Veterans Administration Home Loans
Overview of VA Loans in Madison, Wisconsin: Veterans Administration Home Loans, or VA loans, are available in Madison, Wisconsin, and guaranteed by the US Department of Veterans Affairs. VA loans may be issued by qualified lenders, and our team is proud to be able to help make the American Dream of homeownership possible through affordable VA home loan mortgage rates and financing options for eligible Veterans, Service Members, and surviving spouses.
Easy Mortgage offers VA loans through our Madison, Wisconsin office with special VA home loan mortgage rates and other special loan programs for Veterans and service members through the Homes for Heroes program which provides significant savings to Veterans, Service Members, Police Officers, Firemen, Teachers, Nurses, and Doctors.
Highlights of VA Loans in Madison, Wisconsin:
Eligibility for VA Loans in Madison, Wisconsin: To be eligible for a VA Loan you must first obtain a valid Certificate of Eligibility (COE). Your COE is based on the length of service, service commitment, duty status and character of service.
Programs for Homebuyers with VA Loans:
Fixed-Rate Mortgage: A fixed-rate mortgage protects against rising rates because the interest rate is locked in and stays the same for the entire length of the loan. This can be a great option for families planning to stay in their home long-term, and wanting to know exactly what the payments will be for the life of the loan. You can choose a 15 or 30-year loan term. The 15 year term has higher monthly payments which means you build home equity more quickly. You can use that equity as a down payment for a future home purchase or a cash-out refinance should you want those funds down the road. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage may be the best plan for you.
Adjustable-Rate Mortgage: If you are currently serving and have a chance you’ll be relocating in the next few years, or know your family is growing and you’ll want to move to a larger or different home, the adjustable rate mortgage (ARM) could be the best option for you. ARMs offer lower introductory interest rates that can change after the initial fixed-rate time period. And depending on market fluctuations, your monthly payments could go up or down following the initial fixed-rate period.
Cash-Out Refinance: If you already own a home, a cash-out refinance may help you pay for expenses like debt, home improvements or college tuition. This option allows you to take cash out of your home equity by replacing your current mortgage with a new loan. You can also refinance a non-VA loan into a VA loan which provides greater cash-out refinance options.
Interest Rate Reduction Refinance Loan: If you are looking to lower your interest rate or monthly payments on your VA loan, you should consider an Interest Rate Reduction Refinance Loan (IRRRL). You can also refinance an ARM into a fixed-rate mortgage, but you cannot receive cash from loan proceeds with an IRRRL.
We are proud to help Veterans, Service Members, and their families get into a home as easily as possible. Contact one of our mortgage professionals today to get the process started.
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