Getting yourself a great 30 year fixed rate mortgage certainly isn’t a walk in the park. The challenge can be double that of securing a standard mortgage since you have the jobs of finding and securing a property, as well as ensuring you get the best VA loan. That’s why a lot of people feel completely at a loss with all the ins and outs and end up giving up before they find the best deal. The tips outlined below can give you a clearer understanding of VA loans which will put you in a better position to find the most ideal lender and rate for your personal needs.
Veterans may at times think about whether having a real estate agent is necessary for them. While it is more than possible to complete the research and secure the loan from home, being a skilled Internet user, as well as understanding where to start are crucial, otherwise it may be well worthwhile enlisting the help of a real estate agent. A number of agents will be especially knowledgeable on VA loans and their advice is certainly valuable in helping you to secure the best rate. If you plan to use a real estate agent be sure to pick one who is experienced in the field of VA loans as their expertise will make the whole process seem much simpler.
The timing of your VA loan is important, as is the case for any other type of mortgage. Interest rates are often directly influenced by the market at the time, hence the time you choose to purchase the property is crucial. It may be worth waiting a few months if the market seems particular poor. If you do so, you may find that the rate offers you receive improve in line with the market.
Making sure that a VA mortgage lender you have chosen for your 30 year fixed rate VA loan is VA approved is very important, otherwise they will be be informed on the various elements of VA loans and you will find yourself in the position of needing help from a third party. For an approved VA lender, taking your application, organizing the appraisal and preparing a loan which meet VA standards, will not be an issue. All loan providers should offer a loan with no down payment, or a very small one, however each lender will have different variables so be sure to compare a variety of options.
When you wish to apply for a 30 year fixed VA loan you need to ensure that you meet the eligibility requirements, in fact getting an eligibility certificate requires a significant amount of factors to be met. For military members who have 90 consecutive days of active duty eligibility should not be an issue, as is the case for those who have served at least 181 days during peacetime. Reservists and National Guards members must wait for 6 years before they make an application, if they receive a call of duty before this, eligibility begins following 181 days of service. Spouses of deceased military members who died on duty are eligible until the point that they remarry.
Ensuring your credit report is correct will help you to secure the best loan rate. It’s common for there to be mistakes in credit reports and while they may be easy to overlook, they can certainly affect loans you wish to take out. In advance of applying for a loan, check that your credit report does not have any mistakes or missing elements. This may seem like a small matter, however it can have a long term impact on your finances, as well as your time.