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4 Tips For Securing Your VA Home Loan

By admin On July 20, 2010 Under VA Loans, VA Purchaes Loans, VA Refinance Loans

Don’t make the same mistakes many veterans and active military members do when choosing a home lender.  It can cost you thousands of dollars extra! The key is to research all available options and lenders before you sign on the dotted line for your VA home.

The most common mistake many military personnel make is not following the guidelines for a VA home loan.  It can cost more in high interest rates, seller fees, and even down payments.  Do your research first!

First, don’t go to the first lender your realtor recommends.  Use a little logic and find a lender that has the lowest interest rate, easy paper work, and one that’s willing to work with you.  By choosing the lender your realtor suggests may cost you hundreds of dollars extra.  Although, they might not get a money pay off, they do get other compensations from the lenders.  Such as the lender might send more families looking for a house to that realtor – it’s the way the system works.

Choose a mortgage company, broker, or bank that has the interest rate you want and keeps their fees up front.  Make sure you know how they process, who the underwriter is, and how they close the loan.  The best lenders have all the departments under one roof since this makes the processing time faster and the closing deadline easier.

Be sure you have an experienced loan officer or at least have one that has a mentor.  The experienced ones know all the lending companies that will work with you and give you the best deal.  They should also have a solid record for getting loans and supplying you with the benefits you need to save on your VA home loan.

Since the new guidelines have come into effect you now need an appraisal for the home you wish to purchase.  Be sure the lending company has a LAPP.  A LAPP is a Lender Appraisal Process Program.  They should also have a NOV or a Notice of Value officer to help with the appraisal process.  Having a LAPP can save you hundreds of dollars in processing plus the time it takes to appraise the house you want.  Even if the VA is slow in processing your loan the appraisal can take up to 30 day from most companies.  Getting one done in 10 days or less will make the loan process much faster.

Getting a VA home is not a hard process if you have the lenders that can help you the most.  Look for lenders that have a LAPP, every department under the same company, choose a lender that offers the best interest rates, and find an experienced loan officer for your VA home loan.

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