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Choosing a VA lender. I feel so overwhelmed

The last post in this topic was posted 1033 days ago. 

 

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Husband is a veteran, we will be applying for VA financing for our first home in the next 4-6 weeks. Our goal is to be in a new home by June 30 of this year (thanks annoying landlord who won't allow month to month, despite being awesome tenants for 5 years!). On the credit side of things, we're finally in a good spot, so that isn't a concern, it's choosing a lender. I've read that fees for VA loans can vary wildly and of course, I don't want to get ripped off. How do I even go about this?

 

From the looks of it, there is no easy way to look up in advance what fees a bank charges, so does that mean I have to go through a preapproval with multiple lenders to get a good answer? Wouldn't that many pulls hurt our scores?

 

A year ago we started the process through USAA but didn't get very far into it. I have no logic for why, but I just didn't get a great feeling from working with them (though the girl was very attentive). It was sort of a turnoff that it is farmed out to some other company, but I am willing to look at them again if I'm mistaken in my feelings. Their realtor program was a nice little bonus and we do have multiple financial products with them. I'll have to check my old emails, but I do not think I got a listing of fees that the loan would entail. We did not get far into the home buying process.

 

I'm also not opposed to staying local, but again, don't know how to get the info I need.

 

Can anyone explain it like I'm 5?

 

Thanks so much.

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Go to Zillow Mortgage Rates and put in approximate details of your transaction. They quote VA loans if you indicate military service when you get your custom quotes.

 

You'll get back a pretty reliable list of costs from multiple originators. Call the best three to discuss in more detail.

 

While we weren't looking for VA loans, I've found and selected a mortgage originator this way on five out of our last six purchase and refi transactions (including a refi that my parents just closed last month with an originator I found for them).

 

It's really that easy.

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Go to Zillow Mortgage Rates and put in approximate details of your transaction. They quote VA loans if you indicate military service when you get your custom quotes.

 

You'll get back a pretty reliable list of costs from multiple originators. Call the best three to discuss in more detail.

 

While we weren't looking for VA loans, I've found and selected a mortgage originator this way on five out of our last six purchase and refi transactions (including a refi that my parents just closed last month with an originator I found for them).

 

It's really that easy.

 

That is FANTASTIC! Thank you!!! Looks like USAA may not be the best choice (as suspected). I'll have to start researching those lenders.

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Great question - very difficult to understand - if you are well versed in the process comparing rates and costs can seem simple - if you dont know what you are doing what can look like a great deal sometimes isn't.

One way or another all banks charge for a loan so thinking you can get a no cost loan or believing lines like no out of pocket costs can end up costing you in the long run.

The best thing you can do is understand the process so you can compare rates -

You have to look at all of the following

Costs (all costs)

Rate

Bank fees

 

Many of the costs are not controlled by the lender - the appraisal and title fees all go to other people and the bank has no say in them -

Banks charge a fee - they can also charge points (a percentage of the loan amount)

If a bank is giving you the best rate but charging you 1% of the loan is it really the best deal?

 

The one thing you dont want to leave out of the equation when deciding on a lender is the communication and reputation of your loan officer

If someone says they have the best rate but in the end they cant get your loan through their rate wont matter

Buying a home is stressful - having someone to walk you through everything may cost a little more but could be worth it

 

Good Luck with your purchase - most banks offer VA so it wont be hard to find someone to help you

 

Thanks to your husband for his service..........

 

Hope this helps

B

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Great question - very difficult to understand - if you are well versed in the process comparing rates and costs can seem simple - if you dont know what you are doing what can look like a great deal sometimes isn't.

One way or another all banks charge for a loan so thinking you can get a no cost loan or believing lines like no out of pocket costs can end up costing you in the long run.

The best thing you can do is understand the process so you can compare rates -

You have to look at all of the following

Costs (all costs)

Rate

Bank fees

 

Many of the costs are not controlled by the lender - the appraisal and title fees all go to other people and the bank has no say in them -

Banks charge a fee - they can also charge points (a percentage of the loan amount)

If a bank is giving you the best rate but charging you 1% of the loan is it really the best deal?

 

The one thing you dont want to leave out of the equation when deciding on a lender is the communication and reputation of your loan officer

If someone says they have the best rate but in the end they cant get your loan through their rate wont matter

Buying a home is stressful - having someone to walk you through everything may cost a little more but could be worth it

 

Good Luck with your purchase - most banks offer VA so it wont be hard to find someone to help you

 

Thanks to your husband for his service..........

 

Hope this helps

B

Thank you. I am remarkably overwhelmed. It seems that every man and his brother 'knows a realtor/broker' and I don't know where to go. USAA has had our back on everything so far and their realtor rewards is pretty cool sounding, but money isn't free...so where is that $1200 refund coming from? I don't have any real logic as to why I wouldn't choose them either, just...something. Navy Federal seems to have similar programs/products. We have probably 20 different credit unions within driving distance of our house and we're buy a military base, so not doubt they know VA mortgages.

 

I'm not looking to cut corners and get a crappy lender, that's for sure. My husband has pretty much left the decision in my hands so...hooray?

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Go to Zillow Mortgage Rates and put in approximate details of your transaction. They quote VA loans if you indicate military service when you get your custom quotes.

 

You'll get back a pretty reliable list of costs from multiple originators. Call the best three to discuss in more detail.

 

While we weren't looking for VA loans, I've found and selected a mortgage originator this way on five out of our last six purchase and refi transactions (including a refi that my parents just closed last month with an originator I found for them).

 

It's really that easy.

 

That is FANTASTIC! Thank you!!! Looks like USAA may not be the best choice (as suspected). I'll have to start researching those lenders.

 

 

How is this going?

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Go to Zillow Mortgage Rates and put in approximate details of your transaction. They quote VA loans if you indicate military service when you get your custom quotes.

 

You'll get back a pretty reliable list of costs from multiple originators. Call the best three to discuss in more detail.

 

While we weren't looking for VA loans, I've found and selected a mortgage originator this way on five out of our last six purchase and refi transactions (including a refi that my parents just closed last month with an originator I found for them).

 

It's really that easy.

 

That is FANTASTIC! Thank you!!! Looks like USAA may not be the best choice (as suspected). I'll have to start researching those lenders.

 

 

How is this going?

 

I haven't made any decisions yet. I have a few from zillow I plan to call and my parents know a broker that comes recommended. I'll have to see how they all stack up.

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Go to Zillow Mortgage Rates and put in approximate details of your transaction. They quote VA loans if you indicate military service when you get your custom quotes.

 

You'll get back a pretty reliable list of costs from multiple originators. Call the best three to discuss in more detail.

 

While we weren't looking for VA loans, I've found and selected a mortgage originator this way on five out of our last six purchase and refi transactions (including a refi that my parents just closed last month with an originator I found for them).

 

It's really that easy.

 

That is FANTASTIC! Thank you!!! Looks like USAA may not be the best choice (as suspected). I'll have to start researching those lenders.

 

 

How is this going?

 

I haven't made any decisions yet. I have a few from zillow I plan to call and my parents know a broker that comes recommended. I'll have to see how they all stack up.

 

 

Let us know if we can help you process the information and details when you start to get it back.

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I'm currently in underwriting with Veterans United for a 335K VA loan. I never knew the mortgage process could run so smoothly. I'm thoroughly impressed so far. I've been a USAA and NFCU member for many years, but I thought I'd give Veterans United a shot. All the reviews I've read have been pretty good. I should have a decision by the end of this week. Fingers crossed.

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Just closed today, and got the keys. The process with Veterans United went very well. This is my second VA loan, and this was by far the smoothest. They kinda gave it away over a week ago when I received a personalized welcome mat with my family name on it via UPS. I'd recommend Veterans United is a good option for those qualifying for VA.

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The last post in this topic was posted 1033 days ago. 

 

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