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Tips for How to Get the Best VA Mortgage Rates in Pueblo

Tips for How to Get the Best VA Mortgage Rates in Pueblo

For qualified veterans and active-duty military members, buying a house with a VA loan is one of the best ways to get out of the rental game. Though these loans typically offer better terms than most conventional mortgages, the exact terms you’re given will be based on the lender’s qualifications and requirements. This may sound like an inconvenience, but it can work in your favor. Here are a few key tips to help you get the best VA mortgage rates in Pueblo as soon as you start applying for financing.

Get to Know Your Credit Score

One of the biggest benefits of VA loans is that people with low credit scores can typically qualify for them. However, it’s up to the lender to decide what rates they want to give you based on that credit score. The best thing you can do to is find out where your score stands. If it’s on the low side (below 650), try to increase it. Pay down existing debts, avoid taking out new lines of credit, and pay your bills on time. This will increase your score and will make you more attractive to lenders.

Shop Around

Before you accept a loan, you need to make sure you’re getting the best VA mortgage rates in Pueblo. Try to get quotes from at least three VA mortgage lenders and compare the rates and terms they offer you. You’ll want to go into detail here and look at the interest, closing costs, additional fees, and the APR. Choose the lender that offers you the best overall loan package that fits with your needs and your budget.

Think About Making a Down Payment

When you buy a house with a VA loan, you’re able to finance the full purchase price of the house without having to worry about any penalties or additional fees. The more money you borrow, the higher your monthly payments will be and the more likely the lender is to charge you a higher mortgage rate. If you have the money on hand, consider making a down payment to reduce the total amount you have to borrow. It doesn’t have to be the standard 20 percent, but even a few thousand dollars can help lenders feel more confident in providing you with a loan.

Explore Your Options Now

If you’re looking for the best VA mortgage rates in Pueblo, don’t wait to speak with a lender. Contact our team or fill out our loan application online and get the ball rolling now.