VA Mortgage Rates vs FHA Mortgage Rates
FHA and VA loan rates have been battling it out for decades now. As a soldier or veteran, you may be interested in VA loan rates more than FHA mortgage rates, as the former is designed specifically for military personnel.
Any Chicago mortgage company (if you were in the area) will tell you that VA loan rates are hot, as they have been lowered across the board. Thus, choosing a VA loan would be wise as the rates have been lowered to your advantage.
Low interest rates are being offered to our servicemen and women as a way of appreciating the service they give to the country. Unfortunately it is a benefit not enjoyed by civilians. However, VA loan rates being lower than FHA mortgage rates is not always constant, the balance shifts from time to time.
FHA mortgages started out in the 1930s when President Roosevelt formed the Federal Housing Authority that would allow people to acquire homes. It was a successful program that offered low interest rates and served to infuse life into the mortgage business.
The VA mortgages started a decade later, particularly in 1944 at the end of the second World War, as a way of thanking the returning servicemen for their sacrifices. The Department of Veteran Affairs thought of offering a program that makes loans affordable to active or retired soldiers and it was envisioned to help the servicemen afford their very own homes.
The VA loan rates and FHA mortgage rates more or less stayed the same except for certain times where one would be slightly higher than the other.
If you are a veteran, when checking with your Chicago mortgage company, and find that VA loan rates are better then take advantage of it right away. The chances of those rates rising higher than FHA mortgage rates soon are is a equally high possibility.
In other words, you can never tell when the rates are going to change again. So, if you want to refinance your loan or buy a new home, take advantage of the latest lowest rates.
To find the best VA mortgage rates, it would be wise to check with any lending institution, like a Chicago mortgage company, as they are the ones who set the rates. Try contacting Chicago loan officers or mortgage brokers, who would also be able to help as they are the ones who make it their business to know these things.
The important thing is for you to get the latest information regarding FHA mortgage rates and VA loan rates for you to decide which to choose.