In this article, we are going to talk about mortgage rates in general and VA loan rates and how they work. Mortgage rates are a little different than what you might think. There are a lot of companies out there advertising mortgage rates and unfortunately, sometimes that is misleading. There is a lot of different factors that go into qualifying a person for a specific mortgage rate.
VA Loan Rate Factors
A couple factors that go into determining VA loan rates are things like credit. For example, a person that has a credit score of 500 is not going to get the same interest rate of a person with a credit score of 750. Your FICO score is a measurement of your history of paying back debt. The better your FICO score the better chances you have of getting better VA loan rates. Another factor would be the loan to value of the loan. For example how much is the property worth and how much am I borrowing against it. These are just a few examples of what might determine a persons interest rate. That being said the beauty of the VA mortgage loan is that interest rates are generally better than other mortgage products like an FHA loan or conventional loan.
Call 855-956-4040 to Get a Quote
If you would like to speak with a mortgage professional and get a rate quote call 855-956-4040.