Closing times from complete contract to closing are currently taking about 3 weeks to complete as of June 2015.
VA mortgage interest rates for this first week of June 2015 are starting out pretty low, near the lowest level all year. VA 30 yr fixed mortgage interest rate for June 2015 are ranging around 3.625% with NO origination or discount points. Of course the exact interest rate a borrower receives is dependent on their credit score at the time of loan application. Generally credit scores above 720 receive the lowest available interest rates. Additionally, most borrowers will have the option to “buy down” their mortgage interest rate lower by paying origination points (basically an added fee) if they choose. Depending on how long a new buyer plans to live in a home will determine if paying loan points makes good financial sense. Any experienced loan officer can break down the numbers to see if re-coop time makes sense. Generally a 1% discount point will mean 0.25% lower interest rate. Example: Let’s say the current base VA interest rate is 3.5% – and you want a $150,000 home. The buyer decides to pay 1 point to buy down your interest rate – so in turn you pay $1,500 extra fee added to your closing costs to receive a interest rate buy down to 3.25%.
Florida home owners that already have a VA mortgage can still refi thanks to the VA IRRRL. The VA IRRRL refinance program designed for existing Florida home owners that may have difficulty refinancing due to being underwater or “upside down” on their loan. The VA IRRRL refinance program does not require a new home inspection, appraisal or any equity. Very little hassle for those that already have a VA mortgage in good standing. Read all the VA Pilot Refinance Q&A here and learn how a lower interest rate can benefit you.
Questions about rates or applying for a new VA loan? Please call us at ph: 800-743-7556 or just submit the quick Info Request Form here and a VA loan specialist will contact you 7 days a week.
June 2015 VA Loan Interest Rates , 6/2015 VA loan rates