Are VA Loans Assumable? Save Money With Your VA Benefits When Purchasing A Home
Assuming a VA loan can seem attractive, it’s crucial to weigh the pros and cons. On the one hand, assumable VA loans may save you on closing costs and appraisal fees. Low rates could mean significant savings if the original borrower secured a lower interest rate. Considering a VA loan assumption is something to consider when making your decision. But here’s the kicker: lenders aren’t required to issue a VA loan assumption. That means you might run into potential delays in your real estate transaction that wouldn’t be there with the traditional mortgage approval process. Getting into the military service member’s shoes by assuming their loan requires careful consideration. It involves balancing possible savings against unexpected hiccups in this often lengthy process.