The Wells Fargo FHA streamline refinance resource I created has been quite popular over the last few weeks so I thought it would be useful to offer an alternative to an FHA home loan. ?Veterans and current members of the military can take advantage of VA home loans. ?Some would be smart to look for Wells Fargo VA mortgage rates in 2013 as average 15 and 30 year fixed mortgage rates have been very close to an all time low. ?Some may find that mortgage interest rates for a 30 year fixed home loan are below 3.5% in their area. ?Make a note that credit score and financial history determines the mortgage rate applied to a home loan.
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VA Home Loan Options for Veterans
Before going into any type of mortgage home loan decision it is important to recognize there are several different types of home loans. ?If you are a veteran it would be advisable to look at the VA home loan options offered by any bank or financial institution. ?You will be able to avoid PMI and you could get financing for the entire home without having to spend money on a down payment. ?These are just a few of the many reasons individuals should consider a VA home loan in 2013 and beyond.
There are currently over 7000 financial institutions insured by the FDIC and many of these companies offer VA home loan products. ?While banks offer VA home loans they will also offer FHA and conventional home loans as well. ?Feel free to contact Wells Fargo or any bank to see what type of mortgage would be best for a specific financial situation. ?It might be smart to sit down with a mortgage calculator to determine how much money will be saved with mortgage payments if you take out a VA home loan vs an FHA home loan.
Luckily, there are a number of great resources online that will help individuals find information on VA and FHA home loans. ?Wells Fargo is one of the largest financial institutions in the country and they have a great page explaining all the options. ?Below is the resource that they currently have available as of March 2013:
FHA loan
Features
| VA loan
Features
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Benefits
| Benefits
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Considerations
| Considerations
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Take all of this information into consideration when looking to make a home purchase or to refinance at low costs. If looking for a cash out refinance opportunity I would strongly suggest educating yourself on this subject before making a final decision. You do not want to put yourself in a very bad financial position because you made a choice that was not so wise.
Mortgage Interest Rates Near All Time Lows
Over the last few months it has been the case that mortgage interest rates have dropped to all time low levels. ?These levels mean some borrowers have the change to get a 30 year fixed mortgage at an interest rate that is under 3.5%. ?It is important to note that not all borrowers will get rates this low but those who have made good financial decisions in the recent past will be able to save a huge amount of money when comparing interest rates of today to five years ago.
Looking at the long term chart of the 10 year treasury rate yield it is quite obvious that interest rates are at some of the most attractive levels in the history of the United States housing market. ?Rather than letting this opportunity pass you by I would strongly suggest contacting banks and financial institutions to see if there is any opportunity to save money moving forward. ?If you have a credit score that is above 750 and a debt to income ratio that is under 40% you should have no problems locking in to some of the lowest mortgage rates available right now.
Acknowledge that different areas and states of the country have different interest rates. ?The only way to get a 100% accurate rate quote is to submit an application to a lender today. ?Although this takes a little bit of time and effort it will likely be worth it in the long run. ?Remember to fill out the information as accurately as possible as this will speed up the process if you decide to get a mortgage with a specific bank or financial institution. ?If you have anything that is not 100% accurate on a mortgage application you will cause yourself many problems down the road.
Refinance Options to Save Money Today
Most people who go through the refinance process want to save money today. ?Unfortunately, you cannot submit a mortgage refinance application on a Tuesday and expect to start saving money on a Wednesday. ?This is just not how it works. ?It will take time to process the paperwork and you will have to wait for the next months payment to see the reduced interest rate and, hopefully, reduce monthly mortgage payment. ?As I have stated many times on mortgage home loan related resources, I would strong suggest using a mortgage calculator to make certain the most savings available is completed with a refinance.
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It never hurts to throw in some hypothetical numbers just to see how much a mortgage payment will be each and every month. ?By doing this, most homeowners will be able to much better understand if it is worth it to complete the refinance process today. ?The general rule of thumb is that homeowners should save at least one full percentage point if they hope to benefit from refinancing in March of 2013 and beyond. ?If one full percentage point cannot be saved I would suggest looking for ways to save money elsewhere. ?Cutting back on eating out or clipping coupons is not a bad idea to save money until interest rates drop even more.
I would also suggest doing everything possible to avoid those high interest rate credit cards or unsecured personal loans. ?Unfortunately, many people see a low introductory rate on a credit card or personal loan and they do not recognize they could be digging themselves a hole if they do not pay off the loan by the time the introductory rate ends. ?This new interest rate can sometimes skyrocket to 20% or more if you have a low or poor credit score. ?If your credit score is questionable at all I would consider coming up with ways to pay cash for most of your items until you can get these high interest rate debts paid off.
Wells Fargo Down Payment Loan Options
When buying a new home many first time home buyers ask how much they should apply as their down payment. ?Unfortunately, there is no tried and true answer. ?Some will say 20% while others will say 10%. ?In all reality, you will want to put down enough to avoid PMI. ?That said, VA home loans allow borrowers to avoid PMI so they don?t have to put down as much. ?It is always a good idea to look at your current financial situation before making any big decisions when it comes to money down. ?This is also very true with a vehicle or car purchase. ?Unfortunately, some people want to put 30% or 40% down and they stretch themselves thin when it comes to other financial areas of concern.
There are a few financial products offered by Wells Fargo and any bank that can help those looking to put a down payment on a home. ?Bad credit unsecured personal loans are not a good choice for this as they often have very high interest rates. ?It may be smart to consider other types of low interest rate loans if it will help save money in other areas of your life. ?Crunch the numbers before making a major financial decision when it comes to a Wells Fargo VA Home Loan.
Source: http://www.wojdylofinance.com/wells-fargo-va-mortgage-rates-2013/
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