VA Mortgage Rates: What to Expect
VA mortgage rates are often lower than conventional loan rates, but what can borrowers expect in 2020? This article explains recent VA mortgage rates and offers tips for finding the best rate.
What Are VA Mortgage Rates?
VA mortgage rates are interest rates available to veterans who have served in the military and are looking for a home loan. VA loans are designed to be more affordable than conventional loans, helping qualified veterans and service members finance the purchase of a home or other property.
Benefits of VA Mortgage Rates
VA mortgage rates offer several benefits. They are typically lower than conventional mortgage rates, making them more affordable for veteran buyers. Additionally, VA loans do not require a down payment or private mortgage insurance, further contributing to the affordability of the loan. VA loans also have fewer fees associated than conventional loans, and have more flexible credit requirements.
What Do I Need to Qualify?
In order to qualify for VA mortgage rates, you will need to meet certain eligibility requirements. Generally, you must have served at least 90 days of active duty during wartime or 181 days during peacetime, or six years of service in the National Guard or Reserves. You will also need to meet the basic credit and income requirements of the loan.
What to Expect from VA Mortgage Rates
VA mortgage rates will fluctuate based on current market trends and conditions, just as other loan types will. Rates are generally lower than conventional loan rates, although they may still vary depending on the lender. VA loan rates are also impacted by factors such as credit score, down payment amount, and loan type.
It is important to shop around and compare offers from multiple lenders in order to find the best possible rate for your situation. The VA Loan Specialist at the lender you choose will be able to provide you with further information on VA mortgage rates and how they may impact your loan.