Mortgage Broker

Benefits of Working With a Mortgage Broker and Taking Advantage Of VA Loan Benefits

By DAVE HOLLAND

Benefits of Working With a Mortgage Broker
and Taking Advantage Of VA Loan Benefits

We are an independent Mortgage Broker to help you with your dream home. So, If you are or were a member of the military thinking about purchasing a home, you need to take advantage of the VA home loan. VA home loans are mortgage loans in the United States guaranteed by the US Department of Veterans Affairs (VA). They offer tremendous benefits and savings as one way to show our appreciation to the amazing men and women who serve in our military. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). Here at Veterans National Mortgage, we take pride in finding the lowest rates and terms for our service members and make the home loan process as seamless as possible. If you are wondering how the VA home loan benefit works or if you are able to qualify, please continue reading. 

Who Is Eligible for a VA Home Loan?

VA home loans are available to people who have met all or some of the following qualifications:

• You served 90 consecutive days of active service during wartime
• You served 181 days of active service during peacetime
• You have 6 years of service in the National Guard or Reserves, 
• You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.

 In addition to the service requirements, lenders may also have some specifications in order to be approved for a VA home loan. Among these requirements are having sufficient and reliable income to repay the loan without having too large of an accumulation of debt and your credit score that meets the lender’s credit requirements. The home you are trying to purchase must also meet the lender’s requirements. For example, the house must satisfy the VA’s appraisal process, which will take a close look at the home’s condition as well as its market value. 

“We take pride in finding the lowest rates and terms for our service members and make the home loan process as seamless as possible. ”

How Does it Work With Mortgage Broker?

The VA home purchase process is similar to that of a homebuyer obtaining any other type of loan. While initially, it may seem overwhelming, it can be broken down into the five main steps:

1. Submit your documents in order to get pre-approved for a loan. 
2. Search for and find the home you’d like to purchase. 
3. Negotiate a purchase agreement. 
4. Successfully get through underwriting.
5. Close on the home!

Advantages of a VA Loan:

While there are many benefits of using a VA loan, the most well known and attractive benefits are as follows:

• No Down Payment Necessary. The most attractive benefit to obtaining a VA loan is that homebuyers do not need to put any money down. The typical homebuyer will need to put at least 3.5% of the home’s purchase price down before getting loan approval which, depending on where you are purchasing, could amount to ten thousand dollars or more. Coming up with that kind of cash can be a huge challenge and a deterrent for purchasing a home, especially for first-time homebuyers. It could take years to save up that money, all the while you are missing out on the benefits of homeownership like building equity and tax breaks. 
• Lower Monthly Payments. Another perk of the VA loan is that they do not require private mortgage insurance (PMI), which saves you hundreds of dollars each month. PMI is typically required when buyers purchase a home with less than a 20 percent down payment. The additional charge helps reduce the risk to your lender, and it is typically charged at a rate of 1.86%.
• Less Rigid Qualifications: The VA Loan is a government-backed loan that is easier to qualify for and still receives competitive rates. Credit score requirements are lower than they are for some other mortgage loans, as are the income requirements.

“There are many benefits of using a VA loan”

Important Documents 

In order to have your VA loan approved, you will have to submit some important documents. Arguably the most important is the Certificate of Eligibility (COE).  This document confirms that you qualify for VA loan benefits. VA loan COEs are requested through an electronic system, and more often than not, they are issued immediately. You can obtain your COE for a VA loan by applying through an approved VA lender, applying through the VA’s eBenefits portal, or by applying by mail. 

In order to obtain your COE, you will need to provide the DD Form 214 for regular military and the NGB Form 22 and NGB Form 23 for National Guard and Reserves.  You do not need the COE to begin the preapproval process, but it will absolutely be required before your loan is funded, so it is recommended that you obtain the document early in the home buying process to avoid any delays.

Where Do I Get a VA Loan? => Mortgage Broker

We highly encourage you to seek assistance from an independent mortgage broker that specializes in VA loans. There are many benefits to using a mortgage broker instead of a lender who works for a bank. Here are just a few of them:

• They work for you, not the bank.
• You’ll have access to different lenders, banks, and other financial institutions and the products they offer. 
• Get mortgage rates at wholesale prices. 
• Even though they change daily, mortgage brokers know all the current mortgage rates, terms, and re-payment options available on the market.
• They specialize in mortgages and not other types of loans. 
• They keep rates low by increasing competition in the marketplace. 
• They will check your credit score and brainstorm ways for you to improve it, all for no charge.
• They can save you time and money!

Mortgage brokers act as a middleman

So to speak, between you and the bank. They are trained professionals who are licensed to represent and provide you with the best advice for your mortgage needs. What makes a mortgage broker different from a lender is that they do not work for a bank, so they are not trying to sell you on their product. Instead, they can sort through all available mortgage loans in the marketplace to find which works best for you. A mortgage broker will also help you round up all of the required paperwork and documentation for loan approval and will pass that on to the lender in order for a loan to be funded. 

“There are many benefits to using a mortgage broker instead of a lender who works for a bank.”

How Can a Mortgage Broker Save Me Money?

Different banks and lending institutions are limited in the loan programs that their organization can provide and offer different interest rates. Mortgage brokers are able to shop all of the different lenders to find the loan that works best for you. Rates they find for you are the best available at the time of application. Rates, terms and conditions, and incentives for various types of mortgages change daily, depending on economic circumstances. The size of an institution’s portfolio in a particular type of mortgage can also affect interest rates and fees you would be responsible for paying. Part of your mortgage broker’s job is to keep up to date on who is charging what, and they will know which lender to approach first when it is time to submit a loan application on your behalf.

“Mortgage brokers are able to shop all of the different lenders to find the loan that works best for you.”

Get Started With a Mortgage Broker Today!

If you are a military member or Veteran ready to get the home purchase process started, let’s chat. We are an independent Mortgage Broker that specializes in VA Loans. We compare over 200 Lenders to find the best match for your financial situation and home buying needs, so you don’t have to. With over 25 years of industry experience, you can trust we will take care of you. Our company is large enough to provide all of the technology, efficiency, automated systems, and consistency you need but small enough to provide exceptional service and care that you deserve. We take pride in providing an experience you can brag about to your friends. To see if you are eligible for a VA loan, start here. We are excited to get to know you and work with you, side by side, throughout this exciting time in your life. 

Do you need help?

For FREE Consultation, we are Available 24/7 to Better Serve Your Mortgage Needs, so call us NOW at (888) 922-2022. or go directly to our website at veteransnationalmortgage.com/apply-online

Our team is excited to help you with your DREAM HOME!

You may also be interested in knowing about How Much Home Can I Afford >> HERE <<
or 
A Comprehensive Guide to Understanding the VA Home Loan Benefit >> HERE <<

Veterans National Mortgage | NMLS #2006604 – NMLS Consumer Access Portal

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