PROCESS OVERVIEW

So you're thinking of re-financing your house. What are the steps to taking full advantage of the VA Loan?

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Steps to take:

1- Create a budget. If you don’t have a household budget, you should think of creating one. It is simply a plan for saving, spending, and borrowing. Your budget will help you understand how much you can afford to spend on a house and home loan. See Chapter 8 of our free VA Loan book for detailed information on creating a budget.

 

2- Verify eligibility. Verify your eligibility for a VA loan by obtaining your Certificate of Eligibility (COE). We can help you do this or you can do this yourself or with your VA lender. See here for more details.

 

3- Select a VA Lender. Work with lenders that are VA-approved (it will say so on their website / if you ask them), and loan officers that have at least five years of experience working with VA loans. All of the lenders on VA Loan Captain are VA-approved and experienced with VA loans. See Chapter 9 of our free VA Loan book for detailed information on selecting a lender.

 

4- Calculate savings. Once you have a quote for a VA home loan (to replace your existing home loan), calculate how many dollars you save in interest payments each month with the new loan. Be sure to take the closing costs for the new loan, divide them by the length of the loan (for example, 30 years) and include them in your new monthly interest payments to calculate your actual savings.

 

5- Receive preapproval letter. The preapproval letter is issued by your VA Lender stating that you have applied for a VA mortgage and that your income, credit, and assets have been reviewed and approved.

 

6- VA Appraisal. Your VA Lender will request your most recent paycheck stubs, copies of recent bank statements, tax returns, and other financial information. These will be used to ensure that your loan meets the VA loan requirements.

 

7- Closing. Once your loan conforms to VA requirements, the VA lender will order your closing papers and ensure that all necessary funds are collected. Once the VA lender is satisfied that everything has been completed, funds will be disbursed.

 

8- Welcome to your new home!

 

If you want more free information on budgeting, debt, mortgages, credit cards, or your credit score, speak to our partners over at VeteransPlus.

 

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VA Loan Captain, Inc. is a service disabled veteran owned small business registered in the state of New Jersey. VALoanCaptain.com® is a diversified housing, benefits, education, and services platform assisting current and former servicemembers to receive the information, value, and services that they deserve. VALoanCaptain.com® has partnerships with veteran focused non-profits and charities that provide services to veterans but is not affiliated with the VA or any government agency.

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