If you’re thinking of refinancing your existing VA mortgage with a streamline or maybe you’re about to buy and finance a home using your VA home loan benefit. Either way, you’re also thinking about interest rates, right? In fact, before you decided to refinance or buy looking up rates was one of the first things you did. After all, rates affect your monthly payment and how much you can qualify for. By visiting various online websites you’ll find no shortage of interest rate quotations. Go ahead and search “VA mortgage rates” and see what I mean. What you’ll quickly find out is VA lenders are very competitive not with just other loan programs but with each other.
You won’t find several VA lenders quoting 4.25 percent and another group 4.75 percent, at least under the very same terms. That’s because VA lenders all set their mortgage rates for the day on the same set of indices. That’s why VA rates are so close from lender to lender. There will be some differences perhaps in certain fees but it’s likely everyone is within 0.125 percent of one another. It’s not a coincidence, it’s how VA rates and others are set.
So, what are you shopping for? You’re shopping for a relationship. You’re shopping for a VA lender that has the highest quality of loan officers there is. You want a loan officer you’re comfortable with and works with you every step of the way and not handed off to some “customer service” person who takes over your loan process.
Experienced loan officers will not only guide you through the entire process but help you decide which program is best for you and acts as a sort of counsel when questions arise. You don’t get a VA loan very often, so it makes sense to have the best representation you can. You need a top-shelf loan officer. That’s what you should be shopping for.