Bank Loan Rates – Interest Rates For Different Types of Loans

March 20, 2014 Posted by admin

images (9)People use loans for a variety of reasons and things. There are lots of loans to apply for such as, housing loans, car loans, student loans, business loans and other kind of loans. Knowing that the interest rates vary in different types of loan is important.

Usually banks have lower rates in regards to interest rates compare to other financing institutions. When you have your loan at the banks, you are secured surely but in other financing institution or other lenders, you might get higher interest rates.

Before taking any loan, one must know the bank’s loan rates. If you try to purchase a house for the first or attempt to have a car finance by the bank though loans then you need to study and think it over. Don’t be excited to jump on the loan, be sure you have some knowledge or idea regarding their interest rates and terms.

 


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Bank Loan Rates - Interest Rates For Different Types of Loans
Bank Loan Rates - Interest Rates For Different Types of Loans
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Essential Facts About VA Home Loan Mortgage Rates

March 20, 2014 Posted by admin

images (11)The VA Home Loan Guarantee Program was created to give affordable VA home loan finance rates to veterans and active military personal in order for them to keep their house or buy a new one. Interestingly, while the program is aimed at providing much-needed financial relief for soldiers and veterans, the Department of Veterans Affairs has registered in 2011 a decline of 28% in the number of foreclosures despite an increase of 14% in the number of guaranteed loans. This means that the 1.5 million active borrowers believe that the program is not a government dole-out.

What are the kinds of VA mortgage loans?

There are several types of VA home loan packages. For example, there is refinancing which would drastically lower the monthly amortization of your home. If you want to purchase a new house, you can apply for a home loan which can goes since 30 years at fixed interest rates. The VA streamline loan, meanwhile, is geared toward cutting your interest although you can’t get cash with your property as collateral. There are other packages as well with various VA credit rates. Contact lenders for more information.

Are you eligible to avail of VA home loan mortgage rates?

You may need to secure a Certificate of Eligibility from the Department of Veterans Affairs by completing the VA Form 26-1880 along with a proof of your service to the military. Basically, the rules are if you are on active duty for 181 days during peacetime or 90 days during wartime; served six years in the National Guard or Selected Reserves; and you are the wife or husband of a soldier killed in action, provided that the spouse has not remarried yet. Even the military personal who received a “dishonorable discharge” may also avail of a VA loan mortgage rate but it requires a lot more paperwork.

What if you want to transfer?

Just because you took out a VA loan mortgage rate loan doesn’t mean you have to live there forever. If you decide to transfer, you offer your house for presume with the new owner taking on your obligations provided the government approves the deal. For an easier process, offer your house to another veteran or soldier just so your ability to apply for another VA loan mortgage rate will not be compromised.


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Essential Facts About VA Home Loan Mortgage Rates
Essential Facts About VA Home Loan Mortgage Rates
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Lower Mortgage Rates With the VA Home Loan Plan

March 20, 2014 Posted by admin

images (10)The US Department of Veterans Affairs has a dedicated Loan Guaranty Service that helps enable veterans to keep and purchase their homes at competitive rates and plans. Today, some consider VA mortgage rates to be at their lowest in years and the VA’s other programs can help veterans take advantage of the current trends and lower their interest rate and total payments.

The Home Loan Program

The Department of Veterans Affairs helps veterans by guaranteeing their home loans through the home loan program which in effect means that the government backs-up the loan and if the borrowing veteran is suddenly unable to continue making payments for the loan, the lender can goes the VA and make a claim to cover losses due to non-payment of the loan. The program creates a more attractive situation for lenders and with that comes lower VA mortgage interest rates. A VA backed mortgage is often more affordable for a veteran to maintain. The home loan program has strict requirements on eligibility but generally speaking, most of the requirements are about time served, and other than dishonorable discharge. Other people may be eligible and checking with the local VA office or qualified VA lenders are often the best way to determine if one is eligible.

The IRRRL or Streamline Refinance

The Interest Rate Reduction Refinancing Loan or IRRRL is often called the VA streamline loan that is available to veterans to lower their current interest rates for VA guaranteed loans. The IRRRL like other refinancing options can be used to pay off a high interest loan and replacing it with a low-interest one leading to a smaller total payment for the borrower. Another reason to get a refinancing loan is to adjust the payment schedule to a more advantageous or convenient duration for the borrower.

In these cases it is best to consult experts in VA mortgage interest rates as well as the local VA offices to ensure a proper and accurate understanding of the processes and fees involved in taking advantage of the low rate situation.

Current VA Loan Rates

The current VA home mortgage loan rates are at a historically low point and can be advantageous for veterans to take advantage of. Current fixed VA loan rate for 30 year fixed rate mortgages are at 3.25% and 15 year at 3%. Hybrid ARM rates are not at 2.75% or 3.3% APR. These interest rates are at some of the lowest points they have been and veterans can take advantage of them by locking in at an interest rate by taking out a VA loan or starting a refinance of an existing home now.

 


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Lower Mortgage Rates With the VA Home Loan Plan
Lower Mortgage Rates With the VA Home Loan Plan
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