estimated down payment.
    2. Input the estimated interest rate.
    3. Specify the loan term and loan type.
    4. If loan type is VA Loan, specify your military type, VA disability status, and and previous VA loan usage.
    5. Add any applicable property taxes,  homeowner’s insurance, or private mortgage insurance (PMI).
    6. The calculator will then provide an estimate of your monthly mortgage payments.
    7. Add your pay grade, zip code, and dependents status to get and compare your BAH with your estimated mortgage payments.

Factors to Consider when Using a Military Mortgage Calculator

When using a military mortgage calculator, consider the following factors:

    1. VA Loan Eligibility: Determine if you are eligible for a VA loan, which offers excellent benefits for service members.
    2. Interest Rates: Compare different interest rates to find the most favorable terms.
    3. Loan Term: Decide on the loan term that aligns with your financial goals.
    4. Property Taxes and Insurance: Include these in your calculations for a realistic estimate.

Common Misconceptions about Military Mortgages

There are several misconceptions about military mortgages, such as the belief that they are only for active-duty personnel. Understanding these misconceptions can help service members make informed decisions. We can help navigate you through these misconceptions and make an informed decision.

VA Loan Eligibility Criteria

VA loans are a popular choice among military personnel due to their numerous benefits. To qualify for a VA loan, you must meet specific eligibility criteria, including your service duration and discharge status.

VA Loan vs. Conventional Loan

Comparing VA loans and conventional loans can help service members decide which option is more advantageous for their unique situation. VA loans often offer lower interest rates and require no down payment.

Mortgage Loan Basics

What is the principal on a loan?

The original amount you borrow from a lender. You might also accrue interest over time that you will need to pay on top of repaying the original loan amount.

Example: You purchase a $300,000 home. To buy the home, you pay $50,000 upfront and obtain a loan for $250,000. Your principal is the $250,000.

What is a down payment?

A down payment is any money you pay upfront when purchasing a home. 

Example: You purchase a $300,000 home. To buy the home, you pay $50,000 upfront and obtain a loan for $250,000. Your down payment is the $50,000.

APR vs Interest Rate

The interest rate is the cost to borrow money. Annual Percentage Rate (APR) is the yearly cost of borrowing, plus any additional fees associated with getting a home loan. When comparing loans, it is best to use the APR.

What is a funding fee for the VA Loan?

The funding fee is a one-time payment made to the Department of Veteran Affairs to support the VA loan program. The funding fee can be paid either as an upfront cost at closing or it can be rolled into your loan.

You can reduce your funding fee by putting more money down when purchasing your home.

What are closing costs?

Closing costs is an umbrella term used to describe a wide range of fees you can expect during the closing process. 

Examples of closing costs include, loan origination fee, VA funding fee, VA appraisal, real estate taxes, etc.

Fees will vary based on the home you choose and details of your loan, but you can expect closing costs to be between 1-3% of the sales price of the home. 

What is Private Mortgage Insurance (PMI)?

PMI is a type of mortgage insurance that is required for a conventional loan. It is usually a monthly payment. The VA home loan does not require PMI, often making monthly payments lower when comparing to conventional. However, this savings is offset by the VA funding fee which is required from the borrower upfront.

What is homeowner’s insurance?

Home insurance provides coverage for loss or damage to a property and the policy holder’s assets. It is not required by law, but most lenders will require home insurance if you are obtaining a mortgage through them.

Get Pre-Approved for a Mortgage

Get all your mortgage and VA loan questions answered and more. Talk to one of our military specialists at 316-669-5272.

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