It can seem like a mission impossible to find a great VA 30 year fixed rate mortgage. Since you have the tasks of negotiating your VA loan, as well as securing a property, the whole process can be twice as challenging as that of a standard traditional mortgage. For many people, finding the best rate is out of their reach as they become overwhelmed and quickly settle for something which is far from ideal. To help you find the best lender, as well as the best rate the tips below will inform you on how to make the world of VA loans a little closer to a walk in the park.
At times, veterans query whether they have a need for a real estate agent. Certainly researching and securing your loan from the comfort of your own home is possible, however if Internet skills, as well as hesitation as to where to get started, seem to be over-powering, then enlisting the help of a real estate agent can be worthwhile. Some agents have a special interest in VA loans and will be able to give you valuable advice on how to get the best rate. If you would like to work with a real estate agent, be sure to choose one that is an expert in this field, to them the complex jargon of VA loans will be everyday English.
Timing is important for any loan and VA loans are no exception to that rule. The timing of your property purchase is crucial since interest rates are often directly related to the current property market. If the market today isn’t looking great, consider the option to hold off a few months until things start to pick up. If you are in a position to do this, you may see improved rates as the market becomes more positive.
If you’ve already made a choice as to which VA mortgage lender you will use for your 30 year fixed rate VA loan, don’t underestimate the necessity of ensuring that they are VA approved, this will give you confidence that they understand all factors that come into play with this mortgage type and you will not need to seek assistance from a third party. A VA approved lender will be capable of taking your application, ordering an appraisal and writing a loan that is in accordance with all VA standards. While the standard rule for VA loans is an offer which has no down payment (or a very small one), the variables will be different so certainly take the time to get a variety of quotes.
Getting an eligibility certificate can be a tricky task so fully establishing your eligibility for a VA loan is crucial. Firstly, make sure that you are eligible, then move on to looking at the various affordable VA loans on offer. The majority of military members will be eligible, so long as they have a record of active duty of 90 consecutive days, or peacetime duty of at least 181 days. Spouses of military members who died on duty are eligible, however this if they remarry they are not eligible.
Ensuring you have a correct credit rating is vital for getting the best loan rate. Mistakes are common in credit reports and a matter which you may overlook could actually play a significant role. Before you make a loan application loan make sure you check your credit report and ensure there is no missing material or mistakes. Even a small error can be the difference between saving or losing time and money.