VA mortgage companies help veterans use their benefits to obtain a VA home loan. They can do this because the VA guarantees to back the loan, which makes it possible for the lenders to give you a loan under circumstances when they normally wouldn’t. Having a foreclosure, for instance, doesn’t always disqualify you from getting a VA loan.
The VA, however, does not lend out any money itself they only guarantee the loan so you will need to work through a mortgage company to get the actual loan. There are many different VA mortgage companies and they aren’t all the same. Each company will have different requirements and pricing so be sure to explore your options before you commit. Here are some things to remember.
VA Specific Mortgage Companies
When it comes to the companies themselves it is important to make sure that the company is VA approved. This means they have met the requirements set by the VA which includes number of years originating VA loans and the total number of loans they have originated. Which shows you that they have experience with VA loans and will be better equipped to help you with your unique situation.
Look for credentials to reinforce any claims of being experienced in VA loans. This may include years operating, awards, and overall knowledge. If you call up a mortgage company and they are not sure what they need to get for a VA loan then it is very likely they do not specialize in VA loans you should be cautious, and consider getting a second opinion.
What They Need From You
The information needed for any home loan is relatively standard. However, there are a few additional documents you will need when getting a VA loan that you should be aware of. This includes your DD-214 or Statement of Service and Certificate of Eligibility. There may be other service related forms requested in special circumstances.
Be prepared for the company to take a look at your credit, work history, and verify government documents such as Drivers Licence and social security card. This is all standard information that is needed for any home loan. Having all this information on hand will help the loan process go much smoother.
You Can Shop For The Best Deal
Remember that there are many companies who work with VA loans, and you can shop around to make sure you are getting the very best deal. Even if you have been working with a company for a while, if you can save hundreds or thousands of dollars getting a better deal it would make sense to switch.
A word of warning, don’t lose sight of the big picture. Too often people get so focused on their monthly payment that they forget to look at how much they are saving over the life of the loan. This is also true of interest rates, there are many cases where an interest rate can go up and you are still saving money. So be sure that you understand all the numbers and why they are what they are. If you don’t feel like you understand call up the mortgage company and have them explain it. If this explanation still does not help try asking another company to look at your situation.
Work With Them
VA mortgage companies can be a great resource and very helpful throughout the VA home loan process. They can best represent you when you trust and work with them. It is important that you feel a sense of trust for the mortgage company you are working with.
If you want to know how much you can qualify for Fill Out This Short Online Application. One of our experienced VA loan professionals will get in touch with you and help you with any problems you may be facing.