In the past it was easy for Veterans to get lured into loans that appeared more favorable than VA loans. In the current economy veterans are recognizing the true value of VA loans
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Lehi, UT (PRWEB) December 3, 2008
With troubled economic times, it might not seem like the ideal time to get a VA loan or refinance. Flagship Financial says it is, and hopes to educate Veterans who have been waiting for the bottom to hit. In response to the economic troubles facing our country, interest Rates have fallen dramatically and are at a three year low. Flagship is offering to pay vets who can find VA and FHA loans with a lower APR than the company can offer.
"With the Fannie/Freddie bailout, tighter lending standards, and the failure of major banks, interest rates for veterans and other us citizens (fha loan holders) have fallen steeply in recent months. Now is the time to take action. To help motivate Veterans, Flagship Financial is offering $250 to anyone who can find another lender willing to give a lower APR," said Eric Kandell, Manager of
Flagship Financial Government Loan Division. Some minor restrictions apply -- for example, the customer must be getting a VA or FHA loan.
There are many advantages of a VA loan, which are backed by the government. Lenders can finance 100% and not require any money down. If rates go down, streamline refinancing is available. There are no minimum FICO requirements set by the VA. Also, there are no employment or income verifications required.
For those struggling to pay bills or who are looking for employment, refinancing gives a reprieve from mortgage payments. "The news is full of stories of people, including vets who are struggling to keep their homes. By refinancing, they can stay in their homes with lower their mortgage payments. To help ease the financial burden, most refinances means you can forgo your next two mortgage payments. That will help free up money during the holidays," said Nathan Kandell.
Interest Rates have fallen to about a 3 yr low - at around 5% for a 30-year fixed loan and as low as 4.5% for 15 year loans. "Many veterans have been on the sidelines waiting for the perfect time to refinance or buy a home. Rates get to the point at which they thought they would refinance. It's natural to think that since rates already dropped this low, they may go lower. They keep waiting. This is dangerous. You can miss the best opportunity in a long time," said Kandell.
By lowering the interest rate, payments can go down up to 200 a month in some cases. That is 2400 a year which over the life of loan can save $100k or more. Rest assured if BAILOUTS are needed on the consumer, VETS who have served this nation will be bailed out first. Their loans are guaranteed by the government.
"In the past it was easy for Veterans to get lured into loans that appeared more favorable than VA loans. In the current economy veterans are recognizing the true value of VA loans," said Kandell.
Flagship Financial works with military borrowers and veteran homeowners. Please call 888-657-2848 to get details about VA and FHA loans.
About Flagship Financial
Flagship Financial believes Veterans deserve to live the AMERICAN DREAM of home ownership. Flagship is dedicated to assisting vets with home loans and specializes in government home loan programs.
Learn more about VA loans and FHA home loan programs to get the best mortgage rate possible.