VA loans offer veterans and active military members an incredible opportunity to achieve homeownership. However, if you don’t know how to find the best VA loan lender, you may not be able to reap all the benefits of this program.
VA home loans have the potential to provide significant benefits.
Choosing the right VA lender can help you leverage the program to its maximum potential—such as favorable terms and conditions.
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The basics of VA loans
VA loans are a dedicated type of mortgage backed by the VA—The Department of Veterans Affairs—available to veterans and active service members.
One of the benefits here that attracts the most attention is the possibility to finance 100% of a home purchase without the need for private mortgage insurance (PMI) or a down payment. This is a rarity in the mortgage world.
Finding a VA lender who understands the unique aspects of VA loans and is committed to serving those who have served our country is your best option for a successful home-buying experience.
Six steps to find the best VA loan lender
Here are key steps to guide you through the VA home buying process.
Research potential lenders in your area
Cast a wide net to explore various lenders who specialize in VA loans, including:
- Traditional banks
- Credit unions
- Online lenders
If a lender advertises that they offer VA loans, it does not necessarily mean they are approved by the VA to underwrite their loans.
Local VAs often can verify whether a lender is approved to underwrite their loans.
Compare interest rates and fees
No matter what type of loan you’re aiming at, the interest rates and lender fees can vary significantly.
This is one of the biggest factors affecting your monthly payments and the overall cost of your loan.
Compare these figures across different lenders. Keep an eye out for any additional charges or fees that could impact your finances.
Remember: The lowest interest rate doesn’t always mean the best deal once all fees are considered.
Evaluate the lender’s VA loan experience
VA loans can be complicated. A lender well-versed in VA loans will likely give you better advice on maximizing your benefits and avoiding potential pitfalls.
Inquire about their experience with VA loans, including how many VA loans they process annually and their familiarity with the VA loan appraisal process.
Understand the lender’s application and approval process
An experienced VA home loan lender will be able to clearly explain the application and approval process for you.
The mortgage application process typically involves several steps:
- Preapproval
- House hunting
- Getting under contract
- Underwriting
- Closing
Obtaining a Certificate of Eligibility (COE) is also a fundamental part of moving forward with a VA home loan application.
Inquire about their average loan processing times and any steps they take to simplify the application.
Check the lender’s reputation and customer service
Research online reviews, testimonials, and ratings on independent sites to get a sense of the lender’s track record.
Positive experiences from past clients—especially veterans and active military members—can offer a great deal of peace of mind.
Ask for recommendations
“Word of mouth” can be a powerful tool in selecting the right VA loan lender.
Seek recommendations from fellow veterans or military members who have recently navigated the VA loan process. Their firsthand experiences can provide insight into which lenders offer the most seamless and beneficial service.
Questions to ask your VA loan lender
When engaging with potential VA loan lenders, arm yourself with questions that reveal their suitability for your needs.
Some of these questions might include:
- What are your current interest rates for VA loans?
- Can you provide details on all the fees involved in the loan process?
- Do you offer any specific VA loan options that might be right for my situation?
- How many VA loans have you processed in the past year?
How to find the best VA loan lender
Choosing the best VA loan lender is a pivotal decision for veterans and active military members who want to fully utilize their benefits.
- Take your time
- Conduct thorough research
- Employ the insights you’ve gathered to make a well-informed decision
The right lender can significantly impact your home-buying goals, offering support, expertise, and the best financial terms to meet your needs.
Find the right VA loan lender—fast and easy
Do you want to make your search even easier? Complete our simple form to learn more and take a positive next step towards securing your ideal home loan.
Our advise is based on experience in the mortgage industry and we are dedicated to helping you achieve your goal of owning a home. We may receive compensation from partner banks when you view mortgage rates listed on our website.
