30 year va mortgage rates Meaning and Definition
30 year va mortgage rates
Pronunciation
/ˈθreɪ/
Part of Speech
Noun
Definition
A type of fixed-rate mortgage in the United States, backed by the Department of Veterans Affairs (VA), allowing eligible veterans, active-duty military personnel, and surviving spouses to purchase or refinance a home with a 30-year repayment term and favorable interest rates.
Examples
- The couple refinanced their 30 year va mortgage rates to take advantage of lower interest rates.
- The VA mortgage rates were significantly lower than traditional mortgage rates, making it a popular option for veterans.
Synonyms
- VA home loan
- Department of Veterans Affairs mortgage
Antonyms
- ARM (Adjustable-Rate Mortgage)
- Conventional mortgage
Etymology
The term “VA mortgage” is derived from the Department of Veterans Affairs, which provides mortgage insurance to eligible veterans, enabling them to secure better loan terms.
Usage Notes
When using the term, it’s essential to clarify the eligibility criteria for VA mortgage rates, as they’re typically reserved for veterans, active-duty military personnel, and surviving spouses.
Cultural References
VA mortgage rates have been portrayed in several films and television shows, often highlighting the benefits of this mortgage option for those who have served in the military.
Idiomatic Expressions or Phrases
VA mortgage rates are often used in idiomatic expressions such as “Veterans Affairs mortgage” or “Department of Veterans Affairs home loan.”
Related Words or Phrases
Words or phrases closely related to VA mortgage rates include “VA loan,” “Department of Veterans Affairs home loan,” and “veteran’s mortgage.”
Collocations
Common collocations with VA mortgage rates include “low-interest rates,” “30-year repayment term,” and “mortgage insurance.”
Frequency of Use
VA mortgage rates are frequently used in discussions about mortgage options and government-backed loans, especially among veterans and military personnel.
Common Misspellings
Common misspellings of VA mortgage rates include “30 year va morgage rates” and “va mortgage rate.”