What is the loan term for CalVet Home Loans?
Since the bonds that we sell to fund the program are 30-year bonds we set up all new loans for 30-year terms. However, you can make additional payments on the loan principal at any time, and the effect of making additional principal payments is to reduce the loan term. If you want to pay off your loan in 15 or 20 years we can calculate what the principal and interest payment would need to be and you can make that extra payment amount each month. There is no prepayment penalty for paying the loan off early.
