Getting a mortgage can be an intimidating and confusing process, but it doesnt have to be that way. There are three things you can do to make the process smooth, easy, and clearly understandable.
1. Be willing to take the extra time to have your loan specialist explain all the aspects of the loan and how it works.
Most good VA loan specialists are willing to take the time to explain all of the ins and outs of the loan process and of the features of the loan you are looking for. Unfortunately, many borrowers do not want to take the time out of their schedules to really understand their loan. Your mortgage is the largest debt you will ever incur so you had better understand how it works.
Be sure to ask about Prepayment Penalties, how long the rate is fixed for, what the closing costs are, what the APR is and what the underwriting process is like. Compare what you hear between 2-3 different loan specialists to get the most accurate information. There are varying levels of experience and knowledge within loan professionals so one Loan Officer might know considerably more than another. More importantly than asking how long the mortgage company has been in business, ask how long the loan officer has been in the industry and whether or not he is licensed. If he says he is licensed ask for his license number. If he is not licensed politely end the call.
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2. Be willing to provide all necessary documentation and information to a legitimate company.
Many borrowers are shy about disclosing the reality of their situation whether it be unstable income, poor credit, lack of personal assets, etc. What they dont realize is that the more honest and upfront a borrower is, the better chance that he will get approved for a loan. It is like going in to a doctor and saying " Doc, I am really sick. You have to help me but I wont tell you where it hurts or what my symptoms are." There is no way that the Doctor can prescribe the proper treatment for that ailment without the right information. The same can be said of your debt manager (Loan Officer) in giving you the loan that is best suited for you.
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3. Will you show me in writing?
Always have them show you in writing what they will be doing for you. Ask for a Good Faith Estimate "GFE" and a Truth in Lending Statement "TIL." They can also provide you with other reports that show the affect of closing costs on your loan and many other pieces of useful information. If they are not willing to provide you with all the figures in writing within 3 business days, DO NOT use them!
In conclusion, take responsibility over the loan process. Read the fine print. Nobody ever gets "screwed" on their loan if they actually read the closing documents to ensure that what they are getting is what they were promised. unless you have years of experience in the Real Estate Industry, you likely will not understand everything that is in the closing documents so ask your Escrow Officer and your Loan Officer about anything that you do not understand or looks questionable.
To find highly qualified and ethical VA Loan Specialists visit http://www.vareficenter.com
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