If you are one of the many military families moving to San Antonio, and you want to purchase a home, you will want to familiarize yourself with your VA mortgage options in San Antonio. San Antonio boasts a healthy and very affordable real estate market, so it is important to look into the many VA mortgage options in San Antonio available to military families. Although there are a number of programs available when it comes to VA mortgage options in San Antonio, we will discuss the two, primary types of loans: fixed-rate loans and adjustable-rate loans.
VA Fixed-Rate Home Loans If you are looking for one of the easiest and simplest VA mortgage options in San Antonio, you will likely be looking into a VA fixed-rate home loan. A fixed-rate home loan will provide you with a steady mortgage payment for the life of the loan. In other words, your mortgage payment will never change, whether it’s during the first year or the twentieth year. Many people choose this option because it allows them to better plan their budget, even in the years’ ahead. Although obtaining a VA home loan is easier to obtain than a standard home loan, the VA has put safeguards in place to protect the best interest of its borrowers.
As such, the VA will likely determine a debt-to-income ratio assessment as to establish what you can comfortably afford to pay for a new home. The VA will also check your credit score and your credit history. VA Adjustable-Rate Home Loans VA adjustable-rate loans are loans that feature changing monthly payments due to changes in the interest rate. Many adjustable-rate loans will feature an initial period, such as five years, during which the interest rate will remain fixed. Once this period ends, the interest paid on the VA home loan will change according to certain economic indexes. Some military families choose VA adjustable-rate loans because they know they will move during the loan’s initial, fixed period, as adjustable-rate mortgages often offer lower, initial interest rates than traditional fixed loans. Before you decide what type of VA loan is best for you it is important to get advice from a qualified VA home loan lender.