American veterans and active duty members, as in the Army, Navy and Marines have been actively searching for affordable mortgages from various banks and mortgage institutions. The average 30 year fixed-rate in America is roughly 4.71%. This number can be dramatically less for a VA loan. A 30 year fixed-rate VA loan from USAA is 4.375%. This is a huge difference that can save thousands of dollars for American vets.
There are many different banks that offer mortgage options through VA loans. A VA loan, or veteran affairs loan, allows a military member or veteran to get a mortgage with a low down payment or no down payment, but is only available at the 30 year rate. VA loans are designed this way so military members can expect a stable rate throughout the duration of the policies life. Because of the instabilities in the economy, getting a mortgage at an adjustable rate can cause veterans to lose their homes, much like the housing crisis of 2009 and 2010.
Americans looking to get a VA loan for a mortgage can start by visiting banks that provide them such as USAA, Wells Fargo, and Bank of America. They can easily get mortgage rate quotes online within as little as 20 min. Comparing multiple mortgage rate quotes can help save military members hundreds of dollars on a home loan.