*Please note that effective April 3, 2020, we are no longer able to accept loans from applicants with a credit score below 640.  Please visit our friends at My Credit Guy for help improving your credit score.

Purchasing a home, especially if it’s your first time, can be exciting but also overwhelming. Graduation is a big milestone with many things to do and choices to make. It’s not just about choosing a home that suits your taste; it’s about securing the financial stability to maintain that home for years to come.

Putting an End to Worries Over VA Mortgage Rates

Fortunately, if you’re a veteran, you can strike off one significant concern from your list – managing the current VA mortgage rates. Don’t worry, the Wendy Thompson Lending Team will help you at every step. They’ll make sure you get the benefits you deserve for your service.

In a constantly changing financial world, this team is reliable and committed to giving you the best rates.

No Surprises, Only Genuine Assistance

In the industry, some lenders may tempt you with better VA loan rates. But they might change terms unexpectedly near the end of the agreement. This dishonest approach can ruin your financial plans and make you doubt the home-buying process.

With the Wendy Thompson Lending Team, what you see is what you get. Our transparent and genuine approach means that you won’t encounter any last-minute surprises. We prioritize your peace of mind, ensuring a straightforward process where every term is laid out clearly from the outset.

Why Choose the Wendy Thompson Lending Team?

1. With a team that specializes in VA loans, they can navigate the details and secure the best rates for you.

2. We are transparent throughout the entire process, building trust and respect with our clients.

3. At our company, we prioritize our clients and work hard to find the best solutions for you.

4. The Wendy Thompson Lending Team is not just for loans. They also offer financial planning advice. They help you make informed decisions.

5. We know that everyone has different financial backgrounds and needs. Hence, we strive to find a plan that is specifically tailored to align with your financial goals.

Begin Your Home Buying Journey with Confidence

As you start the important journey of owning a home, choose the path of trust, expertise, and dedication. The Wendy Thompson Lending Team is here to help you make your dream home a reality, stress-free.

Choose to partner with a team that values integrity over everything else. Choose the Wendy Thompson Lending Team for a home-buying experience that is not just successful, but also joyous and fulfilling.

We’re only interested in getting you the best VA mortgage rate you can get.

CURRENT VA MORTGAGE RATES

When you’re in the market for a home, understanding the current interest rate landscape is crucial. The rate you get will greatly affect how affordable your home is. It could also impact your financial stability in the future.

Keep abreast of the rapid changes that can occur in interest rates, which can fluctuate daily and depend heavily on the amount you intend to borrow. To aid in your research, consider consulting resources on the best VA rates tailored to different mortgage value ranges:

• Best VA Rates for $200,000 to $275,000 Mortgage
• Best VA Rates for $300,000 to $375,000 Mortgage
• Best VA Rates for $400,000 to $500,000 Mortgage

Here are samples of current VA interest rates you might find:

Sample VA Loan Rates

As you navigate through your home-buying journey, you’ll find different VA loan rates prevailing in the market. Note that since April 3, 2020, there’s been a restriction on accepting loans from applicants with a credit score below 640. If your credit score needs improvement, resources like My Credit Guy can offer assistance.

To give you a preliminary understanding, here are some sample rates you might come across (data as of 6/1/2021):

LOAN TYPE	INTEREST (APR)	LOAN TERM
VA loan	2.75 %	30-years
VA Jumbo Loan	3.65 %	30-years
Interest Rate Reduction Refinance Loan (IRRRL)	3.75 %	30-years
Cash-Out Refinance Loan	3.25 %	30-years

Note: The rates are based on a $250,000 loan with a 20% down payment. Rates are subject to change and can differ based on various factors such as your location, the size of your down payment, and the loan amount.

For the most current and precise rates tailored to your circumstances, always use the rate checker to get an accurate rate.

WHO SETS CURRENT VA INTEREST RATES?

VA loans are backed by the Department of Veterans Affairs to give eligible veterans and service members an affordable path to home ownership.

One may wonder, who governs the setting of these VA interest rates? The VA loans help veterans and service members buy homes, but they don’t set the rates. Individual lenders must be chosen carefully from the beginning to fulfill this responsibility.

Key Benefits of VA Loans:

• Nearly 90% of VA loans are secured without any down payment, according to the Consumer Financial Protection Bureau.
• Typically offer lower rates compared to conventional mortgages.
• Enables significant savings over the term of the loan if a beneficial rate is secured.

Why Shop Around for VA Mortgage Rates

Veterans who look for better deals can save money on their VA mortgage rates. It’s common for lenders to offer interest rates that vary by half a percentage point. Over 30 years, this small difference can save you thousands of dollars on your mortgage.

Therefore, aligning with a lender who offers the most competitive rates should be a priority. Remember, a lower interest rate means you pay less each month and save a lot over time.

FACTORS THAT DETERMINE VA LOAN RATES

To secure a home loan, it’s important to know how lenders decide VA loan rates. They have a method to their madness; it’s not a random number pulled out of a hat. We calculate the rates based on many factors, like market conditions, credit score, loan type, and repayment term. Let’s delve deeper into each aspect to understand how it influences your VA loan rate:

CURRENT MARKET CONDITIONS

The overarching economic environment plays a pivotal role in determining the VA loan rates at a given time. When the economy is doing well and there is a lot of money circulating, interest rates are usually low. This is good news for people who want to borrow money.

Lenders always watch the market and change their rates to stay competitive with the economy. Rates don’t usually change much each day, but sometimes they can change a lot. Borrowers must stay alert and watch the market trends to find the best moments.

We track interest rate trends to help you get the best deal. Our strategies are based on real-time market analyses.

YOUR CREDIT SCORE

Your credit score is like a report card for your finances. It shows lenders how trustworthy you are with money. A high score can potentially unlock lower interest rates for you, while a low score might entail higher rates. It’s a critical factor that lenders scrutinize to gauge the risk associated with lending to you. Therefore, maintaining a robust credit score can be a decisive element in obtaining favorable loan rates. To negotiate loan terms better, regularly check and improve your credit score.

THE TYPE OF VA LOAN

Different VA loans come with their distinct set of rates. If you choose a VA loan, VA Jumbo Loan, or refinancing options like IRRRL or Cash-Out Refinance Loan, each has a different interest rate. The rates depend on many factors, like the loan type’s risk and financial conditions. Understanding the differences between loan types helps you choose the best loan for your situation and get a good interest rate.

YOUR REPAYMENT TERM

The repayment term you opt for, commonly ranging from 15 to 30 years, also has a bearing on the interest rate. Generally, shorter loan terms come with lower interest rates, albeit with higher monthly payments. Conversely, a longer term would mean slightly higher interest rates but with the advantage of lower monthly payments. When choosing a repayment term, you need to balance the pros and cons. Consider your financial stability and future projections.

That’s why we keep an eye on interest rates to get you the best deal.

VA MORTGAGE RATES BY CREDIT SCORE

Your credit score undeniably holds a pivotal role when it comes to influencing the VA loan rates you can secure. Generally, a credit score of 640 or above is favored as it paves the way for the best possible VA loan rates. A higher score means you have a good credit history, which makes lenders feel more confident in your creditworthiness.

Lenders have different policies. Some are strict about the minimum credit score for VA loan eligibility. Therefore, by looking at different lenders, you might find a lower rate, even with a less-than-perfect credit score.

We are your reliable partner. Our focus is on securing a solid rate for you. This will help you achieve your home ownership dreams, even if your credit score is not perfect.

VA LOAN TYPES

The landscape of VA loan types is diverse, and the specific type you opt for can significantly affect the interest rate applied. For example, the rate might differ when you are refinancing your home compared to when you are buying a new one.

No matter which VA loan you choose, it always has better terms than conventional loans. As you look for a house, remember that VA loans have better terms and flexibility.

REPAYMENT TERM

The repayment term outlines the duration over which you commit to settling your loan in full, with standard options being:

• 15-year mortgage
• 20-year mortgage
• 30-year mortgage

Choosing a 15-year mortgage usually means getting lower interest rates. However, this also leads to higher monthly payments. On the other hand, a term of 30 years, a popular choice, eases the monthly financial burden, albeit at slightly higher interest rates.

HOW A 30-YEAR FIXED MORTGAGE WORKS

Embarking on a 30-year fixed mortgage journey implies a commitment to repay the loan entirely over a span of three decades. Having a long tenure means you have a fixed interest rate that won’t change with the market.

The silver lining of this arrangement is the predictability it offers. Your monthly payment stays the same each month, so you won’t have any unexpected surprises and can plan your budget easily. Having a stable financial plan reduces stress and lets you enjoy your new home worry-free.

READY TO SEE YOUR PERSONALIZED RATE?

Current VA mortgage rates are a huge part of qualifying for a VA loan. Lower rates can save you tons of money over the 30-years you’re paying your mortgage.

Taking the plunge into the housing market is a monumental step, and securing a favorable mortgage rate forms a crucial part of this process. Getting a good interest rate on VA loans is important for your long-term financial stability. These loans typically last for 30 years. A lower rate means lower monthly payments and can save you money over time. This gives you more freedom to invest in your dreams and enjoy a comfortable lifestyle.

Getting the best rate isn’t only about your credit score or the economy. The lender you choose matters a lot. Sadly, aligning with the wrong lender can have dire consequences, extending far beyond just financial strain. You could end up trapped in bad conditions, extra fees, and, worst of all, losing your dream home.

But worry not, for the Wendy Thompson Lending Team is here to steer you clear of such pitfalls. Our team has a long history of dedication and commitment to our clients. We work hard to get you the best VA loan interest rate.

We are completely dedicated to making sure you are satisfied. This drives us to understand the complicated lending process and find a rate that matches your financial situation and goals. We know how important this commitment is, so we focus on being open, respectful, and efficient. Your needs are our top priority.

Let’s Learn About VA Refinance Rates

Thinking about VA refinance? Knowing the current VA mortgage rates is super important. They can change a lot due to many reasons. Here’s what you should know:

1. Market Conditions: The daily news about the economy can affect VA refinance rates. So, keeping a close watch on things like inflation and government rules can give you a hint about the rate changes.

2. Loan Type: Different kinds of VA refinance options are available, each having its own rate structure. So, it’s good to check out all your choices.

3. Credit Score: The better your credit score, the lower the interest rate you might get.

4. Loan Term: Short loans usually have less interest compared to long ones.

5. Your Lender: Different lenders might give different rates and fees. So, talk to a few to find the one that suits you best.

6. Big Picture Stuff: Things happening around the world can affect the rates. Stay tuned to big news to keep track.

To know the most recent VA refinance rates, ask different lenders for rate quotes.

The Simple VA Refinance Option – IRRRL

The VA Streamline Refinance, is a great option for veterans and people serving in the military who already have a VA home loan. Let’s learn more:

Key Features and Benefits

1. Easy Peasy Process: The IRRRL is known for being simple and fast with less paperwork.

2. Skip the Appraisal: Many times, you don’t need a home appraisal, saving you both time and money.

3. Lower Interest Rates: The main goal here is to get you a lower interest rate and reduce your monthly payments.

4. No Extra Costs: You can add your closing costs to your new loan, meaning you pay nothing extra at the start.

5. No Cash-Out: This loan is all about reducing your rate, not getting cash.

6. A Must-Have VA Loan: You need to have a VA home loan already to use this option.

7. Relaxed Requirements: The rules here are not too strict but do check your eligibility with lenders.

8. Your Main Home: The loan is for your primary house only.

9. Small Funding Fee: There is a small fee involved but it’s usually lesser than other VA loans.

10. Rate Choices: You can change your loan type to get a lower interest rate.

The VA IRRRL makes it easier for eligible people to reduce their monthly payments through lower interest rates. To start, just get in touch with us.

The Nitty-Gritty on VA Streamline Refinance Rates

VA Streamline Refinance rates, which you might hear being called IRRRL, change based on a few things. Let’s see what affects these rates:

1. Market Conditions: Like we said before, economic news daily can change these rates.

2. Credit Score: A high credit score can get you a good rate.

3. Loan Term: Short loans usually offer less interest.

4. Lender Choices: Different lenders have different rates. So, shopping around is key.

5. Loan Amount: The total amount you want to borrow can affect your rate. Some lenders offer better rates for certain amounts.

6. Can You Pay Back?: Lenders look at your payment history and other stuff to decide your rate.

7. Your Home Type: Whether you have a single home or a condo can change the rate.

Remember, rates change every day, so keep a watch and grab the best deal when you see it.