VA Loans Blog

Ch-Ch-Ch-Changes

April 30th, 2017 6:24 PM by Joan Rusco

Benjamin Franklin said “…in the world nothing can be said to be certain except death and taxes” but we should add one thing to that short list, change. In the VA mortgage world change is a constant. Industry insiders are saying the Trump administration is going to make changes to the regulations we now follow. Meanwhile some government agencies are making their own changes. We’re hearing the mortgage application will be extended from about 4 pages to 9 in coming months. There’s one change that is occurring that we like a lot. Rates have actually dropped this year.  How can that be when we just heard the FED has raised rates and is likely to do so again, maybe several times, this year?

At VALoansMN we keep a very close eye on mortgage rates and what they might mean to you. If you are a Minnesota Veteran, or Veteran from the Dakotas or Iowa we have very good news: after the FED raised the federal funds rate mortgage rates dropped. Huh? Yes, they went down a bit for a while. Lenders liked that the FED is acting to keep inflation at bay meaning long term rates need not go up, at least for the time being.  We can do a MN VA loan at under 4% again as of this writing. There are a lot of variables in getting that rate but we’ll do our best to see if we can get you in there. Just call Brad at 612.240.9922 and let him work his magic.

Let’s go back a bit and revisit a topic that we’ve discussed before here at VALoansMN, historic low rates. If you’ve come of home-buying age in recent years this is especially for you. VA loan rates in Minnesota are rarely ever this low.  The average mortgage rate going back in history is about 7½%. Yes, we are over 3 percentage points below the average. If you take out the last 5 years of these low rates the average is about 9½%.  Get the picture?  If you are even thinking about buying or refinancing your mortgage (especially if your loan is over 5 years old) you need to call us now!  We’re not trying to sell you anything, we’re trying to save you money!

Look, there’s a lot of lenders out there promising extremely low rates that seem almost too good to be true, because they are. Many of those online lenders are masters of bait and switch. That is a topic for another day. For now, let us at VALoansMN help you figure out where you need to be with a VA loan. It’s what we do, every day, all day. We are here to serve. 

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