What are interest rates for VA loans? Santee, CA

Reblogger Myers Jackson
Services for Real Estate Pros with Auctioneer, Texas Flip N Move 17057

If you are looking for  a VA loan , Chris has made some good points to look into. I have never attempted a VA loan and I certainly suggest that you look to a professional in the field to get through the process..

Original content by Chris "The Loan Ranger" McBrearty, NMLS 274079 NMLS #274079

What are interest rates for VA loans? Santee, CAWhat are interest rates for VA loans? Santee, CA This is a common question asked of loan officers the nation over.

The answer is....well....I need more information. In the old days we used to say "I need more information" because we were trying to sell our services before the person got our rate and hung up the phone.

Today we are actually unable to accurately make a quote based on theWhat are interest rates for VA loans? question, What are interest rates for VA loans?, without first determining a few qualifying factors. Here are some basics you can expect to answer when asking What are interest rates for VA loans? :

1) Do you know your credit score? Interest rates for VA loans are impacted by your credit score. A person with a 620 credit score is not going to have the same interest rate for a VA loan as a person with a 720 credit score.

2) Do you know how money you would like to borrow? The loan amount will have a direct impact on the interest rate for a VA loan. Basically, if What are interest rates for VA loans?the loan amount is higher than the maximum high balance for your county (for example, San Diego County, CA has a high balance loan limit of $537,500) then you can count on your interest rate for a VA loan to be higher.

3) Do you need to work with a NICHE lender because your credit or qualifications are not conforming? The VA tell us that it is up to our determining factors to decide if you qualify for a VA loan or not. This gives a lender much leeway to make decisions about how risky they want to get when approving VA loans within certain guidelines. If you need to approach a lender that makes loans to people with recent bankruptcies that are within VA guidelines but outside the normal threshold for most banks then you can count on paying a higher interest rate for a VA loan.

VA loans are very liberal when compared to the main stream supply of funds to borrow for buying a home. Interest rates for VA loans are also extremely low because the loans are guaranteed by the full faith and credit of the US Government.

The bank that lends the money is protected and insured by our tax dollars.

What are interest rates for VA loans? Santee, CA

What are interest rates for VA loans?What are interest rates for VA loans?

Chris McBrearty View more properties 

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Chris McBrearty, CMPS

NMLS #274079

chris@equityiq.net

858-735-3512

Primary Residential Mortgage Inc.

 

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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Myers, I get asked what my interest rates are on VA, FHA, and Conventional programs all the time.  The conversation is usually very short because I will not quote a rate until I have looked at credit, and rate shoppers are unlikely to let me do that.  But if they do not let me pull credit I am not going to waste my time on assumptions that could be way off, and then get the response later "but you told me the rate was this".  Nope been down that road when I was a rookie, but no more :)

Jun 02, 2011 11:55 AM #1
Rainer
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Chris "The Loan Ranger" McBrearty, NMLS 274079
People's Mortgage Company - Rancho Bernardo, CA
FHA, VA, USDA, Loan Officer and Educator

George is absolutely spot on. I like his technique and could not agree more. Quoting a rate without all the details of the prospective borrower is just irresponsible and BAD business.

Jun 06, 2011 12:04 PM #2
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