Whether you’re buying your first home with a VA home mortgage or your second, third, or fourth home, it’s important to find a mortgage specialist who understands your needs. The specialist should be knowledgeable in all areas of your VA home loan benefit. They should be able to guide you through the process from loan origination to closing.
Should my VA mortgage specialist communicate regularly with me?
Yes! Look for a specialist who’ll keep in touch with you and keep you updated throughout the process.
Should they have a secure way to send and receive sensitive information?
Yes! Look for a mortgage specialist with secure document storage both in-person and online. Information security is one of the most important concerns in the real estate and lending industries. Your mortgage specialist should be able to assure you that your personal information will be kept securely.
How long will it take for my loan to be approved, processed, and closed?
Look for a mortgage specialist who is busy and experienced in closing several loans. In high-volume lending markets, your loan should be able to take 30 days to close and fund with a few exceptions.
Should the loan specialist be able to explain all the details of the loan to me?
Of course! You have some costs that won’t change regardless of who the lender is, like your VA funding fee. You’ll also have costs that can vary, like closing costs, origination charges, points, and more. Your loan specialist should be able to explain the advantages and disadvantages of the loan if you’re pre-qualified and compare two or more lenders.
Your lending specialist should be able to tell which lenders and loan products are a good fit for your credit and income profile. While the VA doesn’t require lenders to have a minimum credit score, most VA lenders require you to have a score of 620-640 or better for more competitive rates. However, we can also refinance VA loans with FICO scores of 520-550, but the interest rates are higher. You should also meet debt-to-income ratios, however, for IRRRL or streamlined VA refinance loans with no cash out the debt-to-income or DTI ratios are not really that important, as the main focus is are we saving the veteran money and lowering their monthly payment and/or interest rate. If it’s an improved loan situation for the veteran borrower then it can move forward regardless of how high the debt-to-income ratios are.
Your VA loan specialists at California Platinum Loans are easy to work with and are here to talk with you regarding your particular situation. Being committed to your success in getting the right VA home mortgage for your needs. Find out how to get approved now.