In 2021, buying a new home can be challenging. Although prices are climbing at slower paces, people have to deal with many financial difficulties of their own. Finding the right, no, the perfect home requires an understanding of the current market. You need to know where you fall regarding lender qualifications and prepare to compete with other buyers.
Everyone is eager to buy their own home, but it’s a significant investment. For veterans, VA loans go a long way to help with the purchase of a home. A VA loan is a mortgage that’s offered through a U.S. Department of Veteran Affairs program. This is available to all active and veteran service personnel, including surviving spouses. It’s backed by the federal government but issued through private lenders.
Here are a few tips to help you find the best VA mortgage lender:
Get Trusted Recommendations
The best place to start is with the people you know. Being a veteran or the spouse of a veteran, you probably have access and connections to other people who have experience with VA loans. Contact your friends, family, and colleagues to get valuable advice and tips about VA mortgages.
To make things easier for you, it might help to make a shortlist of lenders you’re considering. Social media can provide you with a quick list. Once you have that, you can focus more on people with experience with the lenders on your list.
Ask them everything about the process. Was it smooth and easy for them? What were the obstacles they faced? What did they have to prepare? If you can get as much information from reliable sources early on, you’ll be able to find a VA lender that much faster. It would be even better if the people you talk to happen to recommend one particular lender over and over. It means you’ve already found a significant lead.
Look for Experience
Everyone has different needs and financial capabilities. As a veteran or spouse of a veteran, you should go with the lender with the most experience. Some scenarios and requirements will only be specific to VA borrowers. If you choose a lender who has little to no experience dealing with VA loans—it could mean that you don’t get the best mortgage available to you.
Do your research or contact the lender themselves to ask your questions. Find out how long they’ve been licensed and how many mortgages they issue in a year. Ask how much experience they have working with veterans. This should be a big part of your decision-making process. The more experience they have, the better they’ll guide you and give you solutions.
Lastly, don’t just look into one VA lender. Make sure to research the rates and costs offered by at least two other lenders. The numbers can vary in small ways or rather significantly. The best way to ensure that you’re getting the best rate is to compare them. Find out the interest rate and the annual percentage rate (APR). The APR tells you the total cost of the loan, along with all the other lender fees.
There are plenty of lenders that offer a VA loan. You can use it to buy a home or refinance a mortgage. One thing to remember is that different lenders have varying rates. It’s best to do your research before making a decision. VA loans are in place to help veterans and surviving spouses have an easier time buying a home, but it still requires doing some homework to get the best deal.
If you’re looking for VA home loans that you can trust and rely on, we can help you. Global Key Capital is a Texas-based financing company in Fort Worth. We are dedicated to helping our clients find the best rates possible. Our goal is to guide our clients through their whole financing journey. Have a chat with us today to learn more about how we can help you!