VA LOAN CAPTAIN BLOG & Learning Center

Do Rates Matter?

By: Grant Moon 01/14/15 12:35 pm

You read a lot here on our Facebook page about interest rates. In fact, sometimes it might seem a bit too often yet rates do matter in the real world and not some sort of ethereal concept only subject to a high level debate. Higher or lower interest rates affect how much someone can borrow. It affects the house payment and family budgets. Interest rates do matter and there are those who get paid to monitor VA mortgage rates throughout the day, every day. It’s someone’s job at any major mortgage company. But interest rates alone shouldn’t be your motivator when thinking about buying a home. It’s important, but they shouldn’t be the driver.

Here’s what I mean. Do any of these sound familiar? “Buy now while interest rates are low!” “Get a bigger house!” or “Don’t let these low rates get away from you…buy today!” Of course you have, we all hear something to that effect nearly every day. But what you’ve also read here on VA Loan Captain is that, while rates are important, they’re not the only consideration. In fact, the major consideration has little to do with rates at all—it has to do with you.

Forget rates for a moment. Are you ready to buy? Do you want to get preapproved and go find your own place to live? Mortgage rates can be used by mortgage companies and real estate agents alike to get someone to buy a home. When someone buys a home and finances it with a VA loan, the real estate agent as well as the loan officer makes money. If you’re not ready to buy or there are some things you need to settle before buying a home enters the picture, it doesn’t matter what rates are doing. If rates go up, they go up. And if they go down, well, they go down. Don’t ever be in a situation where you’re being told to buy a home because rates are what they are. Buy a home because it’s something you want to do, not what others want you to do.

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