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There are numerous advantages to having a VA mortgage. A VA mortgage loan can be guaranteed with no money down and there is also no private mortgage insurance requirement with a VA guaranteed loan, which could offer you substantial savings on your monthly payment.
You can even use your VA Loan benefit to refinance an existing loan -- even if it is not a VA Loan. Be sure to ask for information about the interest rate reduction loan. This program adjusts an adjustable-rate mortgage to a fixed-rate loan, which is part of the Streamline Refinancing Program, which allows you to refinance at little or no expense to them.
Here is a collection of useful, concise tips regarding the Veterans Administration Home Loan.
Tip #1: Check Your Credit First
Did you know that over 70% of all credit reports in the United States contain errors? Your lender will be looking at your credit report and making important decisions based on the information that is contained within -- decisions that could make a big difference in the bottom-line.
Because lenders use complicated scoring formulas to determine how much you can borrow and at what rate it would be a good idea for you to check your credit report for any inaccuracies. Make sure you obtain a report that gives you information from all three major credit bureaus, as each may be different. You can obtain your credit report from each of the three bureaus for free, once per year.
Tip #2: Get Pre-Approved
Before you start the hunt for a house, the best thing you can do is to get pre-approved for your VA loan amount. The time you save quite literally will be your own. Once you have determined the loan amount you are approved for, you can start house hunting with confidence. In a tight housing market it will also give you a heads up with the seller, as other potential buyers may not have taken this important step.
Tip #3: Choose Wisely - Fixed or Adjustable Rate Loan?
The interest on an ARM may be adjusted one percent annually, and up to five percent over the duration of the loan period. So should you go with a fixed rate or adjustable? It really depends on the buyer: In a rising rate environment a fixed rate loan can offer some peace of mind but for those who might not be planning on staying in their home more than a few years, an ARM can offer significant savings now. The best advice is to do your homework, find the most competitive rate and don't take the first offer you get. That is a mistake often made by first time homebuyers who are excited about getting into a house. The time you spend now can save you thousands of dollars in the years to come.
Reference: https://www.military.com/money/va-loans/home-purchase/veterans-administration-home-loan-tips.html
