What role does Cornerstone have in helping a US Veteran?
As a mortgage broker, we review the veteran’s current financial situation and assess if they qualify for loan. Once we have found a committed lender we coordinate the timely closing for the client.
As a realtor, we look to understand what exactly are the buyer's priority: square footage of the home, if they are looking to stay within a certain school district, numbers of bedrooms and bathrooms, lot size, and price range. We negotiate the buyers terms with the sellers and their agent and coordinate home inspections on behalf of the buyers. We review with the buyers the whole home, termite, roof, chimney and any other inspection buyers chooses to do.
Most importantly, we help negotiate any VA-required repairs with the sellers. These items are anything from section 1 and 2 items from the termite and pest inspection (i.e., the wood-destroying pest inspection and termites, dry rot, or fungus).
Process of applying for a US Veteran loan
- Veteran requests a certificate of eligibility from their local VA office
- Prepare a list of questions for the mortgage broker
- Collect most recent mortgage statement, income, asset, and other relevant documentation for mortgage brokers review
- If the borrower will be refinancing then they would need to collect their most recent mortgage statement. A VA loan can also be used to purchase a home for the first time.
- Mortgage broker reviews borrower's current financial situation
- Borrower reviews different options and then decides on product
- Borrower takes the loan application and reviews initial disclosures
- A VA loan can either be a refinance or purchase loan so the initial disclosures will depend on the specific transaction. If this is a VA refinance loan then the initial disclosures would be provided to the borrower otherwise this will not happen until they have a fully executed contract.