VA Loans

VA loans are an incredible resource for eligible American veterans and their families. Upwell Mortgage is dedicated to helping you make the most of all that’s available to you. We’ll work hard to give you a low rate, with the local expertise you need and the personalized service you deserve.

Why Do Lower Rates Matter?

Save Money. Enjoy more financial freedom.


Save big on mortgage payments

A small difference in rate may not seem like much. But over the first few years, a higher rate costs thousands more.


Buy more house

A lower rate can increase your buying power by up to 5%. Buy a bigger home. Get into your dream neighborhood. Wind up with more of what you want – without paying more each month.


Pay off credit cards

Credit card debt can soar as high as 23%. If you put the above $87.81 in monthly mortgage payment savings toward $5,000 in credit card debt at 23%, you’d pay off your credit card seven years faster. Saving you thousands in interest.*

*Assumes 10yr credit card payback terms

Why Choose a Local Lender?

Get hands-on guidance. And peace of mind.


On-call communication

Our local experts stay connected with you throughout the process. So you always know what’s happening – without relying on an automated system.


Expert guidance

Most online lenders direct you to call centers where your contact may or may not have the answers to expertly guide your decision-making. We work hard to advise you on the right rate and loan product for your unique needs, avoiding costly mistakes.


Reliable accuracy

Not all pre-approvals are reliable. Only when an actual human reviews your application is your pre-approval rock solid. Our pre-approvals are thoroughly vetted, assuring you and the real estate agents involved in the transaction.

Use our VA Mortgage calculator below to see the current VA loan rates, types, points, and monthly payments (principal & interest) for your scenario. You can even apply online for your VA purchase or refinance mortgage loan.

VA Loan Calculator

Common VA Loan Questions

Answers to frequently asked questions about VA loans.

What are VA loans?

These loans make it easier for veterans of the U.S. armed forces, and sometimes their spouses, to buy homes. VA Home Loans are provided by private lenders, such as banks and mortgage companies. They don’t require a down payment and are guaranteed by the Department of Veteran Affairs, enabling the lender to provide you with more favorable terms.

Use our VA loan calculator to see current rates and payment amounts.

What are the benefits of VA loans?
  1. No down payment: Qualified VA Loan borrowers can purchase a home without a down payment. Most home loan programs require you to make at least a small down payment to buy a home. The VA loan is a true no-money-down opportunity.
  2. No private mortgage insurance (PMI): Typically, lenders require you to pay for mortgage insurance if you make a down payment that’s less than 20 percent. This insurance protects the lender in the event you default on your loan. There is no mortgage insurance with VA loans.
  3. Lower closing costs: The VA limits the closing costs lenders can charge to VA loan applicants. Homebuyers can ask sellers to pay all their loan-related closing costs and up to 4 percent of the purchase price for things like prepaid taxes and insurance, collections and judgments.
  4. No prepayment penalties: A VA loan won’t restrict your right to sell your home. There’s no prepayment penalty or early-exit fee no matter within what time frame you decide to sell your home.
  5. Lower interest rates: VA loans typically have the lowest average interest rates of all loan types.
Can I get a VA loan if my credit score isn’t very good?

The VA doesn’t set a minimum credit score requirement for the VA loan but also does not provide the loan. Most VA lenders do have a credit score minimum in order to be approved for VA financing.  This can vary from lender to lender, typically in the range of 620-660 FICO score.

How do I know if I qualify for a VA loan?

To be eligible for a VA loan, you or your spouse must meet the basic service requirements set by the Department of Veterans Affairs, have a valid Certificate of Eligibility (COE) and satisfy the lender’s credit and income requirements. You can get detailed eligibility information from the Department of Veterans Affairs website.

Can I refinance a VA loan?

Yes, you can. There are 2 basic types of VA loan refinance programs:

  1. Interest rate reduction / Streamline refinance: If you have an existing VA-backed home loan and you want to reduce your monthly mortgage payments, this type of refinance lets you replace your current loan with a new one under different terms.
  2. Cash-out refinance: A VA cash-out refinance loan is designed to allow veterans with an existing VA or conventional loan to use their home equity to fund home improvements or other major purchases. The amount of cash available to the borrower is determined by evaluating the current appraised value of the property. Most VA lenders will allow a cash-out loan amount of up to 90 percent of the appraised value.

Always scan the fine print for origination and/or other fees.  When getting verbal quotes from lenders who don’t post rates, request they email a screenshot of their pricing to be sure it matches their verbal quote.

Some mortgage companies quote different rates based on how you were referred to them.  Some of their rates also vary by loan officer and/or by branch.   Upwell rates are consistent regardless of source.

Points are costs usually collected at closing for obtaining a specific rate and may be paid by the borrower or the home seller or may be split between them. Numbers appearing in brackets are credits – example ($2000).

APR=Annual Percentage Rate: A rate that reflects the actual annual cost of a loan and includes the loan interest rate, private mortgage insurance, points and some fees.

The APR includes the approximate cost of prepaid finance charges, including 10 days of prepaid interest, points associated with the rate displayed, and some third-party fees. It does not include other closing costs. Actual APRs for individual loans may differ. All loan applications are subject to credit and property approval. Sample payments shown include only principal and interest. Your interest rate will depend on specific characteristics of your transaction and your credit profile up to the time of closing. Adjustable Rate Mortgage (ARM) interest rates and payments are subject to change during the loan term. That change can increase or decrease your monthly payment. If your down payment or equity is less than 20%, mortgage insurance will be required, which will increase the monthly payment. Assumes no other loans or liens on subject property. Property and/or flood hazard insurance may be required. Maximum loan limits may apply. Additional rates and programs are available.

Hazard insurance is required, and flood insurance may be required if the property is located in a flood zone. Payments do not include amounts for property taxes and insurance premiums. Actual payments may be higher.

This rate sheet is not a credit decision or a commitment to lend and your rate will depend on various factors including your type of loan, credit profile, property value, occupancy, loan size, etc. Rates and product availability may also vary based on the State or region in which your financed property is located. Offer is subject to normal credit qualifications. Rates are subject to change. Consult your tax advisor regarding the deductibility of interest. Some restrictions may apply.

30-Year Fixed-Rate VA Loan:

Rate is fixed. The payment on a $625,000, 30-year fixed-rate loan at 6.000% and 100% loan-to-value (LTV) is $3,828 with 1.094 points due at closing. The Annual Percentage Rate (APR) is 6.348%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. VA loans do not require PMI. The VA loan is a benefit of military service and only offered to veterans, surviving spouses and active duty military.
Rate is fixed. The payment on a $625,000, 30-year fixed-rate loan at 6.875% and 100% loan-to-value (LTV) is $4,194 with 0.435 points due at closing. The Annual Percentage Rate (APR) is 7.174%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. VA loans do not require PMI. The VA loan is a benefit of military service and only offered to veterans, surviving spouses and active duty military.
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