Post Tagged with: "Veterans"

3 Important Tips When Applying for a VA Loan

Loan applicationsNothing beats the feeling of having the opportunity to serve your country. In the United States, those in the military are given many benefits because of their loyalty, and as a way of saying thank you for all their hard work. One of those benefits is the opportunity to apply for VA loans.

VA loans are provided by the U.S. Department of Veteran Affairs. American veterans and those on active duty can apply for this specialized type of loan, but there are some tips that will help increase the chances of being approved for VA loans in Missouri.

Get Pre-Approved

Before even looking for homes on the market, make sure you have been pre-approved. Getting pre-approved will help you determine how much you can afford when it comes to buying a new house. This will help you save time and effort, which is essential when applying for a loan.

Before getting pre-approved, be sure to get your documents ready, as most lenders will ask you for your pay stubs, tax returns, and proof of military service, such as your Certificate of Eligibility or COE.

Find the Right Real Estate Agent

Get a real estate agent to do most of the house hunting for you. Finding the right house can be stressful, but with the help of an experienced realtor, you can get the keys to your new house in no time. Look for an agent who has enough experience when it comes to VA loans, so you can get the assistance you need.

Ask your fellow veterans or soldiers for referrals or look around for a potential agent. Be sure to communicate with them all the time, so they would know exactly what you are looking for.

Check Your Credit Report

Before applying for a loan, secure a copy of your credit report, as some reports contain errors. You can get a free copy once a year, and it would be best to take advantage of that. Your lender will be basing your credibility on your credit report and score, so check everything listed on that paper to make sure it is error-free.

Getting a loan can be a tedious process, but you can simplify it by following these tips. Before you know it, you’ll be holding the keys to your dream house.

March 8, 2018 at 10:19 pmMind of Money