Home » Finance

Retired Military Loan - Financial Aid For Military Retirees

Jun 4, 2008
Military personnel have to face up the brunt of financial difficulties not only through their career but even after they are retired from active service. While many do who join up the armed forces with the sole intention of dedicating their lives to the country, they still have to face the harsh reality of the trouble of managing their lives and their family with their meager salaries. For this reason, loans for military retirees and active duty personnel become very essential.

The best route to take for loans for military retirees is the Department of Veteran Affairs that provides VA Home Loan Programs. This has many benefits attached to it. There are no down payments required to take this loan and it provides a funding to the tune of $417,000 to purchase a home for themselves. Even the rate of interest is quite low and is a fixed rate and not an adjustable rate of interest. This is very good when the present trend of the market and issues such as the fall of the sub prime mortgage is concerned. The veterans are also provided with the option of refinancing an existing mortgage thereby reducing the amount that needs to be paid every month. This also works in the interest of the veterans considering the sub prime mortgages. Apart from mortgage, the VA loans are beneficial to the veterans for many other purposes such as educating their children or for debt consolidation.

There are many things to bear in mind while opting for a loan for military retirees. A person planning to go this route should be aware of the proper amount that they can procure through such a loan so that it becomes easier to check on what home they can afford to buy. If this is not cross-checked, they may fall short on their requirements or may end up with a high recurring monthly payment that they could possibly not afford. So, it is best to know beforehand what they can afford and what kind of liability they need to be ready for.

They should also have knowledge about their credit ratings. Credit ratings play an important role in the allotment of loans. People with bad credit history could end up with their loans not getting approved or with a lesser loan amount. Every retiree applying for the loan should ensure that their credit reports are precise with no faults as this is very important in determining the loan that gets approved in their name.

There are three different loans being provided by the VA as loans for military retirees. These differ in the kind of interest rates that are being offered. There is the option of going in for a fixed or an adjustable rate of interest. Many now feel that considering the current trend of sub prime mortgage, it is best to opt for a fixed rate of interest rather than an adjustable rate of interest. But, even if one opts for an adjustable rate of interest for a VA loan, the adjusted rates cannot vary from the previous rate of interest by more than one percent every year to a total not above five percent for the entire tenure of the loan. So, going in for a loan for military retirees through the VA is a good option that should be weighed in with other options available before deciding on which loan to actually go in for.
About the Author
Discover more about martial loan easy term financing as well as tips and tricks in getting military VA home loan when you visit top military resource portal on personal loans at http://www.martialloan.com.
Rating:
Please Rate:
(Average: Not rated)
Views: 219
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources