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We at VAMortgage.com believe in being upfront about our “small print”. In this article, we have outlined all of the VA loan disclosures that could potentially apply to one of our customers. We have done this in an effort to ensure the VA home loan process remains simple, straightforward and customer friendly.
Continue reading to learn all about the VA loan guidelines that can help you secure the financing you need, including our VA Interest Rate Disclosure.
Are you ready to apply for a loan? Give us a call at 800-211-4940 or click here to start the VA loan process!
General VA Loan Guidelines & Disclosures
Information displayed is accurate as of the date shown on the rate disclosure and is subject to change without notice. Loan pricing can only be locked through a home mortgage consultant. Other restrictions may apply.
Due to various federal, state and local requirements, certain products may not be available in all areas.
Loan Statement Disclosure
The monthly payment amount displayed includes principal and interest only. The payment amount does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment.
The displayed Annual Percentage Rate (APR) for the loan products shown reflects the interest rate, VA funding fee, and approximate cost of prepaid finance charges.
Closing Costs Disclosure
The approximate cost of prepaid finance charges in the example loan scenario does not constitute and is not a substitute for the Good Faith Estimate of Closing Costs (GFE) that you will receive once you apply for a loan.
This is not a mortgage loan approval or commitment to lend. The actual fees, costs and monthly payment on your specific loan transaction may vary and may include additional fees and costs.
Conventional loans with a down payment less than 20% require mortgage insurance which increases the monthly payment and Annual Percentage Rate (APR).
VA Interest Rate Disclosure
Mortgage rates shown are based on a 60-day rate lock for the purchase or refinance of a primary residence. Under certain circumstances, a 60-day rate lock may not be available.
Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit profile up to the time of closing. For more information, please refer to the Loan Pricing Disclosure or contact us.
Adjustable Rate Mortgage (ARM) Disclosure
With an ARM loan, VA interest rates and payments may increase or decrease after consummation. After the initial fixed-rate period, your interest rate can increase or decrease annually according to the market index. Any change may significantly impact your monthly payment. However, rate changes are limited to a +/- 1% on any rate change date.
Since the market index value in the future is unknown, the First Adjusted Payments displayed on the Truth In Lending disclosure you will receive is based on the current index plus the margin (fully indexed rate) at time of disclosure.
If you have any questions about VA loan disclosures or VA loan guidelines, please don’t hesitate to give us a call at 800-211-4940. You can also get answers to your questions online by clicking here and filling out our online contact form.
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