There are so many different VA home loan lenders out there, and they all say they’re going to do a good job—so how do you decide who you can trust and who will get you the loan you need?
At Low VA Rates, we want you to get the right loan for situation. And while we always hope it’s from us, we know that might not be the case. So, before you commit to one lender, follow these five easy steps to make sure you find the right VA-approved lender for your situation.
1. Ask Around
If you want a VA loan, one of the first things you’ll need to do is to make sure any lender you’re even considering is VA-approved.
A great place to start is by asking your co-workers, friends, or family members who also served. If they’ve bought a home recently, they may have also gotten a VA loan, so they’d be able to tell you if they like their lender.
2. Check Each Lender’s Reputation
Do your own background check on recommended lenders and be sure to read online reviews and even talk to past clients if possible.
Bring up any bad reviews with lenders and see if they have answers or an explanation, because sometimes the reviewers were unfair. If you ask the hard questions now, you can avoid problems years down the road.
3. Research Each Lender’s Experience
Ask possible lenders if they have experience with people who have a background similar to yours. For example, you may only want a VA loan, your credit score is low, and you want to buy your first home. Have they worked with others like you?
Any VA home loan lender you choose should have plenty of experience when it comes to creating VA loans. Because VA loans have unique requirements, you will want to choose a lender who does lots of VA loans as opposed to one here and there.
4. Get Loan Estimates from Several Lenders
Once you narrow down your list, ask each prospective lender for a loan estimate form. With several of those, you can compare the monthly payments, fees, interest rates, and other details offered by each lender.
5. Trust Your First Impression
No matter what a lender’s online reviews say, it matters whether you like and trust them in person. To hone in on that gut feeling, here are some things to consider:
- Did they answer the phone courteously and talk in a friendly way?
- Were they prompt in getting back to you?
- Did they answer all your questions and help you learn more?
- Do they offer other useful information, even when you don’t ask?
BONUS: A House Hunting Tip
Ok, so this one isn’t really about how to find the perfect lender, but it will come in handy as you get ready to start the search for your dream home.
Learn about the local real estate market!
Knowing what to expect will 100% make house shopping easier. In order to start learning, you should ask questions like:
- What neighborhood(s) do I want to live in?
- What are the high, medium, and low prices in those neighborhoods?
- How many houses are vacant there?
Keep in mind that homes in high-demand areas can be more difficult to get, as multiple bidders can drive up the prices.
Low VA Rates Is Your VA-Approved Lender
Well, there you have it: how to find and evaluate different VA-approved lenders. At Low VA Rates, we wish you luck on your search and hope you keep us in consideration.
We’ve helped many veterans get VA loans all over the country. It’s our #1 focus! We also have a reputation for being friendly, professional, and educational. Contact us today to speak with licensed VA loan officers, some of whom are also veterans, just like you.