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Dawn & Dennis Martin- The Martin Team, Coldwell Banker Residential 26Phone: (303) 870-5896
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Assuming a VA Loan: What You Should Know

by Dawn & Dennis Martin- The Martin Team 09/11/2022

Assuming a VA loan can be a convenient and cost-effective way for veterans to finance a new home. By assuming a loan, the buyer can take over an existing mortgage when buying a home. Loan assumption can have numerous advantages for the buyer and seller, and is considered an often overlooked VA benefit. Here are some major reasons to consider assuming a VA loan rather than applying for a new one:

You'll Avoid the Application Process

Applying for a mortgage, whether it's one from the VA or a conventional loan, can be a lengthy process. The various steps involved take months to complete, and there are numerous expenses attached. Down payments, appraisal fees and private mortgage insurance fees are all costs you can expect to come with applying for a new loan. When assuming a loan, you skip the multiple steps and expenses of the application process, saving you time, effort and money.

You Might Keep a Lower Interest Rate

Depending on when the original VA loan was approved, you might be able to get a much lower interest rate than you would with a new loan. Even a percentage difference in interest rates can mean thousands of dollars saved over the life of your mortgage. The opportunity to assume a VA loan with a lower rate is an excellent benefit to consider.

You Can Pay a Lower Funding Fee

Funding fees are mandatory when applying for VA loans. Most veteran borrowers pay an average of 2% of the home's purchase price for the funding fee, and a higher percentage if they've had a VA loan in the past. However, the funding fee for assuming an existing VA loan is much smaller--sometimes as low as 0.05%. The savings from a smaller funding fee is another great benefit of choosing a VA loan over a conventional mortgage.

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Dawn & Dennis Martin- The Martin Team

A Winning Tradition Together, Dennis and Dawn Martin represent a winning tradition for home buyers and sellers throughout the Denver Metro area. Like the great Rocky Mountains themselves, this father and daughter business team continues to stand tall when it comes to providing the highest level of real estate service possible.  

Competitive, caring and fiercely committed to always going the extra mile on behalf of the people they serve, Dennis and Dawn view each client they serve as another member of there extended family. They believe great service stands the test of time, which is why they're always looking for new and better ways to improve on there already high standards.  

It's also why so much of their business comes from referrals and past clientele. Call them before your next move and put their winning traditions to work for you.  

A Fitting Partnership As native residents, Dennis and Dawn Martin are proud to be part of this rich heritage, Indeed, those who know them best will tell you they are yet another great Rocky Mountain tradition,  That's because this unique father and daughter business team have been making a positive difference in the lives of local residents throughout the Denver Metro area for several generations.  

The Martins like to refer to their service as "Hi Tech and Hi Touch. Dawn is the computer savvy entrepreneur who utilizes the very latest technology to streamline the home buying an selling process for clients,   Dennis the hands on consultant who pride himself on his extremely personal and caring service. For clients, however, it's really the best of both worlds, which is why so many people , including their kids and grandchildren, return to the Martins for all their real estate needs.  

So when you're ready to buy or sell your next home in the Denver Metro area, tap into another great Rocky Mountain tradition. Give Dennis and Dawn Martin a call. With over 50 years of local real estate experience between them they represent A Winning Tradition for home buyers and sellers alike