Rates are on the rise – and that can virtually eliminate some people from the market. We are not there yet, don’t worry. Rates are still historically low, but going up and up again. What is the deal with veterans then? Glad you asked.
One huge perk is your eligibility to utilize your VA loan. The other, is your ability to let another veteran assume that loan. The assumption of that loan is a potentially huge marketing tool for you. See the example below.
Buy a house today at 4.25%, and even that might not be in play by next week. If rates continue to climb and in two years are at 6% (totally hypothetical) you would have the ability to let another VETERAN assume your loan that is still at the 4.25%. The monthly savings could be in the range of $325 per MONTH on a $300,000 loan. The savings on a $400,000 loan could be around $431/MONTH!!! That is huge.
Fast forward to a few years from now. A non-VA buyer might be priced out of your house. A VA buyer, that can assume your loan, may be able to afford a lot more and be the perfect fit. $325+ every month is a lot of money. Marketing your home for sale, with that amazing advantage, could make all the difference in the crazy real estate market.
Already own and have a VA loan? Looking but not quite sure? Buy now, before those rates skyrocket. Call me when you have a minute…508.446.1932. Or reach out through the Contact tab on the website.
And Thank You for your service.