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Home Ownership Preparation :: VA Loan Rates
VA Loan Rates:
How VA Mortgage Loan Rates Work
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VA Loan rates are low and one of the best incentive programs available to U.S. veterans.
Basically, the VA Loan program backs a veteran’s application for a home loan – insuring they qualify for a bigger mortgage and also securing them a lower rate.
But, how does the VA Loan program work? And how does it actually affect your VA Loan rates? Are all VA Loan rates the same?
For the answers to these questions and more, keep reading for a simple guide to VA Loans and how the VA process affects your mortgage rates.
Where to Find Current VA Loan Rates
Rates are subject to change, that’s what they do. So, to find the most current VA Loan rates, you can go right to the VA Loans website at http://valoans.com. On the front page, you’ll find today’s rates for both the 30-year fixed rate and the 15-year fixed rate.
You’ll also find news and updates about VA Loans programs’ that are new or changes to existing programs.
In addition, there’s a comprehensive FAQ and step-by-step guide to applying for a VA Home Loan that can help answer any additional questions you may have.
How Getting a VA Loan Affects Your Rates
Because Veterans Affairs actually guarantees part of the purchase price of your home (up to 25% of a home loan up to $104, 250), that means you pay a lower interest rate on your mortgage than the average person off the street.
It also means you can walk into a home with no or very little money down, thanks to Veterans Affairs backing your mortgage application.
However, you must be an eligible veteran and you must obtain what’s called a Certificate of Eligibility. This certificate is presented to your lender before you begin the loan application process.
The VA Rates Reduction Program
Veterans Affairs has recently introduced their Interest Rate Reduction Loan Program.
This program allows current VA homeowners to refinance their mortgages for a significantly lower interest rate with little to no actual costs to the home buyer and with less hassle than a standard, non-VA refinancing package.
This allows veterans to save money with today’s low interest rates, but without having to pay the massive closing costs and out-of-pocket expenses that are so often charged with any type of refinancing.
The program is only available to eligible veterans who are refinancing a home that was originally purchased with a VA Loan.
Current VA Home Loan Rates
In the early part of 2009, the VA Loan Rates sat at 5.5%-5.610% with no points for a 30-year fixed loan and 6.5%-6.694% with no points for a 15-year fixed loan. Those rates are based on approved credit ratings.
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Home-Ownership-Preparation.com :: VA Loan Rates