Whether you’re purchasing a home with a traditional or VA loan, there are ways to save money. Some are immediate savings, while others save you money over time. If you’re able, we advise you to take advantage of these five ways to save money, even with a VA home loan.
It’s true, you don’t have to make a down payment on a VA home loan, that’s part of the attraction so many veterans have to using a VA guaranteed home loan. However, just because you don’t have to make a down payment doesn’t mean you shouldn’t take advantage of the opportunity—if you can afford it. Simply put, making a down payment on your loan saves you money, no matter what type of loan you have. This is because you’ve paid part of the principal on your loan, and that means you’re not paying as much interest. Again, this isn’t a requirement—unless you’ve exceeded your loan limit—but it can save you some money in the end.