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Veterans United mortgage review 2024
The Yahoo view: Veterans United is an excellent mortgage lender to consider for those shopping for VA-backed loans. It super-serves borrowers with a military connection — particularly those overseas with its 24/7 customer service.
Veterans United is by far the largest VA loan lender in the nation. And it's easy to see why so many borrowers choose this lender: It has a helpful, information-packed website and is dedicated to doing one thing right: serving military-connected home buyers.
So, it may come as no surprise that Veterans United made the Yahoo Finance list of best mortgage lenders for first-time home buyers.
Dig deeper: Best types of home loans for first-time home buyers
Key benefits
24/7 customer service that reflects the international nature of military service.
Ample educational resources for first-time home buyers, including a home-buying book and web course, on a clean, easy-to-navigate website.
Counseling for potential borrowers who are looking to improve their creditworthiness.
Veterans United Realty offers a rebate to home buyers who use its services, which can be applied to closing costs.
Need to know
Veterans United is the highest-volume VA lender in the nation, issuing nearly twice the number of loans as its nearest competitor.
Veterans United received the highest score among all lenders considered in the latest J.D. Power Mortgage Origination Satisfaction Study.
Does not offer adjustable-rate mortgages.
Dig deeper: What all of the best mortgage lenders have in common
Loan types offered
Veterans United for first-time home buyers
A VA-backed loan is one of the most powerful options for first-time home buyers, and Veterans United is an undisputed leader in the space. The lender methodically walks a web user through the process, including:
An explanation of the advantages of a VA loan.
The page dedicated to first-time buyers also explains the mortgage preapproval process and how to find a real estate agent, then wraps up the article with links to helpful resources.
Nicely done.
Of course, the "Next step" is to start a loan application, and there's a button for that at the bottom of the page.
If you miss that, a giant blue notification bar slides up from the bottom of the screen and practically screams, "Start now!" Wait another moment, and a background-erasing popup says, "See what you can afford." Not subtle, but no doubt effective.
Learn more: How to buy a house
Veterans United for home equity lending
Veterans United is all about VA loans; there's no mistaking that. It is their singular focus and has served them — and their customers — well. Unfortunately, that means there are limited options when it comes to tapping into your home equity.
Veterans United does not offer home equity loans or home equity lines of credit.
The lender offers only cash-out refinancing. And these days, using a cash-out refi is about as rare as meeting a Chief Warrant Officer 5. That's because if you own a home and have equity, your mortgage rate is likely pretty low. And replacing that loan with a higher interest rate to tap into the value of your home is not at all appealing.
Veterans United mortgage rates
Clicking on "Today's mortgage rates" takes you to a page with sample interest rates. The 20- and 30-year fixed VA purchase rates include just over one discount point. Each loan option shows the mortgage interest rate and APR, plus applied points. That's helpful.
The advertised rates are based on a credit score of 720 and "applicable charges," including the VA funding fee.
Remember, your earned rate will likely differ from these sample rates based on your creditworthiness.
Read more: How to get the lowest mortgage rates
Applying for a mortgage with Veterans United
On the Veterans United website, tapping on either "Apply Now" or "Get a Quote" takes you to the same page where it's one question after another. It's not clear if you're beginning the process for an interest rate estimate or an actual loan preapproval application.
Before we got to the end of the profiling questionnaire, we asked Veterans United what was happening here. They said it was "the start of our online prequalification and preapproval process."
However, it turns out that an actual application and the monitoring of the progress of your loan actually happens on a separate system called MyVeteransUnited.
Dig deeper: How to get a mortgage in 2024
Veterans United home-buyer tools and calculators
This is a very help-me-get-started website. There are plenty of explanations for how a VA-backed loan works, what documents you'll need to get started, and the loan requirements to qualify.
When you click "Education" on the top menu, a page of timely articles appears. In the middle of the page, two calculators are highlighted. One is a mortgage payment calculator, and the other is an affordability tool.
You can even take a self-directed online home-buying course. It's a series of videos explaining things such as how your credit score impacts getting a mortgage, types of home loans, loan processing, and even a "Are you ready for homeownership?" lesson.
Veterans United is setting a high bar for other lenders to follow.
How Veterans United compares to other mortgage lenders
Veterans United vs. Rocket Mortgage
Veterans United is a pure-play VA lender, but other providers offer the same loans, including Rocket Mortgage. While Veterans United is the highest-volume VA lender in the US, Rocket is third, right behind United Wholesale. While Rocket does less than half the volume of VA loans than Veterans United, borrowers may appreciate Rocket's time-tested and user-friendly online mortgage application process.
Rocket Mortgage also scores near the top of J.D. Power's customer satisfaction survey — in the top three. But even with this metric, Veterans United is number one.
Veterans United vs. Navy Federal Credit Union
So, we know Veterans United is a VA loan virtuoso. Why consider anyone else, then? One reason: interest rate protection.
Say you get a mortgage, and interest rates go down six months or later after closing. You're out of luck, right? Well, Navy Federal Credit Union offers a No-Refi Rate Drop loan that allows you to get that lower mortgage rate without changing your loan or paying additional closing costs. There is a one-time $250 fee. That's something to consider, for sure.
It's always smart to shop with more than one lender so you can consider taking advantage of such opportunities.
Navy Federal Credit Union mortgage review
Methodology:
Yahoo Finance identified the best mortgage lenders for first-time home buyers by grading leading national lenders on a five-star scale from scores compiled from and averaged from public reviews. Criteria included interest rate, fees and loan costs, ease of application, rate transparency, loan product availability and options, customer experience, minimum down payment, minimum FICO scores, online features, time to approval, trustworthiness. Additional analysis of the latest J.D. Power U.S. Mortgage Origination Satisfaction Study provided a 5% bonus for lenders ranking above the survey average for customer experience. Advertisers or sponsorships do not influence ratings.
Editorial disclosure for Mortgages:
The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including interest rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the lender's website for the most current information. This site doesn't include all currently available offers.