VA LOAN CAPTAIN BLOG & Learning Center

VA loan floating rates

By: Grant Moon 04/28/13 12:53 pm

VA loan floating rates

Getting the best VA mortgage rate is what VA borrowers want. You’ll make phone calls, visit various websites and get tons of rate quotes from VA lenders. Whether you’re shopping for a VA loan to purchase a home or you’re a candidate for a VA streamline refinance, it’s up to you to find the best interest rate in the market.

With a bit of mental elbow grease and determination, you will ultimately find the VA lender that’s right for you. You find a fair quote and an experienced loan officer and complete a VA loan application. At that point, the wheels begin to turn.

For example, if you’re refinancing your VA loan with a VA streamline, you’ll provide very little in terms of documentation other than signing a brand new set of VA home loan disclosures designed to inform you of various closing costs involved, the APR for your VA home loan and your rights as a VA borrower, among many others.

After your loan is documented and ready to go, you still have one more task: you have to lock in your rate. Your VA lender won’t lock in your rate without your permission and until you lock in your rate, your rate isn’t guaranteed, regardless of what your original interest rate quote was at the time you applied.

That’s a double-edged sword. Without an interest rate lock, if rates go down while your loan is being processed, you get to take advantage of the lower rates. On the other hand, if rates go up while your loan is being processed, that lower rate is history and you can only hope that rates fall back down.

Your VA lender will tell you about their interest rate lock guidelines as part of the original set of loan disclosures you signed. Pay attention to them and if you have any questions, ask them upfront. Finding out that your rate wasn’t locked when you thought it was is a bad feeling.


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