If you are an eligible veteran, VA mortgage loans are your right. It's a right that was designed first to help veterans secure affordable home loans, but also designed to act as an incentive for service. The result is a home mortgage product that is very beneficial, and one that all veterans certainly should be considering for any and all home loan needs.
Use Your Tools To Know Your Options
VA mortgage loans rely on many different factors. Each mortgage or VA home loan refinance will be different, depending on factors such as
• Credit score
• Income
• Debt to income ratios
• Subject property (quality, type, value)
• Lender requirements
While VA insured mortgage loans are almost always better for the borrower than private and traditional loans, the terms are still dictated by these factors and by the lender. The government insures the loan, but the terms are dictated by the lender, and so you can be offered different rates and terms from different VA lenders.
To maximize your loan, and to know what options you have within the system, you need to utilize the tools that were designed to help you. The first tool is your VA lender. A lender dealing in VA insured mortgage loans is your first-line resource, and should be able to answer any and all of your questions.
There are two basic things you should know about VA lenders before choosing one:
1. Don't just find a lender who processes VA insured mortgage loans, find one who specializes in them; a specialist will have better access and be an overall better resource for you.
2. Your VA specialist does not need to be located in your state; as long as the lender is licensed in your state, you can choose any expert who offers you the best service and favorable terms. If you are in Colorado, go ahead and choose an Alaska VA mortgage lender. The process is the same throughout the nation. The Pennsylvania VA home loan process is the same as it is in Colorado or Alaska. All that matters is getting the expert advice and assistance you need, from a lender qualified to write a home loan for your state of residence.
That Alaska VA lender, Pennsylvania VA home loan process specialist, or Colorado or nationwide processor of VA insured mortgage loans should be readily accessible and open and willing to working with you. He should also have access to additional tools, such as VA loan information and a VA home mortgage calculator. These types of tools will give you more information regarding what you can do within the program, and about how much you can afford to take on through a VA home loan refinance or VA insured mortgage loan.
Beyond the basics of the VA home loan, you really will not know what the possibilities are for you unless you contact a qualified VA loan expert. From first mortgages to VA home refinance, there are many ways the home mortgage program granted by the GI Bill of Rights can work for you, and you owe it to yourself to find out how you can maximize your home loan with the help of a VA specialist.
