VA Loan Tips
As you explore using your VA home loan benefit to buy a home or are considering a VA streamline refinance for an existing VA home loan, you’ll soon find there are more options than you perhaps imagined. VA lenders offer a full range of fixed rate home loans with terms anywhere from 10 to 30 years along with adjustable loan options including the so-called hybrid loans; programs that are fixed for an initial period of time before turning in to an annual adjustable mortgage.
You’ll contact a few VA lenders and get rate quotes from them along with closing cost estimates for you to review. Sometimes you can feel overwhelmed at the amount of information thrown at you. Even an experienced VA loan officer can appear to be providing you with simply too much information all at once. That’s part of their job.
When a consumer contacts a VA lender for a rate quote the loan officer is required to fulfill various federal guidelines when quoting a rate and many times the volume of information is merely the practice of fulfilling required disclosure rules. For instance, if you want to refinance your current VA loan with a VA streamline and send an application to your VA lender, you will be presented within three business days with closing cost estimates, APR calculations and initial Truth in Lending forms.
To compound that information overload, if you make the same request with two or even three different VA lenders, you will be staring at a healthy stack of numbers.
But hold on. Step back. If you feel that you’re being provided too much, too fast, tell the loan officer to slow down a bit. Ask questions when you’re not clear on a subject. Have the loan officer clearly explain all your loan options and to cut through any industry “jargon.”
When you apply for a VA home loan, remember that you’re the customer. Nothing happens unless you let it happen and you’re never under any obligation to take a VA home loan. You’re the boss.