Finance

February 20, 2018 at 8:04 am

Critical Questions You Need to Ask Before Working with a VA Lender

a banker handing a client a loan document to signThe VA Loan Program has been helping veterans, and active service members purchase homes and refinance their home loans since the ‘70s. But to use the VA loan and maximize its benefits, you need to find the right VA-approved lender.

Below are some crucial questions you need to answer when shopping around for prospective lenders.

What’s the VA Lender’s Background on VA Loans?

Although VA loans might not be the best option for all military borrowers, they’ve helped plenty of military people fulfill their dreams of homeownership.

But because they offer such excellent benefits — reduced rates, 0% down payment, and no PMI, among others — they are likewise considered a very specialized product, which means that they can’t be offered by just any lender.

Basically, you would need to find a lender that’s officially approved by Veterans Affairs because VA loans come with very specific requirements and guidelines that are slightly different from those that come with other types of loans.

Could the VA Lender Connect You with a Real Estate Agent Experienced with VA Loans?

For plenty of military homebuyers, working with real estate agents who have ample experience with VA loans is very crucial. This is because they fully understand the unique requirements of military homebuyers and know how to maximize the benefits that VA loans could provide.

What Do Real Clients Say About the Lender?

Many people depend on online reviews when trying to make buying decisions and a VA loan is probably one of the biggest purchases you’ll make in your life. Do your research and read testimonials and reviews of your prospective lender’s clients.

Make sure to read real testimonials and not those that look cherry-picked. Consider looking through trusted and reputable third-party review websites if you’re uncertain of the authenticity of the reviews on the lender’s social media accounts or official website.

Selecting the right VA lender could mean the difference between buying the house of your dreams and getting stuck a so-so house. Try to meet up with prospective lenders multiple times to get a feel of how they work with their clients.