Are you a veteran looking to buy a home? If so, consider opting for a VA loan, guaranteed by the U.S. Department of Veterans Affairs.
Make Sure Your Lender is VA-Approved
This may sound obvious, but always make sure the lender you’re working with is VA-approved. Every mortgage lender is different, and not all lenders are VA-approved or backed by the Department of Veterans Affairs. It’ll also help to check out how much experience your lender has in handling VA loans. Veteran loans are specific and unique, and it’s important for lenders to be able to guide you through the home-buying process, as well as make sure you receive the most out of your home loan benefits. Upstate Mortgage has been handling VA loans since 1994 and is experienced in all aspects of the process.
Understand Your Options
Just like other mortgage options, there are multiple options for specific mortgages under a VA loan. VA Adjustable Rate Mortgage, or ARM for short, is a home loan where the interest rate and monthly payments may change throughout the life of the loan.
The VA Fixed Rate Loan may be the most simple since it’s very structured. With this loan, you’ll know exactly what your monthly payment will be for the next couple of decades. While talking with a VA lender, discuss your loan type options in-depth.
Ask About Funding Fees
Make sure to ask plenty of questions about funding fees. Instead of monthly mortgage insurance, a VA loan will have a one-time VA funding fee which is added to the total loan. This fee can vary depending on whether the veteran has used their home loan benefits in the past and other factors. If the veteran is 100% disabled due to a service related disability, the funding fee can normally be waived. The experienced loan officers at Upstate Mortgage can find out exactly what you qualify for.
When choosing a lender, remember that experienced VA lenders will be able to guide you through the process and make sure you are getting the correct loan for your individual situation. Call Upstate Mortgage today!