Home Loans VA Bank of Comerica Reviews 2023Home Loans VA Bank of Comerica Reviews 2023

Bank of Comerica is a full-service bank with a long history of serving customers in the United States. The bank offers a variety of home loan products, including VA loans. VA loans are government-backed loans that offer special benefits to veterans and active-duty military personnel. Home Loans VA Bank of Comerica Reviews 2023.

FeatureVA Loans from Bank of Comerica
BenefitsNo down payment required, low interest rates, no mortgage insurance premiums (MIP), flexible credit score requirements
RequirementsNo down payment required, low-interest rates, no mortgage insurance premiums (MIP), flexible credit score requirements
Interest Rates and FeesCompetitive interest rates and fees, 1% origination fee
Overall ReviewBe a veteran or active-duty military personnel, have a good credit score, and be able to afford the monthly payments
Other VA Loan Lenders to ConsiderA good option for veterans and active-duty military personnel, with competitive interest rates and fees, an easy loan process

In this article, we will take a closer look at VA loans from Bank of Comerica. We will discuss the benefits of VA loans, the requirements for qualifying for a VA loan, and the interest rates and fees offered by Bank of Comerica.

Benefits of VA Loans

There are many benefits to VA loans. Some of the key benefits include:

  • No down payment is required. VA loans do not require a down payment, which can make homeownership more affordable for veterans and active-duty military personnel.
  • Low-interest rates. VA loans typically have lower interest rates than conventional loans.
  • No mortgage insurance premiums (MIP). VA loans do not require MIP, which can save borrowers money each month.
  • Flexible credit score requirements. VA loans have more flexible credit score requirements than conventional loans.

Requirements for Qualifying for a VA Loan

To qualify for a VA loan, you must meet the following requirements:

  • Be a veteran or active-duty military personnel
  • Have a good credit score
  • Be able to afford the monthly payments

Interest Rates and Fees from Bank of Comerica

Bank of Comerica offers competitive interest rates and fees on VA loans. The interest rate you will be offered will depend on your credit score, the amount of the loan, and the length of the loan term. Home Loans VA Bank of Comerica Reviews 2023.

The fees associated with a VA loan from the Bank of Comerica are also competitive. The bank charges a 1% origination fee on all VA loans. There are also other closing costs that will be associated with your loan, but these costs will vary depending on the property you are buying.

Overall Review

Bank of Comerica is a good option for veterans and active-duty military personnel who are looking for a VA loan. The bank offers competitive interest rates and fees, and the loan process is relatively easy.

However, it is important to shop around and compare rates from other lenders before you choose a VA loan. You can use a mortgage calculator to estimate your monthly payments and compare different loan options.

Other VA Loan Lenders to Consider

In addition to Bank of Comerica, there are many other lenders that offer VA loans. Some of the other top VA loan lenders include:

  • USAA
  • Veterans United Home Loans
  • Navy Federal Credit Union
  • GMAC Mortgage
  • Quicken Loans

It is important to compare rates and fees from multiple lenders before you choose a VA loan. You can use a mortgage broker to help you compare rates and find the best lender for your needs.

FAQs:

What are the interest rates and fees for a VA loan from the Bank of Comerica?

The interest rates and fees for a VA loan from the Bank of Comerica will depend on your credit score, the amount of the loan, and the length of the loan term. The bank charges a 1% origination fee on all VA loans. There are also other closing costs that will be associated with your loan, but these costs will vary depending on the property you are buying.

Can I switch from a VA loan to a conventional loan?

Yes, you can switch from a VA loan to a conventional loan. However, there are some restrictions on this. You must have a good credit score and be able to afford the monthly payments for the conventional loan. You will also need to pay closing costs for the new loan.

How do I apply for a VA loan from the Bank of Comerica?

To apply for a VA loan from Bank of Comerica, you can visit a Comerica banking center or call a Mortgage Loan Specialist at 800-867-5188.

By Shakeel