VA Loan Maine: A Guide on Appraisal and Repayment

VA Loan Maine: A Guide on Appraisal and Repayment

The Pine Tree State in New England has a partner in VA Loans Center, willing to take you through the application and appraisal stages of your military mortgage into a trouble-free repayment phase. Indeed, among all home purchase products in the state, there is none that comes with more ease than VA loan Maine.

You do not pay any buck worth of down payment, and you can even let the lender carry on the whole process without visiting the Department of Veteran Affairs (VA) except for your Certificate of Eligibility (COE).

How Can I Get Appraisal?

Now that you qualify for your dream home, there comes the next critical stage, which is that of appraisal. There are two tacks you can take in this early part of your VA loan ME procedure.

  1. Seek traditional appraisal from VA.
  2. Go for lender-led appraisal.

As any of our mortgage specialists will tell you, both stages attract the legal involvement of the lending party. However, the direct appraisal in which the Department of Veterans Affairs delegates a valuation expert and finally analyses the report is slower than the second option.

The latter is the ‘Lender Appraisal Processing Program (LAPP) in the VA loan Maine program. Here are the three key stages of LAPP that can attach value to your dream home in less than 24 hours.

  • Lender contacts the military mortgage department for an appraiser.
  • The appraiser, in company with the veteran and the lender, visits the home.
  • The LAPP process files a pre-endorsed report that is almost in itself an assumption of affirmation. It lets the lending party take over the valuation stage and make it faster.

After getting your VA loan Maine as a first time buyer, or second-time buyer, what remains is to show your repayment muscle. You need to select your preferred maturity period and perhaps opt for a refinance later.

Choose Your Preferred Amortization Term

We recommend a 30-year permanent rate scheme for veterans with stable pension over the years and are keen to calibrate the income advantage over the years. However, if you are keen to utilize equity and change the rate, you may opt for the 15-year Adjustable Rate Mortgage (ARM) offer. The latter option attracts a streamline package as you will discover next.

You Can Consider Refinancing

VA Loans Center associates with lenders in the Pine Tree State who offer competitive rates for your VA loan ME or refinance. You can seek the Interest Rate Reduction Refinance Loan (IRRRL) scheme or Cash-out option to reduce interest and tap equity on an existing FHA or Department of Veterans Affairs’ loan.

NB: Refinancing an existing mortgage with a new one attracts a Funding Fee of 0.5%, although you can roll it into the rest of the mortgage.

The Ball is in your Hands: Apply Now

If you need to buy a new house, land a mobile home or refinance your current VA loan ME, you definitely need to contact us now for that much desirable professional assistance.


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