March 4th, 2018 7:36 AM by Joan Rusco
Here’s the simple answer: Call Brad. Okay, so that may sound like a sales pitch so let’s dig a bit deeper into the process of you getting a VA loan to buy or refinance.
The first step is finding a lender. Wait, you just did that when you found VALoansMN. Better yet, you’ve found several lenders under one roof. We find the best lender. We are a mortgage brokerage not just a bank. We have several lenders we shop to find the best rate for you. VALoansMN will take some necessary information and pre-qualify you for a loan. We have sophisticated software that we use to show lenders you are qualified to get a VA loan. Call Brad at 612.240.9922 and you’ve taken a very good first step. Now, you’re ready to move on.
The lender wants to know you can qualify for a VA guaranteed loan. You’ll need a “certificate of eligibility”. VALoansMN will do this for you. We have the contacts, we know how to get this done. Call Brad and consider it done.
The next step is really two steps. You need to find a realtor if you’re buying a house. We have some we have worked with in the past and are glad to recommend but it is entirely up to you. Try to use a realtor who has worked with veterans and VA loans before. It’s not tricky but it requires some knowledge especially at the negotiating table. You want a realtor who knows how to convince a seller that you are a great client and you are using a VA loan to buy the house. Once you’ve found the realtor let her/him help you find the house.
When you’ve found the house, you will sign a Purchase Agreement (sometimes called a Purchase Contract). This is the offer your realtor will present to the seller. This agreement will state that you are using a VA loan and that you are pre-qualified for this loan. Sellers want to know that you are a solid buyer with a lender ready to make the loan to buy the house. Now, we’re ready to move to the nitty gritty and that is getting your money to buy.
Once you’ve found the house it’s time to get your VA loan application submitted. This is when we drill down on your financial stuff. We’ll ask for pay stubs, bank statements, maybe even tax returns. We put all this stuff together and get you qualified for the loan. The qualification requires what we refer to as “processing” the loan. We submit all your financial information to the lender and the lender will order a VA appraisal to ensure the house is worth the price. Once all of this is done we will get the final loan approval.
While all this financial stuff is happening your realtor has submitted the Purchase Contract and loan information to a title company. The title company does all the legal paperwork to ensure your home is free and clear of any encumbrances or financial obligations. If there are any these must be paid off by the current owner. Once all of this is complete you’re ready to ‘close’.
Closing is signing all the final paperwork and getting the keys to your new house. That’s the day you can move in.
We’ve tried to outline the whole process in a few simple paragraphs. Let’s make it even simpler: call Brad at VALoansMN 612.240.9922 and let him walk you through it step by step. It’s what he does every day. You’ll discover you’ve found a friend in the VA loan business. There’s a reason he’s been chosen as the “Super Mortgage Professional” by Minneapolis/St. Paul Magazine and the Twin Cities Business Magazine in each of the last four years. No brag, just fact.