Rates

Rates

As a veteran or active member of the United States military, the VA home loan is an incredible opportunity that you can take advantage of. These types of loans are specifically designed with unique and extremely beneficial features that make this mortgage a great option.

One the most unique features of the VA home loan are the incredible rates. Like all loans, it is extremely important to shop around in order find the best rates. The following are some frequent questions that arise when looking into VA loan rates:

  • How Are VA Mortgage Rates Set
  • What Is A Low Interest Rate
  • Why Should I Lower My Interest Rates

Who Sets the VA Mortgage Rates

Surprisingly, the Department of Veterans Affairs does not set the rates for the VA loan. VA approved brokers and lenders are the ones who set the VA loan interest rates. This means that a loan rates will be different for every lender or broker. This makes shopping around for the best rates even more important! Like all loan programs the VA loan is extremely sensitive to factors like financial markets and the economy. For more information about finding a VA Lender and who the best is for you, click here.

What Are Low Interest Rates

One of the best aspect of the VA loan is that credit score is not factored into determining what your rates will be, meaning that you will almost always get a low rate. Generally in most loan programs, credit score is very important in determining what your rates will be. If an individual has a very high credit score, they will have much lower interest rates. For the most part those who don’t choose the VA loan will pay much higher rates. With a VA loan, your credit score is one less thing to worry about when trying to find the best rates!

What Are the Benefits Of Lowering My Interest Rates

All VA mortgages are 100% backed by the VA which makes them much less risky. Because of this low risk, lenders can offer much lower than normal interest rates. You will save money each month and throughout the entire loan because of these lower interest rates. These savings will also transfer to the monthly payments on your home or property. With all of these savings you could easily purchase a more expensive property with the VA loan because you won’t be paying as much as you would with a conventional loan. For more information about all of the VA loan Benefits please visit http://www.benefits.va.gov/homeloans/

VA loan rates can be a very complex process unless you are given the proper information. Most of all remember that VA lenders set VA loan rates not the Department of Veterans Affairs. These rates will always be different from lender to lender and can be greatly affected by the economy. So make sure you take the time to shop around, because the lower the rates you find, the more money you will save. To find out more how we can help lower your interest rates and to get a free written quote, click here.