In a Nutshell
- Easy application process
- Offers mortgages and refinancing loans
- Quickly connect to a lender for an initial consultation
- Not a direct mortgage lender
- No customer support
VeteranLoansOnline at a Glance
|Direct lender or marketplace||Marketplace|
|Loan types||VA loans and refinancing|
|Loan amount||Depends on lender|
|Repayment terms||Depends on lender|
|APR||Depends on lender|
|Suitable for||Borrowers who are eligible for a VA loan|
VeteranLoansOnline is a lending marketplace specializing in VA loans. VA loans are given by private lenders, but they’re also guaranteed by the VA itself, which allows lenders to offer significantly lower rates. After answering a few quick questions, you’ll get matched with VA lenders.
If you’re starting to look for VA loans, VeteranLoansOnline is a good way to get information about the right options for you. While VeteranLoansOnline isn’t a lender itself, it will direct you to suitable third-party lenders based on your unique profile.
Types of Loans
- Eligibility: VA members only
- Required credit: no explicit minimum
- Down payment: variable (specify during application process)
- APR: depends on your lender and credit history
VeteranLoansOnline connects users with VA loans for home purchases as well as refinancing. While there’s no specific minimum credit score, you’ll only be eligible for a loan from a limited selection of lenders if you have a low credit score.
The Application Process
VeteranLoansOnline will ask some basic questions about your credit history and desired loan in order to match you with the best lenders for your situation.
- First, you’ll need to type in your military branch along with whether you want a mortgage or refinancing loan.
- The next step involves entering the location and type of your home as well as your rough credit score.
- Finally, VeteranLoansOnline requires some last details such as the home’s price, your employment details, your down payment percentage, and whether you want a fixed or adjustable rate.
The application itself only takes a few minutes, but you will need to enter an email address to view available loans. Once you’ve finished answering questions, VeteranLoansOnline will use your information to match you with a lender.
Rates and Fees
To learn more about the rates and fees offered by VeteranLoansOnline’s lending partners, you’ll have to finish the application process and visit each lender’s website.
VeteranLoansOnline doesn’t ask users about their repayment preferences as part of its questionnaire, however, you should be able to connect with lenders that offer both 15- and 30-year loans.
To learn about the repayment terms offered by each of VeteranLoansOnline’s partner lenders, you’ll have to complete the questionnaire, get matched with a lender (or lenders) and click out to the loan provider’s website for more information.
Help and Support
The VeteranLoansOnline website doesn’t provide any specific contact information other than a physical address. VeteranLoansOnline is operated by a separate company called LowerMyBills, and the physical address listed on VeteranLoansOnline.com is the same one listed at LowerMyBills.com.
What are VA loans?
VA loans are provided by private lenders, but backed by the authority of the Department of Veterans Affairs. Their guarantee mitigates risk for the lender, allowing them to offer lower rates.
Who is eligible for VA loans?
Eligibility for VA loans depends on when you served and how long you served for. If you’ve served in the last 30 years, for example, you should be eligible as long as you served for 24 continuous months or at least 181 days of active duty. Click here for more information about VA loan eligibility.
Is VeteranLoansOnline a direct lender?
VeteranLoansOnline is not a direct lender. The website will direct you to a third-party lender based on the information you submit during the application process.
4859 W Slauson Ave #405, Los Angeles, CA 90056
While VeteranLoansOnline isn’t a direct lender, but rather a lending marketplace for VA mortgages and refinancing loans, it’s an easy way to get started if you’re in the market for a VA loan. The website’s questionnaire is quick and will pinpoint potential lenders that suit your financial needs. After choosing a lender, you’ll have to navigate to its website where you’ll fill out an application.