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You have served your country and are ready for your honorable discharge and finally being able to purchase a home of your own. This time, it will be in the location of your choice instead of Uncle Sam’s. Finding and financing your own home base after all your years in the military is a big decision, one that requires planning, research and a lot of careful thought about your options. Following these steps will help you think through how to proceed with this major purchase.
- Select a Few Locations
Your first step is choosing where you want to live. Think back through all your military assignments. Were you based in a particular town that you really liked? Perhaps returning to your hometown is an appealing option, or relocating to an area you found yourself frequently vacationing in whenever you were on leave. Try to come up with two or three locations that you would like to investigate further as your possible new home after you leave the service.
- Analyze Your Finances
Now that you’ve narrowed down the choices of where you would like to live, take a close look at your finances to determine if you can afford to buy a house now and how much you can spend. Crunching the numbers may reveal that one of your desired locations is out of reach for your budget and needs to be crossed off your list so you can focus on the affordable ones.
If you have many debts, experts advise that you pay those off before assuming the responsibility of a home and mortgage. Likewise, if your credit score is low, take steps to raise it before proceeding.
- Find the Right VA Loan
Your real estate agent can refer you to the best banks, credit unions or online mortgage brokers to discuss your VA loan options. This type of loan rewards you for your service to your country with the best interest rates, low or no down payment requirements and the elimination of private mortgage insurance.
Several VA loan options are available to you, including a multi-year fixed rate with the same payment over the life of the loan or an adjustable rate that fluctuates with the interest rate. Make sure you do your research and review the terms, length and monthly payments of each loan option before making a final decision. For example, when it comes to a 30-year fixed mortgage, monthly payments can come out to about $1,265, based on several assumptions, including: getting the loan without spending mortgage points and that your credit score is at least 680.
- Hire a Veteran-Friendly Real Estate Agent
You save time and money when you hire a local real estate agent with experience in helping veterans buy their homes. You can search for agents who are certified as Military Relocation Professionals® or ask around at the closest base for recommendations.
The agent will search for houses that meet your needs and wants and show you the ones that are priced right and in the best neighborhoods with great schools. He or she will also handle all the paperwork and price negotiations and make sure you take advantage of every military and veteran benefit available to you.
Buying a home of your own after you leave the service is an exciting experience. Following these steps will lay the necessary groundwork to help you make a wise decision. Then you can focus on the fun part of choosing which home to purchase as your new home base.
Article SOURCE
Cherie Mclaughlin
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