Even in the greatest of times, finding a great VA 30-year fixed rate mortgage is a difficult undertaking. It gets far more difficult when you have to navigate the realm of VA loans in addition to identifying and locking down a property. The process is so very overwhelming that you might wind up just settling for something, rather than trudging on to get the best potential rate. If you ask the following questions, then you can begin the process of navigating the world of VA loans, as well as find the optimal rate and best lender for your situation.
As with any mortgage situation, timing is a critical factor in a VA loan. Interest rates that are offered across many loans are often impacted by the property market, so timing is essential when you want to buy property. A market that does not look good is a moment when you should pause and consider if waiting several months might be a smart move before buying anything. If you are able to do this, then the rates you are offered might improve when the market does.
If you target specifically what you want with a VA loan, then you can rest assured that you’re going to borrow from the best possible lender. The majority of VA loans are fixed rate situations, but adjustable rate VA loans are also available. They might even be a better choice if you are considering moving property within the next few years. Factors to keep in mind include the mortgage length, the interest amount, the sum you hope to borrow, and if you’re a first-time buyer.
The easiest way to make sure you’re nailing down the optimal 30-year VA home loan rate is to contrast it against the offerings of other lenders. Call them for quotes, being very specific in the details you want. You’ll likely find that some companies can’t loan you enough money, and others might have an interest rate that is just far too high. Picking your mortgage lender is a big choice to make, so don’t rush it. Look into companies large and small, including banking institutions that specialize in VA loans. Gather up a collection of quotes prior to committing to one individual choice.
It’s critical that you establish your VA eligibility if you are thinking about 30-year fixed VA loans. There is quite a bit mandated in getting an eligibility certificate. Once you know you are eligible, then you can start looking at VA loans offering more affordable rates. The majority of armed services personnel are eligible, but you do have to have 90 consecutive days of active duty, or have served a minimum of 181 days of peacetime service. Reservists and National Guard members have to wait six full years prior to application. On the other hand, if they are called into duty before that happens, they gain eligibility after their 181 days of service. If you are the surviving spouse of a military individual who died while on duty, you have eligibility up until the point you remarry.
Veterans do occasionally wonder if a real estate agent is necessary. It’s entirely possible that you do all your research and then even secure your loan from the comfort of your own home office. On the other hand, if using the Internet for something of that magnitude is not something you’re comfortable with, or you don’t know where to start, it might be worthwhile getting a real estate agent’s assistance. Some agents are particularly well-informed and familiar with VA loans, so they can guide you towards savings by having the best rates. If you choose to go this way, try to find an agent with a lot of related experience, as they are familiar with the intricacies of VA loan matters.