Which is the best way to get approved for a home loan?

Question

Through a bank, mortgage company, or real estate? I am eligible for a VA loan. Should I be careful who I use?

Answer 1

You need: 20% down, 3-6 months of living expenses in the bank, a 15 year, fixed rate mortgage with a PITI not to exceed 25% of your take-home pay.

Check rates at bankrate.com

Apply through lendingtree.com

Answer 2

There are many ways to get approved for a home loan and it is hard to say what the best way is without knowing much more detail about your situation. If you are eligible for a VA loan, then I would definitely start there and get pre-approved and see what kind of financing terms they are offering. I would also recommend working with a mortgage company or a bank and not using the real estate company. Check with your local bank and see what they have to offer and then check with one other mortgage company. This way you will have 3 quotes from different types of lenders and you will be able to determine which one is the best for you. The sources below contain information on VA loans, FHA loans and conventional loans.

Answer 3

YES! Be very careful about who you choose. There are tons of predatory lenders out there who only want to see you get to the closing table and they don't care two darns about you.
I would start witha bank or credit union. They usually have good rates. When you start dealing with mortgage companies, they can sometimes have excessive fees attached to the closing costs. You will see those appear on your Good Faith Esitmate document. They are listed as "administrative fees", "origination fees", "discount fees", "broker's fees", etc. Ask questions if there are charges you do not understand.
I'm glad you are eligible for a VA loan, but be aware of PMI. It can be quite costly and with some government-insured loans, you cannot cancel the PMI. Make sure you have the kind of loan where you can cancel that after you have 20% equity.
Good luck!

Answer 4

a bank like a credit union