What are VA home mortgage rates? Are these rates fixed by the Veterans Administration or may co mortgage. charge higher rates.?
My son is applying for a mortgage loan through co tree.The VA mortgage. Now mortgage. The VA website has an interest rate listed in 6.000%, for VA, but the rate of interest charged by a mortgage is now 6,875. Can Mortgage Co. office interest rates. The good faith estimate was 6.8, they said it was only an estimate and that would be the biggest they would be charged. They are to close soon and settlement costs Closing rate@6.875 have the interest. Can they charge a high rate that the VA has in place.
Yes, they can. The Veterans Administration does not actually make loans. They act as an insurance company. The money comes from the bank but the loan has an insurance policy in the form of VA funds rate you pays for the loan. This fee covers insurance, bank financing for the VA and ensures that in the event of a default by his son, the bank will be able to obtain most of their money. This insurance makes the loan of a VA loan. Without it, the loan is considered a conventional loan and mortgage company then get the insurance through a company of private mortgage insurance (PMI). Consequently, the rate charged by the institution is at your discretion. however, must be within reason or the VA can not afford to continue to make VA loans. 6.875 is a bit high right now for a typical VA loan. I ask this with the lender. There may be one reason for this, but look at your file, I have no idea what it is.
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