The selection of the right lender for your particular financial situation can mean the difference between an approved VA loan or being denied by the lender. It can also make the difference between getting the lowest interest rate and paying the best price for your loan or getting an interest rate that is too high and being overcharged for you loan.
Finding a lender and loan officer that is very experienced with VA loans in San Diego is a must, there are certain processes that can prevent problems that many lenders do not know. We have found that working with the larger, more stable banks with a local presence like Wells Fargo and its subsidiaries, Bank of America, and Prospect Mortgage is advantageous for most VA homebuyers. On the other hand there are many "boutique" type lenders that say they specialize in VA and FHA financing. A few of our clients have had extremely bad experiences with some of these "boutique" companies ranging from misquoted payments to above market interest rates and charges that were well above the industry standards.
How quickly the lender can close your loan is also a major factor in your successfully buying a home. Many lenders need 45 days or more to close a VA loan, while sellers prefer a maximum of 30 days to close. Selecting a lender that can close your loan as quickly as possible will give you a competitive edge against other home buyers.
The quality and knowledge of your loan officer will determine the accuracy of your pre-approval. You should interview the loan officer to find out how much experience and skill they have dealing with VA loans. They should also help you strategize about what you can do to maximize your financial position in regards to your loan. Please keep in mind you should never have to pay for a pre-approval and it should only take a matter of days to receive it.
We have several lenders we work with that are very experienced and competitive. If you have questions about your VA benefits or would like a referral for a great VA lender in San Diego, please fill out the form completely and we will be in touch by phone as soon as possible.
We have helped more VA home buyers than 99% of the agents in San Diego County. See what our clients have to say about us.
Many homes on the market will not be approved by the VA. If you would like to receive a free list of VA approved foreclosures in San Diego. Read more...
