![]() It’s even possible you could save more money by getting a conventional loan instead of a VA loan if you have an excellent credit score and the ability to make a large down payment. For example, getting a 15-year loan term instead of a 30-year term could save thousands of dollars in interest charges, but it would require a higher monthly payment, too. With home loans, small details can make a big difference. Your assigned loan officer should take the financial data you’ve submitted and help connect you with the right mortgage loan. You’ll benefit from a conversation with a loan officer even if you’re an online borrower. If you’re working with a traditional bank or credit union, you may need to fill out a traditional application, though most financial institutions offer online applications. If you’ve chosen an online lender you should be able to apply for pre-approval and upload your documents using your computer or smartphone. Now it’s time to put all the pieces together. So narrow down your list of possible lenders by reading customer reviews or talking to other veteran homeowners before you apply for pre-approval. It’s possible one VA lender could deny your loan while another one approves it. You could get a better mortgage rate or better customer service with some lenders, for example. Not every VA-approved lender works the same way. Instead, the VA partners with private lenders who loan money to qualifying veterans and current military service members. The Department of Veterans Affairs runs the VA loan program and insures VA mortgage loans. Gathering this information before you start the application process will save a lot of time.
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