The department of Veteran Affairs (DVA) does not provide an online va certificate application process. Currently you have to submit a completed form 26-1880 along with your proof of service letter or DD-214 to the DVA via postal mail. The only improvement the DVA has provided to this process is a phone number for you to call to check the status.

Toll free number: 1-888-244-6711

However the DVA allows a select few mortgage brokers to submit an electronic  va loan application, this process allows the VA to instantly verify if the applicant is eligible for a va loan. Within minutes we can get the approval for you. If we get an approval, there is no need to request the certificate.

The approval is depending if the VA has enough information on file to verify your identity and eligibility. If they cannot, then you must proceed with requesting the certificate by mail.

Over the last two weeks you have probably heard about the stock market going crazy! One day a 900 point loss the next it rebounds. Well mortgage interest rates do not follow the stock market but they are affected by the bond market. As money is put into and taken out of the stock market many people move it into and out of the bond market causing huge swings. Two weeks ago we saw va interest rates of 5.875%. This week we have seen them at 6.5%. A change of just .5 percent can affect your mortgage by $100 or more!

Rates are not expected to remain high, in fact as we learn more about the $700B economic rescue plan, the markets will settle down as well as the bond market allowing interest rates to come back to 6% or less.

What is the difference?

A Mortgage lender is a financial institution that lends the money. This could be a bank, credit union or a direct investor. When you contact your local or national bank for a mortgage loan, you will be speaking with a loan officer for the bank. They will provide you with a interest rate quote for their loan and explain their fees. You only get one choice!

However, a mortgage broker does not work for the bank, credit union or investor. Instead a broker has built dozens of business relationships with them. A Broker works independently from lenders allowing them to work in your best interest. A broker allows you to have many choices. A broker can search his database of lenders to see who is offering the best interest rate at that moment in time, allowing you to get the best rate possible!

va-loans.com is owned by MilitaryLink LLC and only works with mortgage brokers to help you get the best loan.

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