When To Talk To A Lender

As we gear up for summer PCS season, many are wondering about future housing plans. 

“Is it a good time to buy?”

“Should we rent?”

“Should we rent and then buy?”

“What’s the best option for my family?”

Here at the Milhousing Network, we are experts at helping families find their future homes through our concierge moving services. Below are a few things to keep in mind for when to talk to a lender, what to ask, and how to prepare for your next home-buying experience.

1. Choose a lender. If you know which lender you’d like to work with, you can reach out to them directly. Mortgage brokers are individuals or services that will shop around for you and connect you with potential lenders. MilHousing Network is a concierge service that can help coordinate these conversations. There are multiple types of mortgage lending options:

• Banks. Many banks offer a broad spectrum of services to their customers in addition to loan services. But depending on the type of bank, they may not be able to lend in every state. Armed Forces Bank is a trusted partner of MilHousing Network as a national bank lending in all 50 states that specializes in providing convenient solutions to the unique needs of active-duty, retired and veteran military members and their families.
• Credit unions. Since many are non-profits, that requires you to be a member/ account holder to qualify for their lending services. While credit unions focus on members, they still may only offer a limited number of loan options. Inquire within a branch of your credit union to learn more.
• Private/non-bank. These lenders do not offer a full spectrum of banking services, they specialize in loans.

2. Talk to a lender before you house-hunt. Lenders can help you set a realistic budget, help you create an action plan for your credit, and even help you plan what your down payment will be. The sooner you talk with a lending professional, the sooner you’ll know if purchasing your dream home is even feasible in this season of military life.

3. Ask lots of questions. In our MilHousing Nation PCS Guide, we’ve shared a list of questions to help you get conversations going with potential lenders. A few of these questions include:

• Does home buying make sense based on my situation and goals?

• What experience do you have as a loan officer?

• How much experience do you have with VA lending?

• Will you need to pull my credit?

• What is your recommended budget based on?

• What do I need to get pre-qualified?

• What costs should I anticipate?

• How long will the loan process take?

4. Ask for referrals. Once you’ve chosen a lender, ask for referrals to real estate professionals that they’ve worked with before and trust. This can save you a lot of time and energy, and we know military families don’t have either of those to spare.

This article is sponsored by Armed Forces Bank. Offering military members full-service banking since 1907. Armed Forces Bank knows military members have different needs. They pride themselves on offering diverse banking solutions. If you’re stationed anywhere in the world, you need banking that’s convenient for you and your family. Banking that works when you need it!

For more information on the next steps for your family’s home-buying needs, reach out to our team at MilHousing Nation to see how we can help serve you.