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(UPDATED: January 2018)
If you are a member of the United States military or a Veteran, you have the wonderful option of taking advantage of a VA home loan. These loans come with many amazing benefits and perks that other mortgages simply can not offer.
One thing that sets VA loans apart from traditional mortgages is their rates. It is important to shop around and find the best mortgage and refinance rates for you.
Some common questions that arise when dealing with VA loan rates are:
- Who Sets the VA Mortgage Rates
- What Are Low Interest Rates
- What Are the Benefits Of Lowering My Interest Rates
Who Sets the VA Loan and Refinance Rates?
Keep in mind that the Department of Veterans Affairs does not set Veterans mortgage rates. VA loan rates are set by VA-approved lenders and brokers. Because loan and streamline refinance rates are set by different lenders, they may vary according to the lender. This is why it is important to shop around to find the best rates.
Other factors might also affect the VA loan rates such as the economy and financial markets, similar to what other conventional mortgages rates do. For more information about Lenders, and how to find the right one for you, click here.
What Are Low Interest Rates
You will always pay a lower interest rate with a VA loan because credit score is not taken into consideration when you apply. With traditional mortgages an individuals credit score has an enormous impact on the rate they pay. The worst the credit an individual has, the higher interest rates they will pay.
In general, traditional borrowers pay a much higher interest rate than those with a VA loan. No matter what your credit score may be, you will enjoy great interest rates when you qualify for a VA home loan.
What Are the Benefits Of Lowering My Interest Rates
VA mortgages are guaranteed by the VA which means there is less risk associated with them for the lenders. With less risk involved, lenders are able to offer VA refinancing rates much lower than most conventional rates.
Lower interest rates mean that you save money monthly as well as over the lifespan of the loan. Essentially, you could purchase a more expensive home and pay the same amount monthly that you would on a smaller house with higher interest rates.
For more information about VA loan Benefits visit www.benefits.va.gov/homeloans/
VA home loan rates can be confusing without the right resources. It is important to remember that VA home loan rates are not set by Veterans Affairs but by VA-approved lenders. They can vary according to the lender and due to the economy.
That is why it is always important to shop around for the best rate. The lower the interest rates the more money you can save. To find out more how we can help lower your interest rates and to get a free written quote.