3 Mistakes Veterans Make When Getting A VA Loan Today
Did you know most VA lenders set their own guidelines limiting your access to use the VA benefits you earned? Here are the top 3 mistakes Veterans make when getting VA Loans today.
Thinking The Lowest Rate Means The Best VA Loan
The lowest rate available is not always the best solution when getting a VA loan today because as you ask for a lower interest rate the higher, your closing typically get higher. If you believe that you’re getting the best VA loan possible with the lowest rate, be careful. To avoid this mistake you must pay close attention to what the lender is charging you in closing costs.
What About Refinancing?
Trying to get the lowest rate possible on a VA refinance loan is another big mistake that could cost you thousands of dollars. So, do not be fooled by some lenders making you think their loan is the best when, in fact, it may not be your best option. The lender may say not to worry because the costs are all rolled in, but you’re still paying for the higher costs because they’re taking equity from your home. So, applying for the lowest rate on a VA refinance loan is sometimes not worth losing equity in your home.
Choosing VA Lenders Who Ignore The VA Guidelines
Not all VA lenders are created equal. Many VA lenders are afraid to use the guidelines set forth by the Veterans Administration because most lenders believe doing so would create too much risk for them. They place their own limitations on the benefit you’ve earned serving your country. The VA loan program is different from every other loan program in America. As a United States Veteran or current member of the military, you’ve earned this benefit. So, choose a VA lender like HomePromise. We try very hard not to place any limitations on your VA Home Loan benefits.
The United States federal government believes the guidelines set in place by the Veterans Administration are good and fair. Like HomePromise, the VA wants to make it easier for veterans to get loans. But, many VA lenders have a different approach and they are afraid to do what the VA says they can do. Unfortunately, most of the time, restrictive VA lenders are not challenged for blocking veterans from their home loan benefits.
The Veterans Administration is not a lender – it is an organization that partners with VA lenders like HomePromise and protects lenders against lending risk. The VA does this by taking some of the losses on defaulted VA loans. But, lenders can add more restrictions to the VA guidelines. So, call HomePromise today and learn how you can get fuller access to your VA Home Loan benefit and enjoy an easier way to get a VA loan.
Not Reading The Online Reviews Of VA Lenders
When it comes to direct feedback, online reviews reveal how other veterans are treated. The third biggest mistake Veterans make is not taking enough time to look at the online reviews of VA lenders. You’ll find many complaints for lenders promising one thing at the time you apply for the loan and delivering something worse at closing. Negative reviews also show how many lenders dropped the ball with little to no follow up.
There’s a lot of pressure in the mortgage industry to pump out lots and lots of loans. During this process people get lost. With VA loans, HomePromise is serving the men and women who have sacrificed a lot for our country. That’s why we created an environment and loan process for veterans that yields very few complaints. Call us today to find out more.