Transitioning from military life can be difficult, even if you have a job lined up and a personal life to return to. So many uncertainties and the removal of military structure can be an overwhelming sense of freedom, even if you love, support and defend the free world. To maintain your bearings and keep a safe haven as your own, you may need a base of operations that fits your mindset--not those of friends, families or others outside of your experience. With a VA home loan and other Veterans Affairs services, you can defend your future by understanding a few of the following strategies.
Leaving The Military Can Be Uncertain, But Profitable
Being fresh out of the military, you have a lot of options. Even if your military paycheck on the 1st and the 15th of every month is ending, many veterans are eligible for VA disability compensation.
There are also multiple Montgomery GI Bill options with a housing stipend as long as you're attending training. Retiring veterans have an extra set of financial padding that can support some of the riskier investments in life.
A combination of school, retirement and dealing with a disability can be a hectic situation that may be easier to deal with when you have a house of your own. Instead of dealing with rent and the rules of the landlord, you only have to manage a loan that can be paid for with your other benefits over time. Don't throw that money away on rent to fill someone else's bank account; getting a home of your own can be an investment that both pays out and creates a safe haven.
A Cheap Home Where You Want To Be
You don't need to buy the most expensive house on the market, or even the best-looking one. If anything, your first home should be affordable and somewhat new in order to give you the experience needed to work with loans, mortgages, home upkeep and other home ownership issues before making a bigger investment.
Find a place where you want to live and get an affordable home there. Instead of caving into the demands of family and friends to live nearby, you can at least purchase a low price foreclosure as a vacation home while reconnecting with loved ones in their area.
By renting out a home in a place you want to be, you can gain continuing income in an area that you'd like to visit. By managing the property, you can meet real estate experts and enthusiastic buyers who can show you different ways of thinking about home financing and moving into better areas.
As long as you have a good tenant agreement and can find reliable tenants, a cheaper home such as a foreclosure can pay for itself quickly, allowing you to move forward with your housing plans much faster.
Contact a VA home loan professional to find rates, available housing and even VA home loan refinancing options if you already have a home.
Share2 July 2015
When it comes to borrowing cash for a new house or a nice car, how much money do you really need? Although you might be tempted to mortgage yourself to the brim or borrow a little more than you should, the fact of the matter is that everyone has financial limits. My blog discusses the impact of borrowing more than you need, so that you can make smarter decisions with your money. In addition to keeping you out of trouble, this valuable information might also improve your quality of life and protect your financial future. You never know, it could make all the difference.
