lessons learned about va loans

Top 3 Lessons Learned About VA Loans

One of the best ways to learn about a process, is to hear about other people’s experiences. VA loans can be complex and involved, but if you prepare in advance, VA loans can help you achieve your goals of home ownership. Here are three lessons learned about VA loans from Veterans who have gone through the process.

Top 3 Lessons Learned About VA Loans

Lesson 1: “I could have saved a bunch of money if I worked on my credit score”

This is one of the top lessons learned about VA loans by previous home buyers. Credit flexibility is perhaps one of the biggest benefits for choosing a VA home loan. However, just because you can obtain a loan with a 580 credit score, doesn’t mean you want to. If you have the time and ability, try to do all you can to raise your credit score before applying for a VA home loan. The reason for this is because buyers with lower credit scores are charged with a higher interest rate. Just working a year on credit score can raise it over a 600 which will help lower your interest rate, and lower your monthly mortgage payments. This will save you money throughout the life of the loan. For tips on raising your credit score, visit: 5 Ways to Improve Your Credit Score Now.

Lesson 2: “I should have worked with a realtor who had experience with VA buyers”

Working with a VA specific realtor can save you time and effort in the home buying process. When working with a real estate professional who has helped buyers such as yourself, they tend to have the knowledge and resources to help you. A VA specific realtor also has the network to ask for help if your situation is one they cannot directly answer. Additionally, VA specific realtors have excellent connections to vendors such as VA home appraisers and VA home inspectors. Knowing that you have someone who understands your situation makes the home buying process personal and seamless.

Lesson 3: “I could have negotiated all closing costs to be paid by the seller.”

Negotiating is always a tricky subject, but when you work with the right VA focused realtor, they can walk with you through the process. Did you know a majority of VA home buyers don’t pay anything out of pocket? Eliminating this cost can help you keep 3-4% of the total loan amount. Asking the seller to pay for closing costs is a common negotiation, especially in a buyer’s market. Don’t miss out on saving thousands of dollars that could be better used elsewhere!

You may also like: 4 Essential Tips to Obtain a VA Loan

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