Why Choosing the Right VA Lender Makes All the Difference?

Buying a home is one of the most important experiences for most people. Since you are here, we are assuming that you are a veteran and have the option of taking a VA loan because of your service. A great benefit for veterans to have, buying a home through VA loan requires you to find the right company or lender for the loan.

The right VA lender can make it easy for you to get approved for and acquire the loan. Another benefit of working with the right lender is getting pre-qualified for the VA loan. When you apply for the loan with a spotless credit history and a decent amount of savings for the home purchase, you can get the best interest rates.

However, if you are unsure about your credit scores or debt-to-income ratio (DTI), you can make the required improvements by getting pre-qualified with one of the lenders. The right VA lender will educate you on improving your credit. This, in turn, will allow you to improve your credit for the VA loan. Now let’s look at some steps to choose the right lender for the VA loan.

1. Make Sure the Lender Is Approved by the VA

Of course, the first step to choosing the right lender is ensuring the lender is approved by the Department of Veterans Affairs (VA). If a lender meets this criterion, you can move onto the next step in choosing the right lender.

2. Expertise in the VA Loan Process

The right lender will help through every step of the VA loan process. Whether it’s getting an eligibility certificate, securing an interest rate, or attaining underwriting approval, the right lender has the expertise to get you through the step.

3. Customer Service and Satisfaction

An important step in choosing the right lender is finding out about the customer service of the lender. Determine the level of satisfaction customers have with the lender. To find this out, go to review sites such as Yelp, Google etc. Also, if possible, talk to veterans who have worked with the lender in the past. This will give you a good idea of the lender you’ve chosen.

4. Ask the Right Questions

Ask the lender questions that give you an idea of their history, expertise, and the fees/amount they are likely to charge you for providing VA loan service. Following are some questions to ask the lender:

  • What is the credit score that I need for the loan?
  • What is the maximum debt-to-income ratio that I can have to get approved for the loan?
  • Do I need an eligibility certificate?
  • Do you have the knowledge to educate me about the loan and improving credit score if needed?
  • What is the fee structure?
  • How do your rates compare to other lenders?
  • Will the same loan officer work with me from the beginning to the end of the VA loan approval process?

Once you have the answers to the above questions, you will be in a good position to decide if the lender is right for you or not. If you’re looking for the right VA lender, then get in touch with us today!