If you’re seriously considering applying for a VA loan, you’ll need somebody who can take you through the filing process. This includes assessing your eligibility and giving you the best VA loan interest rates. Fortunately, VA approved lenders can assist you to reach your dream of finally owning a house. But the question is, who’s the best VA lender for you?
The VA loan mortgage program is no different from any ordinary mortgage program. In both programs, the loan filing process is crucial, as this will make a difference in your home buying experience. Given this, you should consider a lender’s level of loan expertise.
Not all lenders are the same, and you’ll have to determine which one is the best for you. To help you in this endeavor, we gathered some of the parameters you need to consider so that you can compare lenders, and finally find the one who will best address your needs. Here are some of the things you can do:
Compare Lenders According To Loan Expertise
Not only will your chosen lender be your ‘agent’ or ‘middleman’ in the filing process, but they will also be your educator as far as VA loans are concerned. They’ll assist you from the very beginning – from obtaining your Certificate of Eligibility up until the release of your loan. To determine a lender’s level of expertise, ask for the following information:
- Ask how much of their business processes VA loans. The higher the percentage, the better the lender should be at processing VA loans.
- Ask if the lender had undergone VA loan program training. The more the lender knows, the more equipped they’ll be at addressing problems that you might encounter during loan processing.
Compare Lenders According To Customer Service Performance
Expertise is crucial in loan processing, but you also deserve a lender that can address your needs with excellent customer service. Fortunately, you can check out a lending company’s performance based on customer satisfaction through sites such as Trustpilot and the Better Business Bureau. Most reviews will give you an idea of the experience customers had with a particular lender, and, in most cases, customer feedback will tell you a lot about a lender’s attitude and business culture.
If by any chance you encounter negative feedback on a lender, this should serve as a red flag. You’ll also want to look deeper into lenders who have very little feedback overall as this might mean the lenders may just be starting out on processing VA loans. Also, it’s possible that potential clients may not be keen on doing business with companies that very little customer feedback. Remember, when looking for a lending company based on customer experience and satisfaction, the higher the feedback and the feedback volume, the better it is.
Rates are also a factor in choosing a lender. So, after you do your homework on comparing lenders according to their expertise and customer service, compare their rates as well. With these things in mind, we hope you can find a lender who is not only affordable and knowledgeable on VA loans, but also excellent at keeping their clients happy.