I’m considering a 30-year VA loan with a credit score of 800. The loan amount is $660k, and the property is located in South Jersey. I was offered a rate of 5.75% with no fees and a $1650 credit. Should I lock in this rate or do you think there’s a chance I might find a better offer? I’d appreciate any advice or recommendations. Thanks!
In my opinion, that’s probably the best rate you’re going to find in the current market.
I think you should go for it. I recently completed a VA cash-out refinance myself and got a rate of 6.5%.
I just locked in a VA loan at the same rate. I recommend doing it.
It’s a good rate. Go ahead and lock it in. You always have the option to refinance later if rates drop.
That is an excellent rate, especially with no points and being below the Average Prime Offer Rate. The VA also offers the Interest Rate Reduction Refinance Loan later on, which could allow you to reduce the rate further without a credit check or income verification, just a history of on-time payments.
Absolutely, go ahead and lock in that rate. You’ll sleep better knowing it’s secured.
That’s a competitive rate, especially with the lender credit included. Which lender offered you this rate?
Addison said:
That’s a competitive rate, especially with the lender credit included. Which lender offered you this rate?
The rate was offered by First Federal Bank.
Addison said:
That’s a competitive rate, especially with the lender credit included. Which lender offered you this rate?
The rate was offered by First Federal Bank.
Definitely lock that rate in.
Addison said:
That’s a competitive rate, especially with the lender credit included. Which lender offered you this rate?
The rate was offered by First Federal Bank.
First Federal is currently offering the best rates for VA loans. I closed my loan with them recently at a rate of 5.25%.
Addison said:
That’s a competitive rate, especially with the lender credit included. Which lender offered you this rate?
Waiting to see what lender it is.
Addison said:
That’s a competitive rate, especially with the lender credit included. Which lender offered you this rate?
Waiting to see what lender it is.
It’s First Federal Bank.
How long is the rate lock period and is it sufficient to cover you until closing?
That rate is pretty competitive. Go ahead and lock it in but keep shopping around. You might find slightly better offers but nothing substantially lower. Stick with this if you trust your loan officer.
That’s a very attractive rate considering current market forecasts. If you’re planning to close within the next 30 to 60 days, I’d advise locking it in.