When applying for a VA mortgage, how do you make the process go as quickly and smoothly as possible? Below, we offer some suggestions that should help you to avoid unnecessary delays.
Tips When Applying for a VA Mortgage
- Be as accurate as possible. When you are applying for your VA mortgage, you will need to provide a lot of information about your finances and employment. The more accurate you are with these details, the less likely they are going to be issues processing your application.
- Try not to change jobs. If you are thinking about getting a different job but you can stick with your current one for now, you should wait until after closing before you attempt to jump ship. If you suddenly change jobs in the middle of processing your mortgage application, at the very least, you are going to face delays as you verify your new employment and income. But if you make a major change, such as moving to a different industry or job position, you may not even qualify anymore.
- Avoid making large deposits. Aside from routine deposits into your account such as payments from your job, you should try to avoid large deposits until after closing. You might think that more money in your account would always be a good thing, but a large, inexplicable deposit is going to raise questions. You might have to explain where the money came from and offer documentation to go with it.
- Avoid making large withdrawals. If you take a lot of money out of your account, on the other hand, that may reduce the assets you have available. That could present another snag while processing your mortgage application and closing.
- Try not to apply for credit or loans. You might be tempted to borrow money or take out a new line of credit while you are purchasing a home. It is best to wait until after the entire process is complete before you do so. Any hard credit checks could damage your score. If your score decreases, your application may be delayed, and you might also not qualify for the interest rate you expect.
- Wait to make major purchases. If you have an existing line of credit, you might want to think twice before dipping into it to make a large purchase during this time. If your credit utilization goes up, your score could go down, resulting in delays.
- Keep documentation at the ready. Finally, it is important to make sure that you always have your documentation handy at every stage of the process. You never know when you might need to verify something, even if you think you have already done it.
Apply for a VA Loan With First Residential Mortgage
First Residential Mortgage has helped many veterans in Virginia to apply successfully for a VA mortgage. We can help you to avoid delays and speed along your application.
To get started, please call (540) 838-5868 to schedule your consultation.