If you’re an active military service member, veteran, or surviving spouse looking for a new home loan, you have a specific advantage. You can opt for a loan backed by the U.S. Department of Veterans Affairs (VA).
Finding an experienced VA mortgage lender is imperative to ensure the process proceeds smoothly. But how do you find one, and what criteria should you judge them by?
What Distinguishes a Financial Institution for VA Loans?
Veterans Affairs loans are provided by private lenders, such as mortgage lenders, credit unions and private banks, according to the VA. But not all mortgage lenders are created equal. There are certain criteria you’ll want to use to evaluate any prospective lenders.
Look for an Experienced Lender
Just because a lender offers VA loans doesn’t mean they are experienced with them. Investigate how long the lender has been issuing VA loans and how many VA loans they originate annually. It’s also important to know what percentage of the lender’s business is dedicated to VA loans.
Anne Johnson
Author
Anne Johnson was a commercial property and casualty insurance agent for nine years. She was also licensed in health and life insurance. She went on to own an advertising agency, where she worked with businesses. She has been writing about personal finance for 10 years.
