There are numerous advantages to having a VA mortgage. A VA mortgage loan can be guaranteed with no money down, in some cases up to $417,000. There is also no private mortgage insurance requirement with a VA guaranteed loan, which could offer you substantial savings on your monthly payment. You can even use your VA Loan benefit to refinance an existing loan — even if it is not a VA Loan.
Tip #1: Check Your Credit First
Did you know that over 70 percent of all credit reports in the United States contain errors? Your lender will be looking at your credit report and making important decisions based on the information that is contained within — decisions that could make a big difference in the bottom-line.
Because lenders use complicated scoring formulas to determine how much you can borrow and at what rate it would be a good idea for you to check your credit report for any inaccuracies. Make sure you obtain a report that gives you information from all three major credit bureaus, as each may be different.
What may seem minor to you might not to a lender. Contact the credit bureaus to correct any mistakes. This could result in substantial savings on the cost of your loan.
Tip #2: Get Pre-Approved
Before you start the hunt for a house, the best thing you can do is to get pre-approved for your VA loan amount. The time you save quite literally will be your own. Once you have determined the loan amount you are approved for, you can start house hunting with confidence. In a tight housing market it will also give you a heads up with the seller, as other potential buyers may not have taken this important step.
Knowing in advance what you are able to afford offers a great deal of security. That kind of security will go a long way as you search for the best value for your money. Having a VA mortgage is an excellent benefit, but finding the right home is just as important. With pre-approval, you avoid wasting time with homes out of your price range or sellers who are unsure whether you are a serious buyer.
To get pre-approved call…
Branch Manager | Senior Loan Officer
Mobile: (603) 860-9622
Tel: (603) 935-7591
E-Fax (844) 491-6739
Manchester Branch | 50 Bridge Street Suite 204 | Manchester, NH 03101