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How to Find the Best Interest Rates for VA Loans

a military family celebrates the new home they bought with a VA loan

For veterans and active-duty service members, achieving the dream of homeownership is often a top priority. Fortunately, VA home loans* offer a path to make this dream a reality. When it comes to banks offering VA home loans and great rates, Academy Bank really shines. We are dedicated to providing top-notch service to military personnel and their families.

What is a VA Home Loan?

Before delving into the specifics of our offerings, it’s crucial to understand the basics of VA home loans. These loans are backed by the Department of Veterans Affairs and are designed to help active-duty service members, veterans, and eligible surviving spouses to purchase, build, or refinance a home.

How do I get the best interest rates for VA home loans?

Obtaining the best VA home loan rates demands careful preparation, thorough research, and a clear understanding of the factors influencing interest rates. While there are many elements that can determine a home loan rate, you can take some helpful steps to increase your chances of scoring favorable rates.

1. Understand VA loan types

One benefit of VA loans is having several types of loan options to choose from. It’s important to know exactly what you want to do with a loan before applying. VA home loans are available for purchasing a house, refinancing, and even home improvements, as long as you meet the service requirements and have your certificate of eligibility (COE).

2. Evaluate your credit

Most lenders in the VA home loan program will look at your debt-to-income ratio (DTI). This usually includes mortgages, student loans, credit card debt, and car loans pulled from your credit report. While your credit score is not the only factor in determining your rate, it certainly helps if you are in good credit standing.

Have less than stellar credit? No problem! We have many ways for our clients to build their credit score and manage their DTI. From budget calculators to our Credit Builder Secured Visa® Credit Card,** we’re committed to assisting you in aligning your spending with your goals.

3. Decide whether to make a down payment

One of the great perks to buying a house with a VA home loan is they do not require a down payment. With that being said, sometimes there are circumstances in which a down payment might be worthwhile. Putting a down payment on a house may help lower your interest rate and save money for the remainder of the loan and also give you lower monthly payments.

4. Have questions? Contact a Loan Officer

At Academy Bank, we take pride in having highly trained and passionate Loan Officers whose customer service extends beyond the loan approval process. Our team provides comprehensive support to borrowers and will address any questions or concerns that may arise before, during, and after closing.

How do I get started on a VA home loan?

Applying for a VA home loan may seem complex, but by following our tips, you can navigate the process smoothly and efficiently. Remember to stay organized, know what you want, and if you feel lost, ask your Academy Bank Loan Officer for assistance. Take control of your financial future today and unlock the doors to homeownership with a VA home loan. Your journey to homeownership starts here!

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*Subject to credit approval. VA funding fee may apply. VA loan qualification guidelines apply. Borrowers pay third party fees that include the appraisal fee, title fees, insurance, etc.  Additional restrictions and fees may apply.  VA loans are offered exclusively to qualified military service members.

**Subject to credit approval.  Transaction and Penalty fees apply.  Credit Builder Savings account required.  $5.00 quarterly fee charged to the Credit Builder Savings account if not enrolled in eStatements. Improved credit score is not guaranteed. Credit score is determined by credit reporting agencies based on multiple factors, but satisfactory performance on a credit card product can improve your credit score. Default on a credit card, including missed or late payments can damage your credit score. Once added, funds cannot be withdrawn from the Credit Builder Savings account and the Credit Builder Credit card without closing the Savings account and the Credit card.