VA LOAN CAPTAIN BLOG & Learning Center

Is It Time for a VA Loan?

By: Grant Moon 08/15/13 07:36 am

Is It Time for a VA Loan?

If you’ve done your homework and found that you are in fact eligible for the VA home loan benefit, you’ll notice on your certificate of eligibility that it’s good for a purchase, a refinance or even a construction loan. But if you’ve never used your eligibility and are considering buying a home with your VA benefit, how do you know you’re ready? As a first time homebuyer, when do you know it’s time to jump?

First, you’re not going to get hit squarely in the head with the realization that, “Ta-da! Today’s the day!”  When you first decide it’s time to buy, it’s more of a nuanced feeling. Something that tells you that it might be a good idea. So what are some of the signs that you might be ready?

One of the earliest indicators is playing with a  rent vs. buy calculator found on many websites. These calculators will almost always tell you it’s a good time to buy. Especially in these times. Why? The ownership advantages, especially regarding the deductibility of mortgage interest, are clearly apparent. Home prices have stabilized overall and interest rates are still at relative lows. Running the cost benefit of owning vs. renting is a sign you’re ready.

Did a co-worker just buy a home? Your neighbor? Did it pique your interest to the point where you’re thinking, “If they can buy a home then so can I!”  If this sounds like you, you’re ready to use your VA home loan benefit.

Are you spending a lot of time lately looking at listings on the internet and seeing what your monthly payments might be? Have you checked your credit recently? Have you compared a new house payment with your current rent payment? All three of these activities are gently nudging you that it’s time to jump in.

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