28 September

How to get the lowest military mortgage rates

Applying for and getting a mortgage might just be the most baffling process you’ll ever go through. Unfortunately, though, most people have to go through it, because few are the ones who can afford to buy a house outright. The process can be even more challenging for military and DND personnel, as they face relocation a lot more often. However, they also benefit from more flexible loan terms and, with proper research and action, they can get the lowest military mortgage rates on the market, which makes a lot of difference on the long run.

Find the right broker

People working within the military may not like not having full control over each and every situation, but when it comes to mortgages there is no other way and they have to rely heavily on the mortgage broker. This is why it’s very important to find the right one. First of all, one should obviously look into brokers that specialise in government relocation and have many years of experience in military mortgages, as the more experience they’ve got, the more contacts they have, which means higher chances to find the lowest military mortgage rates available. The broker or brokerage firm you use is key in benefiting from the best suitable mortgage loan terms and conditions for you.


Prepare a down payment

One of the best advantages of military mortgages is that they can offer very low down payments. Under certain conditions and qualifying terms, even 0% down payment is possible and the typical military mortgage loan will require about 5%. However, if you really want to enjoy the lowest military mortgage rates on the market, then you might want to prepare a bigger down payment. The more you pay upfront, the lower the rates go and you can even use gift funds for your down payment, so it’s certainly something worth considering.


Research your options well

The worst thing you can do when it comes to applying for a mortgage loan is hurry into it. Don’t let yourself fall prey to quick settlements or resolutions, as the more you research, the better the chances of finding just what you need, both in terms of brokers and in terms of mortgage rates and conditions. Take your time and research your options well, as this is a very important decision with consequences for the rest of your life, so definitely not the kind of things you’d want to rush into.