If you are looking to purchase a home or refinance your VA loan in Boulder County Colorado using your VA Loan entitlement, the mortgage rate you can get is a huge factor in deciding which lender to work with as well as what your payment will be.
Interest rates can sometimes change daily, and can even fluctuate sometimes during the course of single a day. So what determines the VA home loan rates in Boulder County CO that you can get?
All mortgage products are influenced by what happens on Wall Street similar to stocks. Mortgage backed-securities, or bonds, are the item on Wall Street that is connected to VA rates. Mortgage bonds are what back mortgages, including Boulder County Colorado VA Loans.
Mortgage bonds are also called mortgage backed securities. Just like the stock market, mortgage bonds go up and down with the market, therefore influencing all mortgage rates including VA Loan Rates CO. News stories that come out throughout the day can cause wild swings in the bond market. Other days are calm, with little or no fluctuation.
A good site where you can track the market is Marketwatch. Because these fluctuations can happen throughout each day, it is important to make sure that when you are comparing lender's estimates, that you compare on the same day, and preferably the same time of the day.
One lender's quote on Monday may be very different from another's quote on Wednesday, simply because of market swings. Once you go under contract, securing your Boulder County Colorado VA Loan Rate with a rate lock will prevent your exposure to market swings.
This means you will receive the rate you had on the day of the lock, no matter what the market does. Rate locks should be made for a period of time that will enable you to get to closing before the lock expires, so that you can avoid expensive lock extension fees, or a charge to add additional days to the lock.
Other factors can also affect your VA home loan rates in Boulder County Colorado besides what the market is doing. If you have a low credit score, for example, you may receive higher VA Mortgage Rates in CO. Closing costs can be covered by locking in a slightly higher VA loan rate.
The lender makes a percentage based on the rate lock which can then be applied to your closing costs. Your closing costs can then be paid by using this higher percentage. As you can see, there are many factors that go into determining your Boulder County CO VA home laon rate. You can access the Denver regional VA loan center here.
Or call RJ Baxter directly at 303-670-0137 for a customized rate quote and to get your VA home loan questions answered. Click here to apply online.
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