When choosing to work with a VA lender who can help you with doing a VA streamline, there are many different types of VA approved lenders – including brokers, mortgage banks and national federal depository banks. Each one will have a different set of pros and cons to work with them, so it is a good idea to speak with at least one person at each type of lender – a broker, mortgage bank and a federally chartered bank. All types of lenders can help you with a VA streamline.
But in my experience, you can boil all lenders down into two basic groups – those that are local and you can go to their office and those that are national and you will never meet them in person or go to their office.
Local VA Lenders: What To Expect
When working with a local lender, chances are that you will go to their office to complete an application, meet with the loan officer and physically bring the paperwork with you need to the office. Usually, the initial application meeting will be about 45 minutes and will most likely occur within business hours. You will be able to tell a lot about what kind of mortgage lender the lender is by their office. If they are operating out of an executive suite, you know that you can probably expect them to be a mortgage broker or maybe small banker. If they are operating out of a call center, then you can expect that most of their business isn’t local.
National VA Lenders: What To Expect
Another business model that is possible for lenders is to have their loan officers work in a call center environment and work with people they never meet in person. If you respond to a piece of direct mail or an ad on the internet – chances are you will work with a lender who is helping people in quite a few states and never meeting the people face to face.
Which One Is Better?
There isn’t a “better” model for VA lenders – it all comes down to which one you prefer. Be sure to get a written rate quote from multiple different lenders for your VA loan. You may be surprised to see how much different each lender is when it comes to rates, fees and guideline overlays. Get started here and get a free written rate quote from a VA approved lender who can help you today.