Helping Veterans Get the Best Deals on FHA Loans

7/7/2008

Most veterans buy a house only a few times in their life.  There are many steps involved so purchasers generally don't completely understand the process.  This is why it is crucial to work with professionals you can trust when buying a home.  Since you can't personally find the time and develop the expertise to make sure all details are handled correctly, FHA professionals at Flagship Financial Group are here to help you out.

One simple thing to do is ask plenty of questions before committing to a FHA loan provider.  Too many consumers make a choice by asking "What's your rate?" and then choosing whoever gives the lowest answer.  This is very misleading, since rates are set by the markets and not by lenders.  Also, there are other crucial aspects to a loan which should be considered before signing papers.

One of the first things veteran home owners should do is make sure your property type is eligible for the loan you are getting a quote on.  Also, determine that you qualify for the rate.  A small down payment or low credit score can alter the rate you'll receive.  Look at the mortgagte's total cost as well.  Closing costs and cash reserve requirements will affect your finances as much as your interest rate will.

Finally, be sure that loans have the same features before comparing them.  Also, remember that FHA loan rates change constantly, so prices received at different times will vary.  A quote you got last week may not still be available now.  If you're looking at FHA adjustable-rate mortgages, be sure you understand hwo your payments could change in the future.  Be sure you can afford the mortgage if a "worst case" rate adjustment occurs later on.

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