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.
Senior Mortgage Banker
Peoples Bank & Trust
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!