What are VA Loan Rates in AZ?
The VA Loan has some of the most competitive interest rates (if not the most) on the market today. What makes a VA Loan great is that a Veteran may be able to purchase a home anywhere in Maricopa County up to $417,000 with no down payment.
Having said that, one of the most common questions that I get from Veterans that inquire about VA Rates is as follows… “Does the VA determine the interest rate or does it vary from lender to lender ?” Simple answer: VA does not determine the Interest Rate on a VA Loan.
The truth is that different lenders will have varying interest rates on their VA Home Loans. This also rings true when Veterans are looking to get a quote for VA Loan Rates in AZ.
So how does a Veteran get a rate quote on a VA Loan? It’s simple, you must apply for a VA Loan, and allow the lender to review your credit score which in-turn will allow the lender to give you a rate quote.
Many lenders can give you a hypothetical interest rate quote, however until they have reviewed your loan scenario in it’s entirety that rate quote could possibly be inaccurate causing the Veteran to incorrectly budget for his upcoming home purchase (which we all know is never a good thing).
By now you might be asking the following question… “So what determines my VA Loan Interest Rate then?”
Honestly, it’s quite simple and really applies to all loan types and not just VA Loans. The single greatest impact that you can have on your VA Loan Interest Rate is having a strong credit score. Think of it this way…The better your credit score, the better your VA Loan Rate will be.