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I'm closing on a house next friday and wondered what is a good interest rate? I was locked in at 4.25 30 year va loan mortgage. According to the mortgage company my fico scores was in the 690's to 705.
Thanks
I think you got a good rate for a VA loan. I am also assuming that you are putting down zero, right?
Also, your rate is actually locked in so you know that is what you are going to get and it is a very good rate. Some of the extremely low interest advertised rates you see are just to get people to apply and then once they apply their rate ends up being higher or the closing costs are extremely high or both.
I would say you did an excellent job so far. Congrats!
Great rate! My rate is 4.375% Fixed for 30 years USDA/Fannie Mae.
When I got my VA loan two years ago it was at 3.75% so I think you got an excellent rate as the rates have ticked up. A great thing about VA is no PMI! That's a big savings. Congrats!
I just got locked on 6/30 at 4% fixed for 30 years. It is a conventional mortgage though. Credit score was 801 out of a possible 818. Must be some weird lender score.
Close it and levae it alone - in 4-5 years when rates are up everyone will wish they had your loan
Anything below 5% is a historically low rate - That rate with no PMI you are set
Brian
I'm currently on a 30-day lock at 4.25% FHA 30-year fixed. That rate is paying back enough to cover the mortgage broker's fee.
My scores are a little higher than yours (middle score 720s) but I thought VA loans didn't care about scores past a certain point. My rate is locked at 3.50% but I'm not sure if that is normal. Most places I applied for were 4.0 or 4.125 but citi gave me a great rate.
@unc0mm0n1 wrote:My scores are a little higher than yours (middle score 720s) but I thought VA loans didn't care about scores past a certain point. My rate is locked at 3.50% but I'm not sure if that is normal. Most places I applied for were 4.0 or 4.125 but citi gave me a great rate.
That sounds like a rate on a 15 yr mortgage. I have not seen a 3.5% rate on a 30 yr mortgage in more than a year. If yours is in fact a 30 yr mortgage and you are not buying down the rate, I am amazed.