Why does my retail bank charge points on a VA loan?
Points are a pricing choice, not a VA requirement. A lender may offer a rate with discount points, a near-zero-point option or a higher-rate lender credit. Compare equivalent proposals rather than judging the institution label.
What this actually means.
Ask each lender for options using the same loan amount, lock period and scenario. Compare Rate and APR, discount points, lender credits, funding fee, new loan balance, complete payment and cash to close. A bank, credit union, direct lender or broker may be more competitive on a particular file and day; no channel is automatically cheaper.
Where this can move.
Credit score, loan amount, LTV, points, lender credits, lock timing, and market movement can change the rate quoted. The funding fee adds to APR.
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More VA questions on Rates.
Educational only. VA guidelines, lender overlays, rates, fees, and underwriting requirements can change. Final eligibility depends on full underwriting review. Mortgage Expert, Inc. is not affiliated with the VA, HUD, or any government agency.