You better shop around.

I remember when rates were 5% and a quote of 3.75% was a sketchy rate. With rates at historically low rates 3.75% is still a sketchy rate.

Got a mailer from quicken loans for a VA loan at 3.75% with 2.25 points. You read that right, points. The APR on that loan is 4.352 indicating additional fees on top of the 2.25 points.

Turns out NPR did a story about excessive rates for VA home loans. Quicken wasn’t even the worst offender. A company called New Day financial took that prize, sponsoring the Army Navy football game to really rub it in.

Rates right now for the best loan choice, Navy Federal Credit union.

Standard VA with 0 down2.25%
Conventional fixed rate1.75%

So if you’re a homeowner the best choice is Navy Federal. If you’re a salesperson looking for that gravy train with biscuit wheels head on over to Quicken or New Day.