Better preparations get better results – that is 100% true in VA loans, Santa Barbara, CA. Being ready is crucial to increasing your chances of getting a better deal. In other words, before you even sit down with your lender, you have to make sure all the things needed are with you, ready for evaluation.
Here are some things to do to be better prepared for your application for VA loans, Santa Barbara, CA:
- Start with assessing your credit report – the first thing lenders usually do when processing your application is to check your creditworthiness. So, better check your credit report before that. You have to make sure that you can prove you are worth granting a loan to a lender. It does not only increase the chances of getting your loan approved but to get the best possible rates.
- Obtain your Certificate of Eligibility – request a copy of your certificate of eligibility at the Department of Veteran’s Affairs. The document shows how much entitlement you have and your overall eligibility to get a VA loan. You can log onto https://vip.vba.va.gov and complete the information online. The process should not be that tedious.
- Figure out what you can afford – be realistic with your mortgage goal. While homeownership may be the American dream, the fact remains that your financial capacity will be a prime determinant for the home loan amount and to ensure that your loan does not affect (or even ruin) your financial situation in time. For instance, though a down payment is not a requirement in VA loans, you may decide to have money to put down to reduce your monthly payments.
- Decide on the term of the VA loan -determine which is the best term for your financial situation when you buy a home. Is it a 15-year mortgage or 30? Is it fixed or variable? (A highly qualified mortgage broker can help you figure out the best option for you.)
Online looking for a reputable mortgage company to help you with your application for VA loans, Santa Barbara, CA? Talk to a mortgage expert at HomePlus Mortgage today.
