Mortgage Loans for Military Borrowers

Although the mortgage industry and the military may have little in common, they do work together occasionally – after all, men and women in uniform have financial needs too.

Does Age or Uniform Type Make a Difference?

It used to, but thankfully, it doesn’t anymore. Now, no matter what rank a person’s holding, whether he belongs to the Army, the Navy, the Marines, or the Air Forces, all of them are eligible to take out any type of loan.

The age doesn’t matter at well. In the past, mortgage companies were reluctant to – or completely against – approving loan applications of young military soldiers. The situation has improved at present – either because loan companies are more sympathetic, or military rookies are now more mature, no one really knows – and men in uniform of all ages can now look forward to having their financial problems resolved.

Even retired military officials are welcome to take out a military loan. This is surely welcomed news to those who have retired early and find their pension insufficient to support their families.

Lastly, family members left at home by their military fathers or husbands are also allowed to take out a military loan. They must, however, secure a form that gives them the authority – power of attorney would do – to take out a loan on someone else’s behalf.

How to Choose Mortgage Loans for Military Borrowers

It’s imperative that a military soldier choose the right military loan company to borrow money from. After all, there are always a few mortgage companies who wouldn’t hesitate to try swindling clients out of their money, even if they’re the defenders of the country. Sad but true.

Accreditations – Never transact with a military loan company that’s not accredited by recognized institutions like the Better Business Bureau. Anyone can give an accreditation so make sure that when a loan company representative tells you about all the awards and recognition they’ve received, these credits must truly be valid.

Military Staff – A lot of military loan companies today actually employ former military officials to further improve their customer service. With another military soldier working on the other side of the fence as well, you’ll feel safe knowing that the company understands what you’re going through and where you’re coming from. They’ll be more willing to extend you a loan, even if you have bad credit, because their ex-military employee can reassure them about you, something that other employees wouldn’t be able or willing to do.

Counseling Services – Many mortgage companies have made counseling services available to their soldier clients, which will ensure that their customers are truly in the position to use the loan to improve their lives, and not just help them further sink into debt. Naturally, it’s better to transact with a company who’s willing to refuse a customer for their own good…rather than lending them more money to be able to sink their claws deeper.

Low Interest Rates – Stay away from payday loan companies; even if they do say that they have loans specially designed for military officials like you, those loans would still be accompanied with interest rates that are outrageously high. Find a mortgage company that truly offers military loans, and not something that simply disguises itself as such.

Online Services – If you’re far away from home and you wish to take out a loan to help your family back at home, choose one that provides online services. This way, you’ll still be able to take care of your family even when you’re thousands of miles away.

Important Characteristics of Mortgage Loans for Military Borrowers

For the Military Only – Being a cousin to the neighbor of a retired soldier doesn’t qualify you for a military loan. Unless you can prove your “special” and “close” relation – and have the military soldier convincingly attest it – there’s no possible way for you to obtain a military loan. It is strictly for military soldiers and their immediate family members only.

There’s Usually No Collateral – Why? Because it’s easy to keep track of a man in uniform!

Interest Free – It’s possible, if the military borrower’s able to pay off the principal amount in a short time, or before the stipulated deadline for the loan.

Risking your life for the safety of your homeland is an honorable thing to do, and it’s good to know that mortgage companies are willing to give some well-earned privileges to army members in return.