Definition: The term "veterans mortgage rates" refers to the rate at which a borrower pays off a loan with an existing veteran's VA mortgage, usually for 30-year fixed-rate mortgages that are designed for veterans. A veteran may be eligible for a loan with a lower interest rate by paying off their existing mortgage (i.e., removing the old rate) and acquiring a new rate on a new loan. For example, a veteran could pay off an existing VA loan with a 5% interest rate to receive a fixed-rate mortgage that offers a lower interest rate. The term "veterans mortgage rates" is typically used by lenders in the mortgage industry to refer to the rates they are offering on VA loans. In addition to the specific details of the term, the definition may vary depending on the lender and their policies. Generally, it refers to the lowest interest rate available for a veteran's existing mortgage that is designed for them with a fixed interest rate.
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