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Can I get an opinion? VA loan mortage questions and rates.

SorrowNightshade 23 10 September 28, 2016 at 05:13 PM

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Last Edited by SorrowNightshade September 28, 2016 at 06:24 PM
I just started buying a house, I close october 14th, the rates below are what I have the options to do. 3.25 at 0 points or 3.125 with points. Which would you do? Are these rates good or bad in todays market for va loans?

USAA - my rat
3.250% 0.000 3.318%
or pay points and get this rate from usaa
3.125% 1.750 3.535%

Should I pay the points to go from 3.25 to 3.125?
Just questioning whether I should buy points to get 3.125 or stay at 3.25 and use the $ saved from points towards payments.

Question, some places offer 3.000% 0.625 3.369%, if I have 3.25 interest @ 3.318 apr, and then theres 3.0 with 3.369 apr, which loan is actually better? the apr is higher on the 3.0 loan.



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I would do the math
what are total closing cost at penfed

The rate is just blowing smoke up your ass. APR is what your paying

150k house 20% down
134.4 year x30=4032.00 difference
to buy down to the lower rate will cost you about 1/2 of the 4032

I'm not losing sleep over 2k
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bulb save money by checking your insurance every 2 years (and not every 20)
I have 0 down, but I will be paying 500-1000 extra every month of my payments. So I wont be paying the 30 years interest eitherway.

So my 3.25 with 3.318apr is actually cheaper than 3.0 with 3.369 and 3.125 with 3.535 since both have higher apr's than my current?

I am not sure on penfeds, all i have is that info. but if the above is true, i am not concerned with it. USAA loan origination fee is 790 dollars. My closing cost total for my loan are 6k. and they are giving me 300 back as a credit according to my preliminary estimate for closing cost.

Thanks for the post. It made me not so angry I couldnt get the 3.0 from penfed, and from the looks of the apr, it may of cost more anyway. but i do like the appeal of 3.0 numbers being less than 3.25 and 3.125. If it cost me 2k anyway, its just not worth the savings.
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Last edited by SorrowNightshade September 28, 2016 at 06:42 PM.

Edit... If this is accurate, 152,000 in both, and 3.0 and 3.25 in other 30 year difference is 7k.

That isn't worth me getting angry over. 3700 for 3.125 vs 3.25
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Quote from SorrowNightshade View Post :

Edit... If this is accurate, 152,000 in both, and 3.0 and 3.25 in other 30 year difference is 7k.

That isn't worth me getting angry over. 3700 for 3.125 vs 3.25
if you plan to repay it faster, the difference shrinks too. you also aren't borrowing 300k-400k where .1% makes a huge difference over 30 years.

having played with the calculators myself when i bought and thought about refinancing. this is what i would consider, closing costs vs savings and does your loan have any weird terms. i had a loan through a state economic program and it had some weird terms to be aware of.

make sure you are getting something you can afford and have a reserve to pay the mortgage if you end up unemployed. also budget for improvements/replacing/maintenance, little things pop up and big things you should be aware of.
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so i spent time making a signature. only to realize that you couldn't put an image in the signature. please enjoy the link to my signature, assuming it works.
If you are not already aware there is a fee for VA loans It's called a VA funding fee, which I think is 2.15%, however some people are exempt from that fee. If you are not, then keep that in mind towards your total closing cost since that's over $3k for your loan.

Also personally I would shop around more. There are many online based lenders that can easily handle VA loans outside of USAA and Penfed.
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