After serving in the military, you may be ready to find and purchase a house using the VA loan that you worked hard for which to qualify. Unfortunately, the process of getting a home loan through the Veteran's Administration is not always cut and dry. While preparing for and navigating the application process, makes sure you avoid making the following mistakes.
1. Assuming Your Credit Score Does Not Matter
One misconception you may have about getting a home loan through the VA is that your time served guarantees that you will be accepted.
If you have decent credit right now but would like to have better credit, and if you owe a lot of money on credit card debts, you should consider taking out a personal loan. This type of loan is a non-collateral loan type that allows you to borrow money on just a signature. The interest rates are typically fairly good when compared to other loan options you might consider, and using the money to pay off your credit cards could offer the following benefits.
Going to the laundromat to wash and dry clothes can be a hassle and take up a good chunk of your time. If you do not have cash to purchase a washer and dryer and you are skeptical about charging these high ticket items due to the interest rate that you will be charged, applying for a personal loan may be a better option. A personal loan that comes with a fixed interest rate, no origination fee, and no penalties for an early payoff will be your best bet.
You own a lovely diamond ring, be it a wedding, engagement, or inherited gem. While you love your diamond, you also know you have a valuable gem on your hands and you need funds for an emergency or to pay for a recent expense.
You don't want to pawn or sell your diamond ring but it's one of the main assets you have that you can get a decent amount of money for as collateral for a loan.
Did you use the assistance of a bail bond to get out of jail before your hearing? If so, it's important that you work with your bail bondsman until you return to court. You do not want to make mistakes that can can have financial consequences that cause you to lose your bail bond and the collateral that has been provided.
Tell The Bondsman About Relevant Changes
It's important that the bondsman has current contact information for you while you are released from jail.