Branch Manager, Veterans United
There are many good reasons for buying a home instead of renting. For some military families, renting may best suit their present needs. However, those ready to upgrade to home ownership will find that there are numerous advantages and benefits involved in owning real property.
In a 2011 National Housing Pulse Survey conducted by the National Association of Realtors, 72 percent of renters listed home ownership as a top priority.
For a good number of military borrowers, the VA home loan program represents the smoothest and simplest path to home ownership. These flexible, government-backed loans require neither a down payment nor any private mortgage insurance. VA borrowers, who on average have less than $7,000 in assets, have come to rely on this nearly 70-year-old program in the wake of the housing market collapse.
With interest rates still hovering near record lows, this is proving a great time to buy for military families. Making the leap from renter to home buyer is appealing to more veterans than ever before. Here’s a look at some key reasons why.
Paying rent doesn’t contribute to building up equity, which is an important factor in establishing a sound financial foundation for the future. The same amount of money spent on rent could be enough to cover a monthly mortgage payment on a home of your own.
StabilityRental agreements, particularly month-to-month, can put tenants in a tough spot when a landlord decides to terminate a lease. When you use a VA loan to finance a home and make payments on time, you won’t have to deal with the prospect of moving until you decide to do so. Veterans or active duty service members can appreciate the peace of mind that comes with being able to settle down in one place.
When you occupy a landlord’s property, home improvement decisions are made at his or her discretion. When you purchase a home you’re free to decorate, redesign, or make any changes that suit your lifestyle.
Pride of Ownership
Home owners take pride in their property, both for what they have accomplished in qualifying for home ownership and for the improvements they’ve made to enhance its value and customize it to suit their family’s needs.
The National Association of Realtors has announced that rents are on the rise. Rental rates in November 2011 were up 2.4 percent compared to November 2010. This trend is expected to continue due to low vacancy, which generally leads to rent increases.
If you’re ready to make the leap from renting to owning… and it may not be as big a leap as you think…then please make an appointment to meet with one of the experienced lenders at Veterans United Home Loans. They will analyze your current financial picture and come up with the best plan to help you achieve the goal of home ownership. There is no cost for a private consultation with a Veterans United lender, so whether or not you’re ready to buy at this time, there is no time like the present to start the planning process. You can also attend one of our monthly free seminars on how to take advantage of your VA benefit.
You’ve served us…Now let us serve you.
-Aloha, Tony Dias
Branch Manager, Veterans United
Upcoming Veterans United FREE Seminars
Veterans United seminars include† Powerpoint presentations & free workbooks. Question and answer periods follow the presentations. For more information & directions, call 676-8254.
Thursday, June 14
Bay View Golf Course
45-285 Kaneohe Bay Drive, Kaneohe
Tuesday, June 19
Veterans United Home Loans of Hawaii Educational Center
94-539 Puahi Street, Waipio, HI 96797
Tuesday, June 26
1585 Kapiolani Blvd. Suite 1518 Honolulu