VA Loan Tips to Help You Land Your Dream Home
Category : VA LOANS
Tip 1: Start without a COE
You don’t need to have your VA Certificate of Eligibility to start the VA loan process. It’s common for lenders to get this document for you a little later down the road. By all means, you can certainly obtain yours if you’re concerned about your entitlement amount or just feel better having proof of your benefit. Using the VA’s eBenefits portal is typically the quickest way when possible. But don’t let the absence of your COE stop you from contacting a VA approved lender like Magna Capital Group to start the prequalification and preapproval process.
Tip 2: Scour your credit report
Your credit profile will play a crucial role in your ability to land a home loan and the type of rates and terms available. Before you pursue loan prequalification, get a free copy of your credit report. Examine it with an eagle eye for errors, which can be anything from accounts that aren’t yours to reporting errors regarding late payments. About a quarter of all credit reports contain errors serious enough to derail a home loan, according to the U.S. Public Interest Research Group.
Tip 3: Your credit score isn’t your credit score
Your free credit report will not contain your credit score. This is something you have to pay to see, and as far as mortgages go it’s often best to not waste your money. That’s because lenders see different scores than consumers, and they use a formula weighted especially for mortgage lending. What your loan specialist pulls can and often does look different from the “consumer” score you shelled out money to see. The only way to really know where you stand is to have a lender pull your credit.
Tip 4 Preapproval is key, but it’s not a guarantee
There isn’t a ton of sense in looking for homes before you’ve got a clear idea of what you can afford and how much a lender is likely to extend. VA loan prequalification and preapproval will help with exactly that. Preapproval in particular is important in that it shows sellers you’re a serious candidate who’s likely to make it to closing day. A prospective VA homebuyer with a preapproval letter is a welcome sight among home sellers and real estate agents.
Tip 5:: Find a VA-Savvy agent
VA loans are an incredible benefit for those who’ve proudly served our country. They’re also a specialized product that some real estate agents and lenders are more familiar with than others. You don’t want a novice in your corner when the time comes to utilize these hard-earned benefits. A real estate agent who understands the promise and potential of this program can save you time and money in a host of ways. One of the most important is by steering you away from properties that could pose problematic for the VA appraisal process, which can save borrowers time and money.