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Are mortgage rates diffrent depending on whos lending?

Will mortgage interest be different for VA from one bank to the next by andyw3762885 from Hemet, California. Jan 2nd 2015 Reply


Dr. Shab Kavandi (skavandi)
#437 ranked lender in California - 52 contributions

Yes they are banks who are specialized in VA loans and are direct lender who can provide the lowest rate in the market like our company (American Select Funding). If you wish you can contact me directly IT DOES NOT obligate you to anything I can give you our VA rates as of today and you can compare it with whomever you wish so! I am 100% sure you will be amazed about our low VA rates :) ~~~My direct number is 714 747 0920~~Happy New Year ~~~~

Jan 2nd 2015
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Larry Gray (lgray_312_247)
#563 ranked lender in California - 1,127 contributions

Generally most banks and lenders sell conforming to "high balance" VA insured loansto fannie mae or freddie mac...though some will remain as the servicing rep. for your loan. Interest rate and price are set by the lenders and so can vary. Most will be very close to each other though you might be able to get typically up to two eighths better in rate for the same cost (or no cost) from the lowest priced lender vs. one of the higher priced. Advertising often is inaccurate because it does not necessarily keep up with changing rates and it likely is not based on the average qualifying borrower.

Jan 2nd 2015
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

Shop around. You can get a lower rate by paying a little more in discount points at closing.

Jan 2nd 2015
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Korene Clopine-Seaman (korene)
#69 ranked lender in Arizona - 83 contributions

Yes because different banks have different price points. Just as the cost of cars and trucks vary from one deal to another so do loans. Call me or email me and I would be happy to show what an experience and professional lender can do for you with reasonable cost and low fees.Korene Clopine-Seaman, NMLS # 218520, CA DBO 218520, 623-340-0934 korene@klcsloanteam.com

Jan 2nd 2015
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Dana Anghel (dana@utloanofficer.com)
#88 ranked lender in Utah - 50 contributions

Actually, mortgage interest rates are fairly similar from one lender to another because they are dictated by the secondary market (Fannie Mae and Freddie Mac who purchase the loans from these lenders, freeing up capital so that they can keep lending). What really makes a difference is how much the mortgage company is charging - some will charge more than others. I have worked for a direct lender, as well as for a broker - to my surprise, I could offer slightly lower interests to my borrowers when working for a broker (I also had the option to shop the different lenders, so that I could get the best rate or a needed exception). Get at least 3 different quotes and ask lots of questions.

Jan 2nd 2015
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Chris Neuswanger (mtnmortgageguy)
#94 ranked lender in Colorado - 84 contributions

Check around. Interest rates on a VA loan can be impacted by loan amount and credit score and LTV, as well as different lenders and brokers have different percentages they try to have as a profit margin. A HUGE factor on a VA loan is if the rate you are paying covers your VA funding fee, or if it will be added to the loan amount. If you go for a little higher rate the lender may be able to credit you funds to cover the VA fee without increasing your loan amount. Sometimes this is cheaper, and sometimes it isn't. The test is to calculate how much more the higher rate will cost you per month vs. adding the VA funding fee onto the loan balance and having to eventually pay it back via paying down or paying off your loan. Divide the increased mo payment in the amount of the VA funding fee and you will know how many months it will take to recoup the difference. I have seen it as long as ten years, meaning if the Vet pays off the loan in say 5-years he comes out ahead by paying a little more each month via a higher rate but not having to pay off the VA fee as part of his loan payoff.

Jan 4th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

Yes interest rates can change from lender to lender since each lender has their own price point, however they should be very close to each other with 0.25% difference in rate. VA rates are some of the best available and you are looking at an excellent loan option. Best wishes, Sean

Jan 4th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

The short answer is yes.. rates and fees can vary.. Banks will typically be higher than a mortgage broker.. Brokers have a vast network of lenders they deal with.. ( we have 21 different lenders), each one offering different rates and fees.. Brokers have lower overhead and don't advertise like the big banks, so they can offer better deals, lower rates and fees.. to know exactly what to expect.. you should contact several lenders the same day, and ask them to put together an "Initial Fee's Worksheet" outlining your loan scenario. This should be done the same day because interest rates will fluctuate from day to day, so it's the best way to do a side by side comparison. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 5th 2015
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#135 ranked lender in Florida - 644 contributions

Yes, and typically banks have higher rates due to there huge overhead, we as mortgage brokers deal with the wholesale or sell direct and can shop dozens of wholesale lenders in minutes, which allows you to secure the best rate for your situation ..Give me a shout or send me an email and we will go from there..Ralph Guertin 954-274-7725 or Ralphg@bayburg.com

Jan 5th 2015
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