Tuesday, December 25, 2018

Check These Interesting Facts About The Mortgage Rate Of VA Loans


It is a known fact that a VA loan is different from the traditional loan as it is specifically designed for retired war personnel and the currently serving members of the defense and also the widows of war veterans. As an established agency of VA loans provider in San Antonio, we will share a few facts about VA mortgage rate and let you know how the interest rates are levied on the applicants. 



Low-interest rate 

The interest rate of this loan is lower than the conventional loan. This is one of the attractions of VA loans and this is the reason why so many people apply for it. Even people with a poor credit history can avail this loan, unlike regular loans. They can enjoy a competitive rate of interest which is usually enjoyed by people with top credit scores. 

The reason of low-interest rate 

The reason for this low-interest rate is that the United States Department of Veteran Affairs guarantees to pay the lender the 25 percent of the value of the home purchased. This is a great step taken by the government in respect of the defense personnel who had serviced the country in difficult times.

Loan limit 

There is a limit up to which people can take VA loans. Loans exceed this limit will require the borrower to pay up the down payment for the portion of the loan which exceeds the limit. 

Calculating the mortgage

If you are willing to know how much your VA loan will cost in terms of interest, you should look for the standard and fixed rate that is going on currently. Since the rates tend to fluctuate infrequent intervals, so getting an exact idea of this is slightly difficult. But an overall estimate is possible with a VA mortgage calculator. One thing is sure that it will be considerably lower than conventional interest rates. These things are difficult to check on your own, so an agency like us can help you with that. 

Time to apply for it 

There is no ideal time to apply for VA loans. The elements that affect the interest rate of the VA home loans are varied in numbers and therefore no hard and fast rule is applied in this field. You should contact an experienced and qualified lender in the process of obtaining a VA loan. It is better to know in advance if the interest rate is up or down so that you know if this is the favorable time to apply for it. No matter in whatever time you take the loan, you are surely going to pay a little less than the traditional borrower and it will be financially favorable for you. So, the flexibility of this VA loan is what makes it extremely appealing for people. 

Why us, Security America Mortgage?

If you have long been dreaming for a home, then your wait is over! Call us at 888-295-4055 if you are defense personnel and awaiting a VA mortgage in Houston. We will get you through the process in a hassle-free manner. A lot of paperwork is involved in the process and considering your busy schedule, it may not be possible for you to manage it without the help of an agency. 

We are a VA approved lender so you can rely on us. We are authenticated and have a lot of experience in procuring VA loans for people. 

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