With so many lenders offering VA home loans, Tucson, AZ, chances are that you are going to have a difficult time to choose one from the available options. And worse, you pick the wrong one. Thus, you must have prior knowledge about this type of loan before you even call the first lender in your list of prospects.
Does the lender have a VA loan experience?
It does not make any sense if you go for a lender without VA loan experience. Make sure your prospects have the necessary VA experience. Please note that VA loans are a bit different from other programs. While they are considered the best option for veterans, the fact remains that they can take longer to close. An experienced VA loan lender can help avoid issues in paperwork and appraisal.
How long will the loan take to close?
Speaking of closing, you should ask your prospects also on how long will the loan take to close. Usually, it would take a little over 30 days to close. If your prospect cannot even give you an “educated” estimate, you may want to consider another lender. Be upfront with lenders and ask how long it will take, most especially if the new home is an urgent purchase as there might be other lenders that can process at a shorter time.
What particular charges to pay?
There are several costs associated with VA loans. You must know them early on so that you can assess how much money to prepare. The truth is, mortgages are always bigger than the total cost of the loan. And, aside from downpayment, you are going to pay for other charges such as the VA appraisal, taxes, title, inspections, among others.
Do you have more questions about VA home loans, Tucson, AZ? Contact HomePlus Mortgage today at (800) 810-7587.