3 Ways “Brexit” Is Helping Veteran Homeowners
Veterans Are Finding Lower Mortgage Rates
Brexit is having a profound effect on U.S. military homeowners — but the effect has been positive.
VA mortgage rates are hitting three-year lows, and could hit the lowest levels ever, now that Britain voted to exit the European Union (EU).
Veterans are discovering that a refinance now pencils out, when perhaps it didn’t just days ago.
Here are 3 ways Brexit could benefit you whether you are a homeowner, or want to become one.
Tip: Markets absorb news quickly, and rates can turn higher in a matter of hours. This opportunity might not last. >>Click here for today’s low rates>>
Brexit Benefit 1: Lower Veteran Mortgage Rates
No one expected 2016 to be the year of low rates, but that’s exactly how it’s turning out.
Rates were already near 3-year lows before Brexit happened. Now, VA mortgage rates are flirting with all-time lows achieved in 2012, when thirty-year fixed rates were in the low-3s.
Many top VA lenders are now quoting similar rates.
Adjustable rate mortgages are in the 2s, as are fifteen-year fixed rate loans.
Uncertainty in world markets has driven down U.S. mortgage rates as money managers worldwide pour into mortgage-backed securities, instruments that determine consumer mortgage rates.
Brexit Benefit 2: Save $60 Per Month, Per $100k Without The Hassle
Analysts predicted the 30-year mortgage rate would be above 4.5% by mid-2016. Instead, rates are in the mid-3s.
Thanks in part to Brexit, rates are 100 basis points (1.0%) lower than expectations.
What does that mean for the homeowner? About $60 per month in savings, for every $100,000 borrowed.
And, many homeowners who have a VA loan are probably eligible for a VA streamline refinance. This loan drops your rate and payment without an appraisal, W2s, or even pay stubs.
Brexit Benefit 3: Increased Home Buying Power
As a current or former member of the military, you have access to low VA rates and zero down payment.
After Brexit, you can afford even more.
Today’s VA home buyer can afford about a 10% bigger home purchase price thanks to current mortgage rates.
Take this example. A home buyer who secures a mortgage at 4.5% could afford a loan of $250,000. At 3.5%, they can buy a house at $275,000 with the same monthly payment.
What Are Today’s Mortgage Rates?
The news of Brexit lowered today’s mortgage rates — close to the lowest ever available.
Get a mortgage rate quote for your home purchase or refinance now. Rates may soon rise, and this rare opportunity could be gone.