Even during the best of times it can be a real minefield to try to find a good 30 year fixed rate VA mortgage. This becomes an even more difficult process when trying to navigate the VA loan world in addition to finding a property and then securing it. This can be an overwhelming process, and you might end up settling and not obtaining the best rate possible. If you ask the following questions, you will be able to start navigating VA loans more effectively, and find the best lender and rate to meet your needs.
Like with any kind of mortgage, timing is an important factor for your VA loan. The interest rates that are offered on any type of loan is often directly impacted by the property market, which means timing is critical when it comes to buying property. If the market does not appear to be very promising, you may want to consider waiting a couple of months before you buy. If you are able to do that, then the rate offers that you receive might improve as the market does.
When you target precisely what you would like to get from a VA loan, that will help ensure that you end up borrowing from the best lender. Although a majority of VA loans are fixed rate, there are adjustable rate VA loans that are available as well, which might be better for you if you are planning on selling the property within a few years. Some of them most important things to consider include whether or not you are a first time home buyers, how much you would like to property, the interest rate and length of mortgage.
The easiest way to make sure you get the best rate on a 30 year VA home loan is to compare what is being offered by different lenders. Contact several different lenders and request a quote. However, make sure you are specific in terms of what you are looking for. Some lenders might not be able to loan you enough money, while others might have interest rates that are too high. Selecting a mortgage lender to work with is a very important decision to make. So make sure you take your time and don’t rush the process. Compare VA specialized loan companies with banks, and large corporations with smaller companies, and before making a final commitment collection several different quotes and compare them.
It is essential to establish your VA eligibility when looking at 30 year fixed VA loan, since there is quite a bit that is required to get an eligibility certificate. After you are certain of your eligibility, then you can start to examine more affordable VA loan rates that might be available. A majority of military members do end up being eligible, how you must either be on active duty during wartime for 90 consecutive days, or during peacetime have served for a minimum of 181 days. Reservists and National Guard members must serve for six years before applying; however if prior to this they are called to duty, then they will eligible after serving for 181 days. If your spouse was a member of the military who died while on duty, then you will eligible until you remarry.
Veterans sometimes wonder whether they need to have a real estate agent or not. It is possible for you to do the research and then secure a home loan on your own. However, if you aren’t sure of where to start or aren’t comfortable using the Internet, then you might want to get assistance from a real estate agent. Certain agents will be very knowledgeable about VA loans, and can assist you with securing the best rate, which will save you money. If you want to take that route, find an agent with plenty of experience within the field of VA loans, since they need to be familiar with all of the intricacies of how VA loans work.