Good Morning - I'd like to pass along my appreciation to LowVARates and specifically, Mr. JR McKee for working with me on my recent VA Re-Finance. I had initially worked with another agent starting in Mar 09 and things appeared to be going well until the week of closing when the mortgage compa...
-Dave J

Lowest APR Guarantee

Here at LowVARates.com we not only give you the best service in the industry, we also guarantee the lowest APR or we’ll pay you $250.

What Is An Annual Percentage Rate (APR)?

The APR can loosely be defined as the amount of interest one will pay on a loan on an annual basis. The calculation is a bit more complicated than that, but essentially it gives you a good idea of how much your mortgage will cost. Put in the simplest terms, the lower the APR, the lower the cost. There are several variables in determining the APR, but all of those factors are taken into consideration in order to determine the standard APR.

Note: The APR takes into account the majority of the costs of getting the loan, including points, most loan fees, and mortgage insurance. However, it does not take into account certain charges, including non-refundable application fees, late payment charges, title insurance premiums, and fees for title examination, property appraisals, and document preparation.

Comparing APRs to Get the Cheapest Loan
The APR is a good measurement designed to help you shop for loans by making them more comparable. David Newton, an economics professor at Westmont College in Santa Barbara, California says "it's the one common denominator by which you can compare loans side by side, comparing apples to apples to apples."

Since there are so many types of loans, the federal government requires lenders to provide the standard APR, so it’s not so hard for consumers to figure out which offer is best for them.
When A Higher APR Can Be Advantageous
Normally, it’s best to have the lowest APR possible, but there are times when taking a higher APR can actually be a good thing. The following are a few instances where you might consider taking a higher APR:

You want to use your available cash to buy appliances or furniture rather than apply it to the loan
You might not plan on staying in the home for the duration of the loan, so it wouldn’t make sense to put a lot of money down upfront if it will only save you a little bit per month or you won’t be able to recoup the cost
You don’t have enough money to cover the loan fees or closing costs, so some of those costs are rolled back into the loan, which enables you to successfully secure the loan, just at a slightly higher APR

Basically, you need to evaluate your own individual circumstances and determine if it’s advantageous for you take a slightly higher APR. The important thing to remember is, regardless of the type of loan you decide to go with, you’ll always get the best APR through LowVARates.com.

Official Rules Regarding Our Lowest APR Guarantee

Once you have determined the loan product you want, contact your lender. If the lender is an approved LowVARates.com lender, proceed with the loan process. If you feel you’ve found a better rate with another lender, here are the steps to follow to give LowVARates.com the opportunity to beat the APR, or to send you your $250:

Contact an approved loan officer with LowVARates.com and see if he/she can beat your said offer.
If LowVARates.com cannot beat the offer, send the following information via email to sales@lowvarates.com:
- Your complete name and property address.
- Your written offer from the winning company (the company with the lowest APR). This must include a Truth In Lending, a 1003 or loan application, and a Good Faith Estimate.
Receive a written response from LowVARates.com to verify the receipt of your documents.
If LowVARates.com cannot get its lender of choice to beat your written offer, a formal statement will be provided in writing for your records.
You must then proceed to close your loan with the lender that beat our lender. Upon funding of the loan you will need to provide evidence that the exact terms or lower were satisfied.
- Rate and APR cannot go up at all; they can go down of course.
- Loan program cannot change, such as the term, rate type, occupancy, etc.
Once you have secured the loan LowVARates.com could not beat, we will immediately send you a check for $250.

How to Get Started

If you’re ready to get started or would like more information on the offer, send an email to sales@lowvarates.com and provide the following details:

In the Subject line, put “APR Guarantee”.
In the body of the email, put your name, phone number, and the best time for a representative to call you.