In the United States, the military has long been on a special account, and in almost all respects. Military men in America are preferred by banks. In the United States, there are whole companies that specialize in helping people in issuing loans. And not only to issue home loans.
VA home loans
VA home loans in America are issued to those who are on active duty in the American army, regardless of its unit. It can be the Navy, Air Force, Marine Corps or Coast Guard. However, if we are talking about the idea of a mortgage, then in relation to creditors, the military will not have a very great choice. the US Army and the Fannie Mae agency takes the most active part in the process of helping the military with mortgages. More loyal terms of lending – that’s as usual, government programs are popular here. However, it is also important for borrowers that they can count on solid concessions in case of any difficulties in repayment.
No funds to pay for VA loan
Not all military men spend their years of service at quiet outposts. But almost all of them have families, in which they are the breadwinners, and therefore the borrowers from the point of view of the bank.
Therefore, lenders offer several ways at once to solve problems with mortgage loans in the event that military families have financial problems. So, if a soldier is injured, or temporarily receives a reduced salary (for example, when transferring, when a certain time needs to be spent in the training unit), he can count on the bank to grant him exemption from loan repayment for up to six months. Moreover, this relief is practically guaranteed, during this period the borrower will pay either some part of the stipulated payments, or not pay the loan at all back.
After that, depending on the circumstances, the borrowing terms may be revised with the lender. In any case, if there are circumstances mitigating the fault of the fined borrower, he will be guaranteed to be protected from the visit of bailiffs for 9 months of delay.
If in some countries, the military benefits are provided only for mortgage lending, then in the United States military people are glad to become a partner not only when they need to solve housing issues. For example, many lenders offer American servicemen to apply for a loan consolidation, a travel loan, a loan for home renovation or modernization, a loan to pay for children’s education, a loan to pay for medical expenses, and much more, including an analog of loans for urgent needs, at a lower interest rate.
No one will offer any privileges or deferrals for these types of loans (in mortgage lending they are “sponsored” either by the state or directly by the military department), but the rate in most cases will be quite acceptable.
Everyone knows that loans for the military in America are cheaper, some of these military men sign documents almost without looking, subsequently paying for their carelessness.