VA Loans

VA Loans

Welcoming Veterans Home

A Department of Veteran Affairs (VA) loan welcomes US Veterans, current service members, and surviving spouses to achieve their home ownership. This federal government backed loan provides affordable options to buy or finance a home.

  • Minimum FICO score is 600
  • 30 year fixed
  • Min. loan amount (see above)
  • Mortgage Credit Certification (MCC) available

Thirty-Year Fixed Rate Mortgage

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)

These increasingly popular adjustable rate mortgages (ARM)—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs. When it comes to ARMs there’s a basic rule to remember…the longer you ask the lender to charge you a specific rate, the more expensive the loan.

Town Square Mortgage

17300 Dallas Parkway Suite 1030 Dallas, TX. 75248

Phone: (972) 292-7600
info@tsmlending.com

Copyright© 2020. All Rights Reserved. Equal Housing Lender. Town Square Mortgage & Investments, Inc. DBA Town Square Mortgage. NMLS 144975. 17300 Dallas Parkway, Ste. 1030, Dallas, TX 75248. 972-292-7600. Licensed by the Texas Department of Savings and Mortgage Lending, SML Mortgage Banker Registration. Expires 12/31/20. Colorado Mortgage Company Registration, Regulated by the Division of Real Estate. Expires 12/31/20. Licensed by the Florida Office of Financial Regulation, Mortgage Lender Servicer License # MLD1309. Expires 12/31/20. Licensed by the Oklahoma Department of Consumer Credit, Mortgage Lender License # ML011816 & # ML011996. Expiration Date 12/31/2020. Licensed by the Nevada Division of Mortgage Lending, Mortgage Broker License #4948, Expiration Date 12/31/2020 Supplemental Servicer License #4949 Expiration Date 12/31/2020. Licensed by the Office of Lieutenant Governor's Office Division of Banking and Insurance, Phone: (340) 774-7166 Expiration Date 12/31/2020. www.tsmlending.com. nmlsconsumeraccess.org.

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