The first tendency we have have noticed here at VA Home Loans San Diego, is that potential clients are fixated on rates. Although the interest rate is an important factor, there is very little skill involved from the broker/lender to get you the lowest rate. All of the lenders participating in the VA Home Loan program are receiving their rates from the Federal Reserve. They then pass those rates down to the brokers. For this reason, the rates are relatively the same across the board. Regardless of who you choose to process your VA Home Loan, it may barely affect your rate.
So the next questions are, 1) Where does the skill of the broker/lender come in? 2) What should I be looking for when I am shopping for a VA Home Loan?
Preparation and Organization
Ever since the housing crash of 2008, the lending industry has tightened up and become much more regulated on all fronts. The requirements of the lender to process the loans have steepened and can feel extremely burdensome. This is precisely where the skill set of your loan officer comes into play. Their ability to prepare you based off of the information you provide up front will affect your loan process significantly. Their personal organization skills will also have an impact on your results.
Stress can arise when your VA Home Loan officer seems to be dropping new information on you everyday. However, if on day one, after a phone interview, your loan officer provides you with the a clear road map of what to expect, you can then start preparing for the lenders requirements ahead of time. This is a major factor!
If you find that your lender conversations seem scattered then you can probably assume they are disorganized and will make you feel the same. Organization is absolutely KEY!
At VA Home Loans San Diego, we will prepare you and make you feel organized from the get go. Please read some of our reviews and contact us so we can begin the process with you.
What types of home loans can we help you with?
VA Home Loan
FHA Home Loan
Traditional Home Loan