Choosing the best VA mortgage lender can be hard at times as you need to consider a lot of aspects before finalizing on the right one.
Here are some of the tips that you need to follow in order to find the best VA mortgage lender:
1. Check the Expertise of VA Loan Lenders
When you are going through the home buying process, the Loan officer will help you through the entire thing by advocating and educating you on a lot of aspects. Right from obtaining the eligibility certificate, opting for the lowest interest rate and getting the underwriting approval, the VA loan expert will help you sail through the process easily.
VA Percentage and Loan Volume:
You can ask your prospective lenders on much business can they are able to go through VA loans. The higher percentage of business flow would mean that they are well aware of the pros and cons of loans that are backed with VA.
VA Training and Education:
VA loan officers are given specific training which is somewhat different from the regular one. They understand the needs of the military homebuyers. So it is important that you check their qualification before opting for their service.
2. Look Out For Customer Service and Satisfaction
Customer reviews can help in determining whether a particular service is reliable or not. You must compare the interest rates and stats so that you know whether the VA loan is useful or not. Just don’t get overwhelmed with the claims that these guys are making and instead take your time to determine whether their services are useful or not.
Check out third-party review sites such as Better Business Bureau and Trustpilot that provide a brief insight into the customer services of the VA mortgage lender. In case you find out what percentage of negative reviews is more than that of the positive review then that means that a particular service is not reliable. You must look for lenders with more positive reviews so that you leave with a good experience.
3. Check Whether You Want Assembly Line or Dedicated Loan Team
There are several financial institutions that run their loan processes such as an assembly line. However, you might find yourself juggling between emails and phones from different parties. There are other lenders which work as dedicated loan officers and provide personalized services which can help a lot of homebuyers belonging to the military. With a dedicated team, you can stay focused on making the right moves towards purchasing the home.
Also, the loan officer and the real estate agent would work together to coordinate with third parties and take some burden off from you when you are facing a stressful time. All of the agents involved in the process include the seller, homeowner agent, VA appraiser, and the underwriter will help you get close to your goal.
4. Make Sure to Compare Rates
Many homebuyers give priority to those moneylenders who offer a lower interest rate. However, they do not realize that the mortgage term than expands for over a 15 or 30-year term can make a huge difference and cost you around thousands.
It would be best that you start your comparison online so that you get an idea about the where you market stands, what are your credit score and your debt-to-income ratio. This is necessary to determine the impact that the rates can have on you.
5. Ask the Right Questions
You should ask the lenders a lot of questions regarding the service until you are completely satisfied. This is because in the end you will get a clearer idea about the type of services that would be best suitable for you.
