Is the interest rate for a VA 30yr Fixed home loan the same as a regular loan. If not what website show rates?

Question

I have a lender and a house just trying to watch to see when i should lock in. I don't need a long answer just a reliable site to give me up to date VA Home loan interest rates

Answer 1

The bank you want to get the loan from most likely has their rates posted. The same goes for VA loans. If they deal in them the rates should be available from the individual bank.

I assume you know that you have to be a veteran of the US Armed Services with eligibility to get a VA loan.

Answer 2

Va does not set the rate and there is an actual disclosure you sign when applying for a VA loan that states this. VA loans are normally cheaper than regular loans because there are not many price adjustments with a VA loan. However, closing costs can be higher and there is a VA funding fee that is added to your loan amount. VA payments are often cheaper due to no PMI. If you have a large down payment then conventional loan rates could be better. But, if you are borrowing 100% VA the rate is cheaper than a 100% conventional loan. I do agree with other posters that many sites that advertise rates are not reliable. I would suggest calling different lenders to obtain their VA rates.

Answer 3

No. Conforming A paper rates are better for the same cost, provided you have semi-decent credit and 20% equity. If you don't, the VA option may be superior because there's no requirement to split the loan or pay PMI.

I have yet to find a website that shows real rates on real loans that a rational person would actually agree to. There is a trade off between rate and cost for every loan type, in every situation. Lower rate = higher up front cost.

Most folks don't keep their loans anywhere near long enough to justify paying the high up front costs of the really low rates - but that's what gets advertised (albeit with shameless low-balls, cost-wise).

Advertisements and rate forums are designed to get you to call a given lender, so they can try to sell you what they actually have. They quickly become a game of who tells the most shameless lie. Once upon a time I and a co-worker went right down the listings in two of those forums - in excess of fifty loan originators each (know your competition). Not one of the actual quotes was even vaguely comparable to what they advertised. We reported those quotes to the forums, which we were paying good money to because they were supposed to enforce quotation standards. No investigation, no action (the forum didn't want to lose those people who were paying them). The way we saw it, we could either stop wasting our money or start telling lies. We decided to stop wasting our money.

If you want good loan information, pick out at least six prospective loan providers, have a good conversation with all of them, and before you get off the phone, ask each of them all of the questions here:

http://www.danmelson.com/2007/04/questions_you_should_ask_every.html

The answers to those questions provide a wealth of information as to who is and isn't playing it straight.

Answer 4

In my experience all of the sites that advertise interest rates are worthless.

These sites are merly bait and switch operations that advertise ridiculously low rates that do not exist to try to get your application.

Then they switch you to a much higher rate without telling you.

Often times these people do not tell you what the true rate is until you are at the sign off at the title company.

In my experience the ones that advertise the lowest rates are the ones that conceal the real reate until you are ready to sign off.

Then you discover the rate that they are really charging you is jacked up and is much higher than any rate that you could have received almost anywhere else.

I recommend that you find a competent and honest lender to work with.

You will get a much better interest rate with a comptent and honest lender than you will with the crooks that advertise the lowest rates in town.

The competent and honest lenders do not advertise their rates, only the crooks do.

If you feel that you must really compare rates, contact several lenders that you know to be honest and competent.

Your employee credit union is often the best place to start.

Tell them what you want to do and ask them to give you a quote on the rate that you can get after they have checked your credit scores.

That will be the most realistic estimate of the interst rate that you will pay that you will ever get.

The advertised rates on the web sites and elsewhere are worthless.

Answer 5

Many companies price VA and FHA rates the same. Some companies price VA @ .25% higher.

Your question leads me to assume you think there is "a rate". Since rates are not set or regulated by the VA FHA, Federal Gov, Fed Reserve or Nobody; there is no such thing as "a rate". Rates are what each company wishes to charge.

Answer 6

You may look in your local paper for the current interest rates,most of them have a section for interest rates. Some will even have the rate for VA and FHA loans,

Now that you have them what do you propose to do with them.

In order for a rate to apply to you, you must qualify for that rate. There are a lot of variables that goes into the rate you are qualified to get.

#1. Your credit score

#2 How well you have paid your debts in the past.

#3 The amount of debts you have to pay and the income you have to pay these debts.

#4 If you can prove your income or not and have to go with a stated loan program

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 7

Gregorio is correct. It has been my experience that a VA loan typically has a slightly higher rate than traditional mortgages.

Make sure you obtain your eligibility voucher. Some websites and lenders say they will help you with VA loans, but you have to have the voucher first.

Good luck!