The expertise of your lender in VA loan guidelines, the amount of volume your lender currently has, and your responsiveness as a borrower all determine how long it will take to close your VA mortgage loan.
Generally we can close your VA loan in about 21 days from receiving a fully documented loan package from a borrower. the most time-consuming part of the effort is often the appraisal process; as we need to use a VA appraiser. Of late, they have been requiring 2 full weeks to complete the appraisal.
Otherwise, full loan approval can take anywhere from 1-5 weeks, depending on how organized and thorough your paperwork is. That is where you want to work with a VA mortgage professional who fully understands the guidelines; and can walk you through the process to cover all the documentation that you will need, right up front. Remember, some individual circumstances will require added documentation. Your loan originator should be able to foresee that with you and let you know up front.
And, due to the downturn in the housing market loans generally are all requiring more documentation and explanations than ever, which accounts for a more lengthy approval process. But knowing that going in, and working with a real VA mortgage pro, you can still make it a fairly short and painless process.
So here are a few tips to make sure your VA loan process goes as smoothly as possible.
1. Be Organized
It's a good idea to keep a well-organized folder of all the documents that you will need to send to your loan officer; this will ensure you aren't scrambling at the last minute to find your required paperwork. You should also keep records here of any messages or documents you receive from your lender.
2. Understand Your Benefits
Spend a little time at the outset speaking with your loan officer to fully understand your benefits. And, you can click VA Mortgage Loan info for an explanation of more FAQ's.
3. Send Requested Documents Right Away
Seems obvious, doesn't it? But this is often the biggest hold up is getting documents sent piece-meal, or not understanding what exactly is being asked of you. Spend time on the phone clarifying exactly what will document what is being asked for with your loan officer or loan processor. Especially when it comes to documenting assets.
4. Ask Questions and Clarify
If you have questions or concerns, ask us right away. Don't wait until the very end of the process to ask, or else you risk causing a slowdown.
5. Shopping for a Loan? Shop Early, Then Decide
The sooner you select your VA lender the sooner the process can begin, and the sooner you can be at closing.
6. Work With A VA Loan Expert
Many lenders do a VA mortgage loan once every so often. With such a specialized loan program, and with guidelines and Funding Fees changing so frequently, that will not do. Make sure your lender is an expert that does a lot of these VA loans, to ensure your loan process will go smoothly.
7. Be Available
Questions that arise throughout the course of the process, and the faster you communicate with us, the faster your VA loan approval process will be. If you will be unavailable for a period of time (for example, current military personnel going into the field) let us know well in advance to that we can work around that as well, and still close on time.
8. Check Email Frequently
The majority of the loan process can be done without extensive phone conversations. Also, if your lender has your data saved on their computer, there will be reduced chances of having information lost or misinterpreted.
9. Stay in the Loop
Ask your lender to routinely keep you informed of where you are in the VA approval process.
No comments:
Post a Comment