Securing a VA Loan isn’t as complicated as the conventional mortgage. Although there are a few minor differences in the way these loans are processed, finding the right lender can make a lot of difference to your home buying experience.
Nevertheless, most of the banks offer a VA loan, but before partnering with any lender, it is best to explore the options that you have. Here’s how you can find the right fit:
Look For A VA Loan Expert
Throughout your home buying process, your loan officer would be by your side, advocating and educating you through every step. Their expertise will act as crucial when you expect all the processes are smoothly followed, including obtaining a Certificate of Eligibility, locking in a lower rate of interest, and getting an underwriting approval.
To assess their level of expertise, you can check the total number of VA Loans your prospective lender has processed and the amount of money they’ve lent over the years. The more they process VA Loans, the better are the chances they expertise in the segment. Additionally, you can confirm if they have officers with specific training in the VA Loan program.
How Many Satisfied Customers They Have?
To get a clear picture, you need to go through the customer reviews as they can provide the actual experience with the lender, including their conduct as well as the staff feedback. A sophisticated way to analyze the reviews is to note the ratio of negative v/s positive reviews on third-party review sites such as Trustpilot and Better Business Bureau. You need a lender who has more volume of positive reviews.
Compare The Rates And Then Decide
For almost every home buyer getting the lowest available interest rate is a top priority. A small difference in rates can cost you thousands over a 15-30 year mortgage term. To begin with, start learning about the market trends through online portals.
It is noteworthy to mention that your credit score and your debt-to-income ratio impact the rate of interest available to you. Generally, higher risk means a higher rate of interest, which corresponds to bad credit score and low debt-to-income ratio.
Furthermore, there are miscellaneous expenses at the beginning of your loan procedure. You should also consider these charges when making up your mind. According to Bruce Glassinger of VA Loan Lending (https://valoanlending.com), if you look into several lenders before taking out a loan, you have a better chance of finding one that doesn’t charge an origination fee.
Are You Assigned A Dedicated Loan Officer?
Typically, a large financial institution operates on an assembly line model. In other words, you’d be juggling between phone calls and to and fro email discussions before you can avail the loan. Saving on time and a lot of stress, as well, you need to look out for the lenders who can offer a more personalized experience, such as a dedicated loan officer to your application.
When looking for the perfect lender, make sure that you ask a lot of right questions. After all, you are to walk a long way with your lender over the years to come. It is best that no clouds of doubt are left unattended for future problems.