By Jane Lasky
Are you seeking a VA home loan? If the answer is yes, remember that these particular kinds of loans—issued by private lenders and Department of Veteran Affairs guaranteed—do vary.
Also realize that maximum amounts for your loan may be capped due to restrictions on a state and/or a county level.
The Current Rate
With those distinctive parameters in mind, the 30-year fixed VA Loan on November 27, 2017 is currently carrying a rate on a $200,000, 30-year loan at 3.625 percent. The annual Percentage Rate (APR) is set at 3.889 percent.
In contrast,the VA loan is typically a better deal than a traditional loan. In fact, this week’s 30-year fixed loan of that latter type is set at 3.85 percent or 3.70 APR. Meanwhile, a 15-year fixed loan of that type has been currently set at 3.25 percent or 4.114 APR.
Easy To Qualify
There are other factors to think about, too, as you prepare to buy your new home. Know that VA loans offer much easier qualifications when compared to conventional loans. Also, note that the application process is quicker and easier to apply for than the conventional loan.
One way to be sure you are able to garner the absolute best rates possible for a VA loan is to inspire various banks to compete for your business. Also, keep in mind that no down payment is required in many cases, making 100 percent financing a distinct possibility.
In addition, mortgage insurance is typically not required for a fresh VA loan. And, if you are looking into refinancing a loan of the VA type, an appraisal is not typically necessary.
The VA loan may be the perfect gateway into enabling you to buy the house of your dreams.