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Best Mortgage Companies For Veterans
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If you are looking for a VA loan, United Veterans Home Loan is the one you should do. Veterans United only makes VA loans and is one of the largest VA lenders in the United States. He has the knowledge and experience to help VA qualified borrowers to take full advantage of their advantages.
Take a look at Veterans United Home Loans to see if it might be the best mortgage lender for your next home loan.
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The fact that it is the largest VA home lender speaks volumes. However, Veterans United also offers various loan terms and products in addition to competitive prices.
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These mortgage lenders are suitable for: Borrowers who qualify for VA loans. VA Loans is what Veterans United does, with a plethora of tools for eligible borrowers.
Veterans United Home Loans has a convenient online approval process. Borrowers can quickly and easily request a VA purchase or refinance a mortgage offer on the company's website. The myVeteransUnited online portal allows shoppers to check application status, review and submit documents, and more.
Unlike most other mortgage products, VA borrowers are not required to make a down payment. With Veterans United Home Loans, borrowers can even include the cost of VA financing in the loan (2.3% for most new no down payment borrowers, or 3.6% for previous VA loan borrowers). In addition, there is a limit on the fees a lender (at 1% of the loan amount) can charge on a VA mortgage.
VA mortgages do not require borrowers to pay private mortgage insurance premiums (PMI), even without a down payment. Instead, you will pay a modest start-up fee as mentioned above.
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In addition to not having to pay ongoing mortgage insurance premiums, you can lower your financing costs to lower your costs even further:
VA mortgages do not pose much risk to the lender because of government guarantees. Therefore, VA mortgages usually have very competitive interest rates. When we checked, mortgage rates at Veterans United Home Loans were lower than the national average.
The Veterans United Home Loans website is a treasure trove of valuable information for those who qualify for a VA mortgage. There are many resources outlining eligibility requirements and details about VA mortgages in easy-to-understand terms. The company employs consultants from every branch of the US Armed Forces to ensure that its processes and products best serve its target customer base.
Veterans United Home Loans has 25 physical branches throughout the United States. This is convenient for many buyers who want personal guidance.
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Veterans United Home Loans receive very high marks for customer satisfaction. It is one of the few major lenders focused on serving veterans. Home loan specialists are available by phone 24/7. 24/7 availability is designed to simplify the mortgage application process for military personnel stationed overseas.
United Home Loans veterans require a minimum credit score of 620 for their VA loans and provide credit counseling to help borrowers get their scores up to par. The Lighthouse Program has helped tens of thousands of people build credit and become homeowners.
If you want to borrow money with equity in your current home, Veterans United Home Loans cannot help you. Instead, you have to get refinanced.
The United Home Loans veteran said (by phone) that it also offers conventional loans, FHA loans, USDA loans and large non-VA loans. But they are offered through a loan partner called Paddio. Non-VA loan information cannot be obtained from the Veterans United Home Loans website or from Veterans United loan officers. After clicking the "get a quote" tool, we received a message that said, "Since you indicated that you are not an active or former member of the US Armed Forces, we have matched you with a lending partner." Paddio can meet your needs if you don't qualify for a VA loan through Veterans United.
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If you think a VA mortgage might be right for you but want to keep your options open, consider a less specialized lender like Citi Mortgage. Citi Mortgage offers a non-VA program to make home ownership affordable. For example, the Citi HomeRun loan program requires a 3% down payment and has no PMI.
Another lender to consider is Better.com. Better Mortgage is a technology-based lending platform that allows borrowers to complete the mortgage process quickly and efficiently, 100% online. Better has some unique programs, such as a 3% down payment option for first-time buyers. Also, unlike VA lenders, Better Mortgage does not charge the lender any fees.
It's a good idea to get some lender quotes before choosing a mortgage lender. By filling out a mortgage application with several lenders, you can find loans at lower rates. A lower APR can save you thousands of dollars over the life of your mortgage. Keep in mind that each lender sets their own mortgage rates, even on government mortgages like VA loans. And because FICO's credit scoring methodology has specific provisions that allow you to find the best mortgage rate within 14 to 45 days, you won't be penalized for multiple loan applications during the two-week shopping window.
Veterans United Home Loans has branches in 17 states. It also has a convenient online portal where you can get a quote or fill out a mortgage application. You can start the VA loan process on the website. Once you apply, you will be given an assignment to complete via the myVeteransUnited portal. The online process gets good points in terms of customer satisfaction.
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Should you run into any hurdles, United Veterans Home Loans offers 24/7 real-time assistance, making them a great choice for active duty military personnel stationed overseas or anyone outside of banking hours.
As mentioned, Veterans United Home Loans require a credit score of 620 for VA home loan applicants. The underwriter will also see your debt-to-income ratio (DTI), or how much of your income is used for mandatory debt payments each month. This amount includes the minimum payments on all your loans and credit cards – and the cost of your new home, including taxes, insurance, and homeowner fees. Your DTI must be below 41%. If it's higher, you may still qualify, but your application will need more attention.
Since United Veterans Home Loans specializes in VA loans, the rates are very competitive. 15-year VA Streamline Refinance and VA refinance loans are offered at slightly higher rates than 15-year VA home loans. A 30-year refinance loan has a slightly higher rate than a 30-year purchase loan.
Veterans United's mortgage rates tend to be lower than the national average and on par with other VA lenders. VA loan rates are usually low because the lender takes less risk with government support.
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The overall cost of borrowing at Veterans United is very low. When we checked, the lowest rates available on 30-year fixed-rate VA mortgages were available to borrowers who paid 1.25% in points at a mortgage discount. This is cheaper than the lowest rates from many other lenders.
You are a home buyer in VA. Veterans United Home Loans is a leader in the VA mortgage industry. These are lenders with the experience and knowledge to offer a good experience.
You want to get a mortgage online. United Veterans Home Loans provides an easy-to-use online process supported by 24/7 customer support.
You are working to increase your credit. Take advantage of Veterans United's top-rated free credit counseling service.
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Kimberly is a personal finance writer/editor, consumer credit expert, and financial literacy advocate. He has many degrees and personal experience that makes him excellent at helping people distinguish between good and bad financial products and habits. He likes rollerblading. Tweet him @rotterwrites.
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