How NewDay USA Streamlines the VA Home Loan Closing Process: A Comprehensive Guide

Hello, my name is Alexander Hess, and I am the Senior Assistant VP of Processing at NewDay USA. In this blog, we will discuss the factors that can affect the timeline for closing on a VA home loan and how NewDay USA streamlines each stage of the process by offering unique features and benefits. Our goal is to help you better understand the closing process and prepare for a seamless home loan journey with the support and expertise of NewDay USA.

Factors Affecting the VA Home Loan Closing Timeline and How NewDay USA Streamlines the Process

Certain factors can increase the average time it takes to reach the closing table. Being aware of these factors and working closely with your lender, such as NewDay USA, can help ensure a smooth and timely closing process. Here are some key factors to consider and how NewDay USA addresses them:

1. VA Appraisal

Each application requires a VA appraisal. Results from the appraisal can hinder the closing process, such as required repairs or adjustments to the appraised value, depending on which state the property is located in. NewDay USA offers no up-front out-of-pocket costs for not only the VA appraisal but also a water test and termite inspection, as these costs can be rolled into the total loan amount and paid down gradually instead. This helps streamline the appraisal process and may minimize financial stress for the borrower because they don’t need to come up with these funds straight away out-of-pocket. Just know that when purchasing a home, there may be other costs involved. Such as closing costs that cannot be incorporated into your total loan amount, like escrow fees and pre-paid interest. Additionally, purchasing a home without closing costs can result in a higher purchase price.

2. Additional Inspections

As I mentioned, additional inspections, such as a water test and termite inspection, are required to secure a VA loan. These inspections can add time to the closing process. NewDay USA's Homebuying Team is dedicated to helping you schedule any necessary inspections as soon as possible to minimize potential delays.

3. Underwriting Process

All applications will go through an extensive risk analysis during the underwriting process. NewDay USA's in-house team of licensed underwriters, who are real people handling your application case, provides a personalized and efficient experience. Rather than having a computer program underwrite your loan, or sending it away to a third party, we do everything here internally at NewDay USA. Not needing to deal with or involve multiple parties can make for a more streamlined application and approval process.

4. Purchase Applications

When it comes to home purchase loan applications, factors such as the home inspection, bidding processes, or even communication with realtors can also hinder the loan closing timeline. NewDay USA's Homebuying Team provides 24/7 support to guide you through each step of the home buying process, ensuring clear communication and fast resolution of any issues. The Cash Buyer Certificate™ is also available to you as a NewDay USA customer to certify your buying power and enable you to shop with the confidence of a cash buyer in a competitive market.

NewDay USA Benefits

NewDay USA's range of unique features and benefits ensures a seamless and efficient home loan journey:

• Dedicated Homebuying Team: NewDay USA provides a dedicated team of professionals to assist you throughout the home shopping process.
• 24/7 Support: The Homebuying Team is available around the clock to address any concerns or queries you may have.
• In-house Underwriting: A team of licensed underwriters, rather than automated systems, handles your application case, offering a personalized experience with a team that has a deep understanding of your application and situation.
• Cash Buyer Certificate™: This certificate demonstrates your purchasing power to sellers, giving you the confidence of a cash buyer when house shopping.
• Roll Important Costs into Your Total Loan Amount: NewDay USA allows you to incorporate termite inspection, water test, and VA appraisal costs into the total loan amount and pay them down gradually. Note that buying a home may come with extra costs like closing fees and pre-paid interest that can't be included in your loan amount. Not paying closing costs when purchasing a home may increase your purchase price.

Conclusion

Navigating the VA home loan closing process can be challenging, but with the support and expertise of NewDay USA, you can experience a smoother and more efficient journey. Our team of experienced professionals is committed to helping veterans and active-duty military personnel achieve their homeownership goals.

If you have any questions or need assistance with your VA loan, call us at 800-405-4187. Our dedicated team is here to provide you with the guidance and support needed to make your VA loan experience as seamless as possible, whether it’s a home purchase loan to buy your next home or a cash out loan to access the equity in your existing property as cash. Working closely with a lender that understands the nuances of the VA home loan process, like NewDay USA, can make all the difference. Our commitment to providing exceptional service and our comprehensive range of advantages make us a top choice for the over 100,000 veterans and active-duty military personnel we have already helped secure a VA loan for.

We hope you found this guide helpful and that it has given you a better understanding of the VA loan process and how NewDay USA can streamline it for you. Our goal is to help you achieve your homeownership dreams and make the most of the VA loan benefits you have earned and deserve through your service to our country.

Alexander Hess - NMLS#1867893 NewDay USA - NMLS#1043