Hello, Me and my husband is looking to buy a home for a first time and we called 6-7 different bank to compare interest rate.
Everytime i mention about using VA loan, they say the interest rate is 5.625% IF we qualify. I told them our credit score is good(780+), no debt and my husband is 100% T&P but still. They wouldn't even do a soft credit pull unless I ask for it. For me it feels kinda awkward and feel like calling around banks are just waste of time at this point? Is this normal? What should I do?
Why all interest rate is same for VA loan? 5.625%
byu/Same_Locksmith3800 inRealEstate
Posted by Same_Locksmith3800
2 Comments
Saying every bank is a bit bold.
Penfed is currently offering 5.125 if you qualify
Though to be clear that’s with points. Just like basically everyone who posts a rate on their site
VA rates are below market so there’s probably a floor for what financial institutions can offer. Below x% probably doesn’t make money so no bank will go below x% but they will go to x%