As many veterans are well aware, LowVARates is dedicated to assisting in educating eligible veterans about their hard-earned VA loan benefits. One of the most common questions our approved VA loan officers were asked by eligible veterans is how do I know where interest rates are doing on a daily basis? Most loan officers will tell veterans that there is really no way to follow interest rates because they change so often. On the surface this statement is true, interest rates do change daily and sometimes numerous times a day. However, just because interest rates change on a daily basis does not mean that veterans are not able to follow the interest rates on VA loans.

There are basically three easy ways in which a veteran home owner or a potential veteran home owner can gauge and follow interest rates on a daily, weekly or monthly basis. The three ways in which a veteran can follow interest rates are: #1- the internet, #2 economic events in the media and #3 by contacting LowVARates.com

How can the Internet help veterans who would like to follow VA interest rates? There are all sorts of free websites online which assist homeowners and staying current on mortgage interest rates. Veterans can go to any search engine, for example Google, and type in mortgage rate chart or what are current interest rates for example and find lots of results that can help them.

Another way in which veterans can follow the trend of VA mortgage interest rates is to keep in on economic news. TV programs such as CNBC, Bloomberg or Fox business are a good indication of what’s going on in the business or financial world. The general rule of thumb is this, if the economy were overall market is doing well then generally speaking interest rates will be higher. During times of economic turmoil, slowdown or just plain bad economic data interest rates will be lower on VA mortgages. Many of the websites which will appear in your search results from the example above will also prove the point that interest rates on VA home loans move inversely to the overall health of the US economy. For example, in the late 90s during the tech boom in Internet boom, interest rates were somewhere between 8% and 8.5%. Once the Internet bubble popped and the stock market started to fall in late 1999 and early 2000, interest rates on VA mortgages began to drop significantly. As we are all well aware during the housing and economic collapse that took place in 2007 and 2008 interest rates hit historically low levels. There is no doubt that as the economy recovers and the housing market rebounds that interest rates will again start to increase. Veteran should keep their eye on the overall health of the market to get a relatively good idea of what VA interest rates will do.

The third probably most convenient method for veterans to keep an eye on interest rates would be to contact LowVARates.com. Since LowVARates is not a lender you will never see current interest rates posted on the website, however by contacting LowVARates you will be put in contact directly with one of our approved VA lenders. Our approved the lenders will be able to tell you specifically at any given point where interest rates are doing, where interest rates are heading and what you can do to lock-in and secure your low VA mortgage rate.

As veterans and active-duty military looking to use their VA home loan benefits become more educated about mortgage interest rates they too will become more capable of securing the best loan for their situation. It is our hope that veterans continue to learn how follow interest rates with ease.

Does the VA require a minimum credit score for the VA streamline refinance program?

No.

But that doesn’t mean that lenders don’t.

As you know, the VA doesn’t actually lend you the money to buy a home – they only insure your loan. The money that is your mortgage comes from approved FHA/VA lenders who work with the VA to insure your loan in the event that you should default.

So even though the VA doesn’t require a minimum credit score, over the last year, many lenders have started requiring a minimum credit score for all VA streamline refinances.

Each lender is different – some require a 620, some a 580, some a 640 – and to make it even more confusing, lenders will change their guideline requirements all the time.

So if you have spoken to a loan officer about the VA streamline program and he has told you that you don’t qualify because your credit score doesn’t meet the minimum, the good news is that if you ask another loan officer who works at another lender, you may get a different answer – and hence, qualify.

So be sure to shop around!

The Texas mortgage team has officially launched! We will work hard to bring you the latest Texas mortgage related information such as information about:

• Mortgage rates
• Lenders
• Loan officers
• FHA mortgage loans
• VA mortgage loans
• HomePath mortgages
• Reverse mortgages
• Government regulation
• Texas mortgage news

and much, much more.

Please contact us directly with any questions that you may have about mortgages and we will work hard to provide the right answers!