# What is the going interest rate for a VA home loan?

Asked by George A Gross, Outside U.S. Thu Sep 27, 2012

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4
3.375 we just did, and I have seen as low as 2.895
0 votes Thank Flag Link Fri Sep 28, 2012
Hi George,

Thank you for your service.

It depends on the loan amount, your credit score and whether or not you want to pay points.

Here's what I'm showing for today's VA mortgage rates.

Based on a purchase price of \$230,000 and a 720 credit score.

With 1 point - 3.125% - 3.431% APR - This would give a principle and interest payment of \$1,008.91

With no points - 3.25% - 3.475% APR - This would give a principle and interest payment of \$1,025.00

The decision whether or not to pay points should be based on your long term goals and by determining your break even point. Here's how you figure out your break even point.

Take the cost of the point/s which in this case is \$230,000 X 1% = \$2,300. Now take the difference in the monthly payment which is \$16.09 per month. Now divide the cost, \$2,300 by the monthly savings of \$16.09 to get your break even point of 142 months or just under 12 years.

If you don't think you're going to stay in your home/loan for well over 12 years, it doesn't make much sense to pay the points in this particular case.

Please feel free to contact me for more information or help. You can also find info on my VA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
(877)228-9069
0 votes Thank Flag Link Fri Sep 28, 2012
Good evening George,

Interest rates will vary from one Lender to the next based on market conditions. In addition credit score comes into play when pricing a mortgage loan. I recommend speaking with a local VA Approved Mortgage Banker to get prequalified and determine what are the interest rates based on your unique qualifications.

You can find VA Approved Lenders here:http://www.benefits.va.gov/homeloans/lp.asp

Thank you for your Service to our Nation!

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 27, 2012
Hello Mr. Gross,

Based on today's rates it is 3 1/4.

Please feel free to contact me for further information at Carol@carolsaucedo.com or call me at 702 635-5647.

Regards,

Carol Saucedo, Realtor
Prudential Americana Group
0 votes Thank Flag Link Thu Sep 27, 2012

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