Recent VA Loan Rates (Plus Spouse Income)

[binyamin1]

1. When did you close (or lock your rate) on it?
2. What rate did you receive?
3. Term (15, 30)?
4. Did you buy mortgage points?
5. Lender?

Want to make sure we’re getting a fair deal (not really sure how accurate those bank rate.com things are). Also, the 6.5% thing is startling. But looking at the 30 year rates, it’s about average. Wonder how many years it’ll be before it gets back to 3-4%…

Spouse Income My spouse isn’t a U.S. citizen and doesn’t have a SSN or ITIN. So we can’t put her on the mortgage. When it comes to D:I ratio, how can we include her income and/or savings (since she buys our groceries, clothes, etc. but through her bank account)? Should we be transferring money from her German bank account to my U.S. account? Or depositing cash into my account?

 

[resjudicata]

@binyamin1

1. Late May
2. 5.1% (nearly double what we'd have gotten if our PCS was 5 months prior...)
3. 30
4. No
5. A local mortgage lender

 

[commander]

@binyamin1 1.) Feb, 2022 (not too recent)
2.) 2.625%
3.) 30 year(first time loan and had funding fee)
4.) bought $1000 of points
5.) used a local lender to the area we bought at. We bought virtually through zoom (with local family)from Texas.

I highly recommend that you look at OwnUp. We used them to shop multiple lenders and got a better deal than the local one we wanted to use. I then used the better deal I got from them to get the local lender to match the better deal. OwnUp had great customer service too. Just make sure when you apply to lenders that you do all of them within a couple of days of each other.

Not sure on the foreign spouse thing. The lenders definitely didn’t look to closely at my wife’s stuff compared to mine.

 

[binyamin1]

@commander Wow, what a rate! Crazy how only 7 months difference is increasing the payment (interest) $800/month on average homes where we are getting stationed at.

My agent did recommend someone at OwnUp. Perhaps I should apply through them (in addition to another broker).

 

[commander]

@binyamin1 We’re very grateful that it played out to get that rate. Supply of houses where I would want to live in was definitely lower back then though. We definitely overpaid on the house but getting someone to take a VA loan over cash offers in February was a struggle

 

[favord]

@binyamin1 Feb 2021.

$500k mortgage.

2.25% VA, 30 yr.

 

[binyamin1]

@favord Amazing!