Understanding VA Mortgage Rates

VA mortgages are popular for a few reasons. First, because VA mortgage rates aren't impacted by credit, many veterans seek a VA mortgage. What's more, VA mortgage rates are typically lower than conventional loans.

If you're considering a VA mortgage, you should know that interest rates depend on the market, the type of loan you choose and the amount of money borrowed. Many veterans take advantage of the fact that down payments are not required for VA mortgages less than $417,000. However, a down payment may decrease your interest rate as well as lower your mortgage payments. A down payment should be considered carefully and a National Bank Of Kansas City loan officer can help you consider your options.

In addition to rates, you should also pay attention to other fees you may be charged for a VA mortgage. Be sure to choose a lender that won’t charge you origination fees, lender fees, underwriting fees, and/or processing fees* on your VA mortgage.

Reducing Your VA Loan Rates

If the rates on your current VA loan are higher than the current market offers for refinance, consider an Interest Rate Reduction Refinancing Loan (also called an IRRRL or “Streamline”) to lower your rates and save you money over time. VA streamlines are especially recommended to those who want to change their existing adjustable rate mortgage (ARM) to a fixed-rate mortgage.

National Bank Of Kansas City works to find affordable rates for customers nationwide including those who qualify for a VA mortgage. Whether you are seeking a new VA home loan or a streamlined VA loan, contact us to learn more about the great mortgage rates available.

* Third party fees apply.