This month we have seen va rates rise to 5.5% again. When rates rise many homeowners think they can’t refinance their high interest rate loans and buyers decide to wait for better rates. The fact is, even at 5.5% this is a great rate. However, if your wanting to refinance, your current rate should be 6.5% or higher to  benefit from a refinance. If you’re buying a home, and you already found the one you want to buy, 5.5% is still a great rate to lock in. If you’re not ready to refinance or buy, then there is plenty for rates to drop, but you need to be ready.

Apply now, and wait. Now is the time to get all of your documents submitted to your loan officer, so that you can be approved for a loan. Then, we can hold your file until rates improve. When rates drop, we can be ready to lock in a low va rate and get your loan completed quickly.

You can keep your loan on file with us for 90 days or more. There will be just a few things in your file that will need to be updated when its time to lock in your rate, such as updating your most recent paystub and bank statements.

So if rates are higher than you wanted now, apply anyway so you’re ready when the rates drop again.

This entry was posted on Thursday, June 11th, 2009 at 10:29 am and is filed under Main. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.