Tips for Getting the Very Best VA Loan Rates!

When you finally decide to take advantage of your VA loan eligibility you are already getting the very best 100% financing mortgage loan out there, but you will also want to ensure that you get the very best rate you can possibly get as well with your VA loan. Now most people new and old to the mortgage process have it in their minds that they will start an excel spread sheet and then attempt to call as many VA loan companies as possible over a week or even months to get multiple quotes and then compare to find the best deal around. However, I will explain why that is the last thing you want to do to get your very best VA mortgage deal. In this article I will lay out a few very simple concepts that should be able to help anyone in the mortgage shopping process get a better loan, a better rate, and better service from which ever loan officer they choose to use for their VA purchase or VA refinance loan needs.

When shopping for VA loan rates the last thing that you want to do is call as many lenders as possible to get quotes throughout an undetermined timeframe. As a matter of fact, being a mortgage insider for over 8 years now, I would say that tactic may be the best way to get the worst deal out there with the sleaziest of loan officers. The reasons being are these:

1. Mortgage rates change every day, usually more than once, so if you aren't comparing rates within at the very most 1 business day then you will be comparing apples to oranges.
2. Mortgage lenders know that this is what most people do and will low ball quote accordingly. They know that you most likely won't commit that day and rates will change by the time you do so they will low ball you knowing their bluff will not get called but you will be calling them (the sleazy lying lender) back.
3. Perhaps the most important, you will be focusing all of your energy on trusting lender's quotes rather than what you should be focusing on: finding a lender that you can trust with perhaps the most important financial decision of your life.
4. All of your quote comparison work will be a complete waste of your time and yield you nothing but: a worthless quote who's time has expired if even accurate at all, a list of lenders who were never up front with you in the first place about the real mortgage shopping process, and a ton of time and mental energy spent on a futile way to go about doing things.

So now that we have taken a look at what not to do and why, let's look at what we should be doing to effectively shop and score the very best VA loan rate and mortgage that you possibly can.

The number one thing to keep in mind when shopping for a VA loan is that you are not shopping for a loan or rate at all, you are actually shopping for a loan officer that you feel knows their stuff, and most importantly, that you can trust. The reason being is that since VA loan rates change multiple times daily and fluctuate much like stocks do in an open market, you must develop a working relationship with a loan officer that is in tune to these markets. As well as one that can be trusted so that when they call you and tell you to lock your rate, you know they are doing so in good faith for your benefit and not just trying to push another loan through the pipeline faster. Here are a few good ways that you can tell if you are dealing with a loan officer who you may be able to trust:

1. They ask you to fill out a complete application before quoting you rates. The person that asks this will be more interested in quoting you an actual rate that exists and can be locked right then rather than pulling something out of the air like most hoping they will be put at the top of your list and be called back.
2. They fully explain to you how rates work and the fact of the matter that neither they nor any other lender will be able to give you any rate that is significantly better than any other since they all come from the same wholesale source.
3. They ask you questions about things other than what rate you are looking for. Such as how long you are planning on staying at the residence, or other questions about your finances if looking to refinance. This means that they are more interested in putting together an overall loan structure which is beneficial for you and your family long term, rather than just telling you what you want to hear now so they will get the loan.

So in short, to get the very best VA loan rates and service out there you must find a loan officer that you can trust, and then trust your loan officer. From a loan officer's perspective, if they have treated you right and been honest and forthcoming with you, and you then return that trust with trust and ownership of your loan in them. Any loan officer will then do wonders for you behind the scenes which will help to improve your rate, your process, and you overall loan structure. No true professional in any field likes to feel like they are just a nameless row on a spreadsheet, so treat them with respect and as a professional and they will be that professional you want them to and need them to be.