HOW TO FIND THE BEST VA LOAN BROKER

Veteran Affairs mortgage loans, which are widely known as VA loans, are great financial options for U.S. veterans who are interested in securing viable fixed-rate loans with little or no money down.

The federal government guarantees these loans and they are made by private lenders around the country.

The process to take a VA loan is more complicated than a conventional loan which causes some U.S. veterans to forfeit obtaining these viable loans.

But giving up your VA loan for no solid reason is NOT an option that you should consider. With a credible VA loan broker on your side, you can obtain VA loans with ease.

If you want to find the best VA loan broker, here are some of the major steps you should follow.

CHOOSE VA-APPROVED BROKERS

VA loans have certain unique guidelines so working with a VA-approved mortgage broker is very important.

If a loan officer accepts your VA loan application which does not meet these guidelines, it could be held up during the approval process or…

…or in the worst case scenarios, be turned down when it could have received an approval if you had used a VA-approved loan broker.

You can carry out an online search to find and evaluate many customer reviews recorded about different lenders before you choose one who is accredited and has the best reputation.

EVALUATE OFFERS FROM VA LOAN BROKERS

Whenever you receive loan offers from VA-approved loan brokers, you should first decide which loan program you will use when comparing these loan brokers.

There are several VA loans from which you can choose with a variety of choices from a minimum of a 3/1 hybrid to a maximum of a 15-year fixed rate loan.

Scrutinize each one cautiously for qualifications that may exceed VA stipulations. Also, evaluate the offer for VA fees.

When getting quotes from your broker, you must stick to one program. If you are looking for AV hybrid adjustable-rate mortgages, focus on the lock-in periods on the fixed part of the loans.

Your aim is to use the same standard so as to get the best combination of rates and fees.

CONSIDER THE VARIABLES

VA brokers consider several factors when assigning an interest rate and you should consider each of those factors as well and utilize them to choose your broker.

Some of these factors are your credit score, the duration you need the rate for, your loan amount and the broker’s fee charged to you.

Though these loans do not require specific credit scores, most brokers require that your score should be no lower than 640, 620.

You stand a higher chance to get a better rate if your credit score is above 720 than if it is 635.

Compared to larger loans, lower loan amounts may also have slightly higher rates. Also, the longer you need the interest rate, the higher your interest rate may be.

So, the variable should help you make the right decision.

By following the above steps, you increase your chances of getting the best VA loan broker and getting the best home loan.

However, since quotes can vary from day-to-day, it is advisable to get your rate quotes on the same day around the same time to avoid any last minute surprises.

Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage.  

For more details call 480-351-5904. Visit the site at http://sandiego.valoansforvets.com/

VA LOANS FOR VETS7702 E. Doubletree Ranch Road #220Scottsdale, AZ 85258Phone: (480) 351-5904Email: jimmyv@fcbmtg.com