How to Choose VA Home Loan Lenders

Any simple online search will turn up dozens of VA home loan lenders, but choosing the right VA mortgage lender can be a real task. Here are three things you should consider before choosing a VA home loan lender.

• The Department of Veteran Affairs requires companies who offer VA loans to go through a thorough approval process. When choosing your lender, make sure they are a VA approved lender.
• Ask the bank how many VA loans they process each year. VA loans are unique, and you want to work with a lender that understands these loans. For example, 44% of the loans processed by National Bank Of Kansas City are VA loans*.
• Not all lenders charge the same fees and closing costs. Shop around and find one that does not charge lender fees, origination fees, underwriting fees, processing fees**, and works to keep VA loan closing costs to a minimum.

What to Expect from VA Home Loan Lenders

Once you’ve chosen one lender from the pool of VA home loan lenders, you should expect help acquiring your Certificate of Eligibility, credit history information, a VA home appraisal, and information on how much financing you are eligible to get. Dependable VA home loan lenders work closely with customers to answer questions and to complete the necessary steps before the official closing.

As the home buyer, you have responsibilities too. In addition to being proactive in your search for VA home loan lenders, you will also need to provide bank statements, pay stubs, and other financial documentation.

*Based on January-December 2009 closed loan numbers.
** Third party fees could apply.