Innovative Mortgage is committed to addressing misconceptions about VA loans and providing veterans with the most affordable and suitable mortgage options. The key thing to remember is that while the VA guarantees the loan, it is the bank or lender that actually provides the financing, and not all VA loans are structured identically. Lenders have the flexibility to impose their own fees, charges, and overlays, which can affect the overall cost and terms of the loan.
Understanding VA Loan Variations:
- Guaranteed, Not Provided by VA: The VA backs the loan, reducing the risk for lenders, but it’s the lender that sets the final terms, including interest rates and fees.
- Lender Overlays: Similar to FHA loans, lenders may apply additional qualifications or requirements on top of what the VA requires. This could pertain to credit scores, debt-to-income ratios, and other factors.
- Cost Differences: Each lender may have varying fees, closing costs, and interest rates, which can impact the affordability of the loan.
Advantages of Working with Innovative Mortgage for VA Loans:
When you choose to pursue a VA loan with Innovative Mortgage, here’s how we ensure you’re getting the best possibility available:
- Extensive Network of Lenders: Leveraging our access to over 100 sources of capital, we thoroughly evaluate every VA loan quote to ensure you’re receiving the most competitive interest rates.
- Client-Centric Approach: Our primary focus is on the needs and financial well-being of our veteran clients. We aim to find options that offer the maximum benefit to you, without unnecessary costs.
- Transparency and Guidance: We believe in full disclosure regarding potential lender fees and charges, helping you understand the true cost of your VA loan.
- Personalized Service: Our team takes the time to understand your specific circumstances, goals, and eligibility to tailor a VA loan that aligns with your objectives.
Embrace the Benefits of a VA Loan with Innovative Mortgage:
VA loans are an excellent benefit for veterans and service members, offering competitive rates, often with no down payment or private mortgage insurance required. However, it’s crucial to navigate the landscape with a knowledgeable partner who can help you make the most of this benefit.
Reach out to Innovative Mortgage to get started on your VA loan journey. Allow us to demonstrate the unique advantages of our approach and ensure that you receive a VA loan that’s not just any loan, but the right loan for you.
