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Is 4.35% high for a VA loan in CA? My credit scores are 640-650.

by henry_635 from San Diego, California. Jan 25th 2016 Reply


Steve Patton (steve.patton)
#688 ranked lender in California - 11 contributions

Good afternoon Henry,Yes, 4.35% is a little high in todays market. With your credit scores and depending on the loan amount, you should be able to refinance at approximately 3.50% with no points/fees. Please feel free to contact me if you would like to take advantage of this rate. All the best.Steve PattonSav-More Financial(949) 734-7307steve.patton@sav-more.com

Jan 25th 2016
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Edgar Aranda (earanda)
#725 ranked lender in California - 91 contributions

Yes that is high. Please call us directly at 619.873.4800 so we can provide you a quote.

Jan 25th 2016
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Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

I agree...it appears high for a VA. There is some difference per credit scores as they are bracketed for various rates from lowest to highest credit. However, it is not nearly as pronounced as on a conventional loan so I would expect you would have an excellent chance at a higher rate. I would certainly be happy to provide quotes. I have been doing VA, FHA and other government insured loans for many years.

Jan 25th 2016
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Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

I did say an excellent chance at a lower rate? :) Well, I rushed that answer out buthaving a lower rate was the emphasis! Down into the 3s certainly realistic.

Jan 25th 2016
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Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

In fairness to a quote you might have received please note sometimes the APR can be confused with the actual rate you get. The monthly payment is calculated based on the rate but APR is a government required program to match a hypothetical rate with all the costs involved in doing the loan. The idea was so the actual cost for the actual rate one company gives you can be compared with the same actual rate and cost of another company! That is essentially what APR is. The upfront fee...typically 2.25% on a VA loan will increase the APR substantially along with all other costs involved in the loan. Thus, you can get a much higher APR with VA and FHA loans then typical conventional loans. HOWEVER, THE ACTUAL RATE SHOULD BE CLEARLY DISPLAYED AND THE GOOD FAITH ESTIMATE SHOULD SHOW ALL COSTS INVOLVED IN THE LOAN.

Jan 25th 2016
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Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 662 contributions

Way too high for a VA loan. However, if your lender is covering some closing costs, maybe not. You did not mention whether this is for a purchase or a refinance.

Jan 25th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

Yes.. it's ridiculously high, but to say for sure, we would need to look at your complete loan profile.. for example, if your lender is paying all your closing costs, then for him to do that, he would need to raise the rate a bit.. outside of that, your rate should be in the mid 3's.. 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 NMLS# 226347

Jan 26th 2016
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Kay Cleland (kay@kcmortgagecolorado.com)
#32 ranked lender in Colorado - 215 contributions

Great day to you.You do have the ability to shop for a mortgage company/mortgage professional, and your rate and costs with other mortgage professionals. You can go to www.namb.org and put your state in the drop down menu and view mortgage professionals in your area.Thank you.

Jan 26th 2016
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Blake Kleckner (BlakeK)
#360 ranked lender in California - 250 contributions

With your FICO score, the loan amount, how much of the closing costs you are in a position to pay, your ability to meet all of the loan qualifications, and the loan-to-value ratio of the home you own and want to refinance, or the home you're looking to purchase, it is possible for me to structure a 30-year, fixed rate, VA loan for you at an interest rate as low as 3.25% today. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. If you get a chance, read some of my blogposts on Lender411. They are quite informative. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. I started doing mortgage loans in CA in 2006, and only do them there so I have an exceptional understanding of this extraordinary market. Representing more than 50 quality lenders that offer in excess of 1,000 loan programs, we definitely have something for everybody.

Jan 26th 2016
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