Buying the perfect home in your next duty or post-military location can seem like a risky move. But real estate experts Deonte Cole, a Tampa-based real estate agent and Marine Corps Derrick Abbott, a VA home loan specialist, says owning a home is not only a great way to get you an apartment, it’s an easy way to build wealth by thinking about the process and taking the right steps .
Cole and Abbott have joined Military.com for the eighth episode of the PCS With Military.com podcast to share their best advice on home buying and taking advantage of the VA Home Loan benefit. Here are some of their tips.
Renting sounds safe, but buying a home could be better. Buying a home is a big financial decision, but if you’ll likely live in one location for more than two or three years, it’s probably a better long-term investment than just renting it, said Cole.
“If you have the ability to live on the grassroots and you plan to live on the grassroots … your homeownership mortgage will often be many times cheaper than what you are going to pay for a property.” to rent, “he said. “It’s a great long-term strategy for wealth creation.”
Do a lot of research. Cole said it was important to take the time to figure out what type of home you want and what neighborhood is right for your family. He sees part of his job knocking on the doors of potential neighbors to make sure the area is suitable for his client while showing as many homes as possible.
“Look at so many houses [as you can] To see what you like, get as much value as you can and get as much out of it as you can, “he said.” I would love to show people around to see as many houses as they want to make sure they get what they want. “
Don’t hesitate too long. There’s such a thing as too much research, said Cole. And while shopping can help customers avoid the buyer’s remorse, it can also mean losing what you love, especially when the real estate market is hot.
“Don’t try to make an offer,” he said. “There’s nothing worse than finding a home that you love and hesitate and someone else makes the offer and undercuts the property you like.”
Understand Your VA Home Loan Benefit. Like so many benefits, the VA home loan can be confusing, especially when it comes to how it differs from a traditional mortgage or what fees might be waived for qualified veteran users. And just because it worked one way for one veteran doesn’t mean it does for every other user. Abbott recommended checking with a loan officer who is familiar with the VA Home Loan process to determine the details for your particular situation.
“Although the VA loan is for military personnel, we all know that not all military personnel are in the same place at the same time,” he said. “So be careful when you hear someone say, ‘Oh, I did this, and I did that, and I did that on a VA loan.’ You may have done that very well. But that doesn’t mean you’re there. … Talk to your lender, talk to someone like me who can say, “Hey, this is your scenario. This is it, what we can do to make this the best loan for you individually. ‘”
Take the next step
When you are ready to move on your VA home loan or just want more information, the first thing you need to do is get that information non-binding interest rates.
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