Can You Pay off Your VA Loan Early?

Are you looking to apply for a mortgage? Get an application here 

Today, we answer the question of whether it's possible to pay off a VA loan early. Let's jump right in...

VA loans do not have any kind of prepayment policies. This means that borrowers can pay off their home loans early, without penalty. This is a significant advantage to homeowners who want to cut down on interest costs over time.

Paying an additional $50 or $100 toward your premium could shave off years and tens of thousands of dollars of your 30-year fixed-rate mortgage! 


As always, if you have any questions about VA loans, or if you need lending assistance of any kind, give us a call or shoot us a quick email. We would love to help! 

Can Someone Co-Sign on a VA Loan?

Are you looking to apply for a mortgage? Get an application here 

Can someone else sign on a VA loan with you? This is another great question, and one we'll answer here today.

Veterans and active-duty service members can have someone sign on the home loan with them, but there are some restrictions. The co-borrower must be a spouse or an eligible veteran. Parents, friends and significant others who do not fall under one of those two headings cannot be a co-borrower on a VA loan. Married veterans can obtain a VA loan on their own, but if they live in a community property state, their spouse's active debt and and income will be factored into the loan application.  

If you have any questions about this topic, or if you need lending help of any kind, give us a call to speak with a mortgage specialist. We would truly love to give you a hand! 

How Many Times Can You Use a VA Loan?

Are you looking to apply for a mortgage? Get an application here 

Today, we answer the question of whether you can have more than one VA loan at a time! 

Your VA entitlement isn't a one-time benefit! Borrowers who qualify can utilize their VA home loan benefits over and over. Most veterans will have only one VA-backed mortgage at a time, but there are situations where veterans can have more than one VA loan at a time. Most of those circumstances are related to relocation needs, including deployments and new jobs.

VA loans are for primary residences only. You can't use your VA loans to purchase investment properties or businesses!

If you have any questions, give us a call to speak with a VA loan specialist! We would love to hear from you! 

How Can You Borrow More than the Value of Your Home?

Are you looking to apply for a mortgage? Get an application here 

Can you borrow more than the value of your home with a VA loan? This is a question we hear a lot, so today we'll answer it for you! Here are some details to be aware of:

• On a VA purchase loan, veterans can borrow up to the appraised value of the home, including some costs and fees associated with the loan. 
• Home buyers interested in making their homes more energy efficient can add up to $6,000 of improvements to an energy-efficient mortgage.
• With a VA cash-out refinance, we can help homeowners refinance up to 100% of their home's value. Homeowners can use that cash to pay bills, renovate their home, etc. 

Did that answer the question? If you would like to discuss this topic in further detail, give us a call or shoot us a quick email. We'll set you up with a mortgage professional who will help you make the decision that's best for you and your family! 

Borrow up to $6,000 to make energy efficient improvements

Are you looking to apply for a mortgage? Get an application here 

Can you borrow extra money if you want to make home improvements?

VA borrowers can add up to $6,000 to their loan to make energy-efficient improvements to their home. Known as an Energy Efficient Mortgage, or an EEM, these unique loan products allow homeowners to make select upgrades and repairs to their property in order to maximize energy efficiency.

Spending money on energy improvements can lessen your heating, cooling, and other related energy costs for years to come. Those monthly savings on energy costs can be funneled into additional payments to the mortgage principle, or it can be used on dozens of other household necessities. 

Veterans interested in EEM should consult with their lender and be sure to arrange a home-energy audit from a professional firm! Call the Alex Caragiannides Lending Team today to speak with a knowledgeable mortgage specialist! 

Are You Eligible for a VA Loan?

Are you looking to apply for a mortgage? Get an application here 

If you are the spouse of a deceased veteran, are you eligible for a VA loan? This is a question we hear often, so today we'll try to answer it for you!

VA loans are available to some nonmilitary personnel, including both unmarried and remarried spouses. An unmarried spouse who's veteran died on active duty, or because of a disability connected to his or her service, is eligible for a VA home loan benefit. Surviving spouses who obtain a VA loan with the veteran before his or her death can also obtain an Interest Rate Reduction Refinance Loan (IRRRL), better know as a VA streamline refinance.  

Surviving spouses who are married upon or after turning age 57 and on or after December 16, 2003, may also be eligible for a VA home loan. Surviving spouses who are married before that date are no longer eligible to participate. The spouse of an active duty member who is listed missing in action or prisoner of war for at least 90 days is also eligible for a one time use of the VA home loan benefit.

For more details about VA loans, give the Alex Caragiannides Team a call to speak with a VA loan specialist! We would love to help you take advantage of this great program, and we thank you for your service!