Which is why a consolidation loan can often prove to be a better option: it may allow you to get a lower interest rate, which would save you money over the long-run.
Get Financial Help for Veterans The misunderstanding of VA loans demonstrates the financial naiveté of some military members and their families.
You first need to make your application as strong as possible by improving your credit score if you can.
Second, shop for the best interest rate and terms you can get.
While it’s believed the VA makes home loans, this isn’t actually the case. The VA guarantees as much as 25% of the loan and puts some restrictions on what banks can charge for loans, but does not decide who gets a loan or how much they get. Still, the myth persists that a VA loan is made by the VA and it’s just one of many misunderstandings about finances among military members.
A 2014 survey by the National Federation for Credit Counseling (NFCC) found that military families had 7% more unsecured debt (about 0-to-0 on average); about ,000 less in tangible assets and spent 0 a month more on debt-related expenses than their civilian counterparts.