The process of getting a VA home loan may seem complicated. However, it gets much easier once you find the right VA lender. The right one can help you make the smart choices for your needs. Here are some dos and don’ts for choosing the right lender for your VA home loan.
The first thing to do is ask if the lender has the backing of the US Department of Veterans Affairs to give you a VA loan. You will only be able to get the full benefits of a VA loan if the lender is VA-approved. It will save you time and effort if you do this first. It is also essential to choose a lender that handle VA loans all the time. This means they have a deep knowledge of the process. They can make it easier for you to get approval.
The casual VA lender may not know the ins and outs enough to be of much help. Be on the lookout for some red flags that the lender does not have the VA loan experience you would like. Some of these include failing to ask you about your military service and struggling to explain basic VA terms and guidelines.
You should not assume that any VA-approved lender would do. Some are specialists in it. They can help you much more than a lender that just handles it on occasion. This is important if you have special circumstances, such as retirement or regular relocations.
Find out how long the lender has been handling VA loans to get an idea of his or her experience. It is also important not to believe everything you hear. Some myths about VA loans have convinced people to choose other types of mortgages to their regret. VA loans have many benefits for eligible borrowers. It would be a shame not to use them.