(UPDATED: January 2018)
VA loans can be confusing and frustrating. Knowing some basic information about who actually offers the VA loans can help ease uncertainty. The VA is not a lender and does not lend money, rather they set guidelines that VA-approved lenders must follow when lending money.
VA approved lenders set their own interest rates which vary from lender to lender. That is why it is important to shop around for the best lender.
Some common questions about lenders are:
- Does the Lender Approve My Loan?
- How Do I Find A VA Loan Lender?
- How Do I Know Which Lender Is Right For Me?
Does the Lender Approve My VA Loan?
Typically the lender approves most VA home loans, but they do so by following the rules and guidelines that have been set previously by the Veteran Affairs. When you apply for a VA loan you will receive a lot of information about what the VA will and will not approve. This information is usually full of guidelines and rules that have been established by past government regulations.
If the VA needs to handle or investigate an individual case it is typically because that particular circumstance is not addressed clearly by existing guidelines or rules. This is why it is important to seek the lender’s advice about your specific situation.
How Do I Find A VA Loan Lender?
Because Veteran Affairs does not offer the loan, only set the guidelines, it’s best to shop around for the best rates. Borrowers, like yourself, may be able to save thousands at a lower interest rate over the loan’s lifetime by finding the best lenders. You can utilize online lender search tools to find a lender in your region.
When searching for a lender, choose one that is VA-approved and has plenty of experience. The United States Department of Veterans Affairs is a great place to start looking for a lender, or you can give one of our VA-approved lenders a try. These specialized and experienced VA approved lenders are standing by to give you a free, no obligation rate quote on the VA streamline program.
How Do I Know Which Lender Is Right For Me?
When searching for the right VA lender the first thing you should check for is if they are VA-approved. Next, make sure they are specialized and have plenty of experience in dealing with VA loans. This is important because you will want someone that understands the VA loan process, rules, and guidelines to insure you the biggest loan with the lowest rates.
Do not be afraid to search for testimonials and feedback from previous clients of the VA lender you choose. Remember that cost, rates, and fees can vary with different lenders, only you can decide which is right for you.
Different lenders will have different rules for the VA streamline refinance program. Some will require an appraisal and some might not. Some may require a minimum credit score, some may not. This is why it is important that when choosing a VA streamline lender, you speak with more than just one about your situation.
If you have a low credit score, you will want to avoid a lender who requires a minimum credit score. If you owe more on your home than it is worth, you will want to avoid a VA lender who requires an appraisal.
Shop VA Lenders For The Best Streamline Refinance Rates
Remember to take your time when searching for a VA approved lender. Not all lenders offer the same rates and loan terms. Make sure to find a lender that is willing to work with you and meet your needs.
You might be surprised to learn that each VA lender probably has a different rate for the VA streamline refinance and that the rate the lender is offering isn’t really your rate until it is locked. Shop multiple lenders to get the best deal! Submit your information below and we will match you with a great VA lender who can help you with the VA streamline program now.