Are you planning on applying for mortgage loan? Well, there are many kinds of mortgage to choose one from. One of them would be Veterans Affairs (VA) Loan. Each of them has different mortgage rates that change from time to time. Visit https://www.wellsfargo.com/mortgage/rates/ to stay up to date about Wells Fargo VA mortgage rates. But, just how does this loan differ than the others? To answer this question, you need us to explain you its major features. Let’s get down to it if you want to learn and understand more about it then.
The Financing for Veterans of the Military
Wells Fargo VA mortgage rates might change from time to time, but the kind of borrowers it is meant for won’t change for sure. As the name suggests, this mortgage loan we are talking about here is intended for the current or former member of US Military or National Guard. If you are either of them, you might be eligible for this loan. It is one backed by Department of Veterans Affairs after all. Currently, Wells Fargo VA mortgage rates for 30-year fixed are 4.500% for the interest rate and 4.812% for the APR of the purchase rates.
The Variety of Rate, Term and Cost of Loan
This loan is for veterans, but there are lots of features that can benefit them. Wells Fargo VA is actually available in variety of options, like the rate, term, and cost. When it comes to Wells Fargo VA mortgage rates for example, there are fixed rate and adjustable rate options. The term length for the fixed rate ranges from 15 to 30 years. As for the adjustable one, it would be from 5 to 7 years. So, you have more than one choice to choose to apply the loan or refinance for. There should be one that would be best for your financial condition.
The Absence of Monthly Mortgage Insurance
The variety of Wells Fargo VA mortgage rates is not the only thing that this loan features. You see, when you apply for mortgage, you will be asked whether or not you will need mortgage insurance to secure the loan. If you apply for it, you will have to make monthly payment for the insurance along with the loan itself. In this VA loan however, you are not required to have monthly mortgage insurance. Not all people need it after all. This is pretty nice feature besides the variety of Wells Fargo VA mortgage rates from the loan, isn’t it?
The Possibility for Refinance to the Same Loan
People have their own financial condition. Even when it seems smooth at the moment, financial hardship can hit anytime. This is where borrowers have the chance to refinance their loan. That way, you can get low Wells Fargo rates and expect low payment in the end. There should be times when Wells Fargo VA mortgage rates for the interest are low. So, grab the chance for sure. What’s more? VA homeowners can do VA to VA refinance. Give it a try when you need to reduce the payment then. It should help during financial hardship.