For most qualified veteran and military servicemember homebuyers, finding the best VA home loans to finance your new house can be tough. There are so many lenders to choose from that finding the best lender and the best VA loan can quickly start to feel harder than finding your dream home. It doesn’t have to be. You just need to take your time and follow these key tips to make sure you get a rate that works for you.
Understand Your Credit Score
One of the best benefits of using VA home loans to buy a house is that your credit score isn’t the main determining factor in your application. Since the VA guarantees the loan, lenders care less about where your credit score falls. That doesn’t mean it won’t influence the rates you receive. In fact, individuals with higher credit scores often qualify for VA loans with the lowest interest rates possible. The best thing you can do is check your credit score before you apply. This way, you’ll know where you stand.
Fix Your Score If Needed
If your score is low (below 650), you don’t have to settle for subpar rates. Instead, try to improve your score before you start looking for VA home loans in the first place. Start by paying down your existing debt as much as you can. Make sure you’re staying current on your bills each month and avoid applying for new loans or credit cards before you apply for a mortgage. This will increase your score before you apply and will help you get better rates and fairer quotes from the very beginning.
The key to finding the best VA home loans lies in shopping around with different lenders. Remember, each lender is free to set their own requirements for VA loans as long as those loans follow the terms outlined by the VA. If one lender sees you as a risky borrower, don’t give up. Get a quote from a different lender and see what they have to say. Different lenders offer different rates and you can use this to your advantage.
Reach Out Today
Trying to find the best VA home loans with rates that you can afford isn’t easy to do on your own. Luckily, you don’t have to. Reach out to our team and let us help you find the best VA loan with the best rates and terms possible.