Does the funding fee make VA loans more expensive than conventional loans? Let's compare!
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Video Description:
Because VA loans are the only type of loan with the funding fee, a lot of people seem to think that they're more expensive than other loan types. But this actually isn't true!
Not only do VA loans not have a down payment requirement, which reduces the amount of cash you need at closing, but they also don't have mortgage insurance. Mortgage insurance is paid monthly, which means that it adds up. The funding fee, on the other hand, is a one-time fee, so even when the percentage being charged is higher than the percentage for mortgage insurance, you still end up paying less..
If that doesn't totally make sense, don't worry—we use an example in today's videos to crunch the numbers so you can better understand how it works and why the funding fee absolutely doesn't make VA loans more expensive than other loan types.
Finally, to learn more about if you qualify for an exemption to the VA funding fee, you can check out this video: • Funding fee waivers & exemptions for ... .
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DISCLAIMER: Eric is not a licensed loan officer. All advice given is for informational purposes only. For more detailed information, please call in and ask to speak with a licensed mortgage loan originator. Archived video notice: This video is not current and may contain content that, while accurate when recorded, may not reflect current market conditions. As is customary on the YouTube platform, older videos remain in our account for transparency and statistical purposes, and we do not necessarily have control over which older archived videos YouTube’s algorithm may suggest for you. For that reason, please always check the date of a video to ensure that it is dated recently before relying on its contents. The mortgage market is very dynamic and laws, regulations, rates, and programs are always changing. If we have a more up-to-date video on the same subject, you should be able to sort our videos by date uploaded on our main channel landing page: / lowvarates . This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.
