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danielstevens

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Posts posted by danielstevens

  1. 1 minute ago, PilotWife2 said:

    NBKC Bank funds their own loans and closes them in their name.  After closing, some of our loans are sold to a servicer and others we service in house.  Note the terms of the loan can never be changed other than who the monthly payment is made payable. I have two loans originated through NBKC Bank. One we service and the other is serviced by Wells Fargo.    I'm always here to answer any questions if my borrowers have questions post closing. 

    I just noticed that last week was our 5 year anniversary helping people out on this forum at NBKC Bank.  Time definitely flies!     Helping this community in all 50 states has been a real pleasure for us these last five years!

    -Dan 

    • Upvote 1
  2. 25 minutes ago, Chicken said:

    Wife and I are getting ready to PCS to FL and looking to possibly build a home.  We sold a couple house, paid some things off, and have little left other than a low car payment and a couple credit cards.. currently have a low DTI ratio.  We are trying to see what are options are as far as what we can build/buy.  Using my own spreadsheet we could actually afford upwards of $750k but I know the banks don't see what I do sometimes.  Is there a good method to determine what a bank will pre-approve you for instead of applying to numerous banks that want to run your credit?  We will be using a VA loan with a good amount of money down.

     

    Thanks!

    This is a good question.  I do think a good "do it yourself" first step is to find a calculator that helps you calculate the maximum mortgage based on some user input.  We have a basic one here that you can take a look at our NBKC website.  It's pretty conservative though in determining your maximum amount,  with good credit the "debt to income ratio" can be higher than what a standard calculator like this will show you.  But it's a good first step.

    https://www.nbkcmortgage.com/calculators/maximum_mortgage.aspx

  3. 15 minutes ago, KWings06j said:

    Thanks. I'm just always weary of giving out financial information without some sort of vetting.

    PM sent. Thanks for the link. 

    This may sound a bit simplified and otherwise obvious,  but you can also Google a lender's name you are considering with the keyword like "reviews" or "complaints" and you'll find a lot of information out there on how people view their experiences with specific lenders.  BBB, Zillow.com, Lending Tree, Yelp, Google+ all have user submitted review databases on mortgage lenders.  Those are used a lot more by people than the official NMLS site.  

    For instance, Quicken Loans which is one of the biggest lenders in the country doesn't have any user experience reviews on the NMLS site, but there are countless user submitted reviews about them just a simple Google search away.

  4. 5 minutes ago, Duck said:

    Question for the masses. Getting ready to PCS and want to free-up my VA loan eligibility which is tied up in a house that is being rented. With appraisal I have 20%+ equity. Can I refi that VA loan into a conventional with no pmi and then use my va for another house?

    Hello - yes you can do what you are asking.  But it may ultimately not be your best option.  Quite often people have more eligibility than they realize and can have two VA loans at the same time.  Each situation is different, as it depends on the size of the original loan, and the potential size of the new loan at your new house.  But it's definitely worth looking into before you decide whether to refinance your old house or not.

  5. Hey guys,  we have been doing a lot of $0 cost VA IRRRL loans for people with where rates are right now at NBKC.  And quite a few conventional refinances as well where we cover the actual costs (not rolling in the fees or anything like that).  So it's definitely possible to find out there.

    You are all talking about the right things,  there is a big difference between rolling in all the costs into a larger new loan where a lender says "no out of pocket costs" and actually having the lender cover all of your costs which is the true "no cost loan".

    • Upvote 1
  6. On 6/14/2016 at 4:57 PM, sixpack said:

    Would not recommend NBKC.  Worst experience I've had dealing with a bank.  Closing was delayed over 7 day due to the bank not properly scheduling a VA inspection in a timely manner.  We had 40+ days to close from entering into contract for a new home build and was guaranteed the close date would be met.  $200 penalty from the builder for every day after close we were late.  Bank refused to provide additional lender credit to pay for their mistake.  I was fortunate enough to work a loophole on the builders side (complained house was not complete) that I got them to drop the fee.

    Loan agent would avoid my calls/emails when trying to figure out what the status was with the inspection that we were waiting for.  Loan manager was no help in trying to close quickly either.  Assumed no responsibility for how badly this was handled.  On the second established closing day I still had to wait until an hour prior to closing to get all the docs to the lawyer even though the inspection was complete 5 days prior.   

    Even after the original close date the bank was asking for extra forms/letters from me, which should have been requested weeks prior.    

     

    Buyer beware.    

    Hello,  I'm sorry your experience didn't go as well as expected.  A purchase on an existing house we can order the appraisal right away, but on the new builds it is critical to not send a VA appraiser out to the house before the builder tells us it is 95% complete. This VA rule can definitely cause stress for someone wanting to close as soon as the house is complete.

    We certainly don't like hearing that your loan officer was avoiding contact with you.  If you'd like to speak with someone about that, or anything else, just PM me and I'll get you in touch with a senior manager.

  7. 7 minutes ago, di1630 said:

    Dan, what are current rates for a 15 year fixed refinance?

    That's a question I would need a few questions answered to be able to give a proper answer.  I'll send you a PM.

  8. 4 minutes ago, bluedevil said:

    Dan,

    Do you guys offer construction/lot loans? 

    If so:  Is it a stringent process that requires approved builders?  What do you require for a down payment, 20-25%?  Appreciate any info.

     

    We only handle the end financing (the loan that can fund when the house is all complete) here at NBKC.  As far as your question about approved builders, for VA loans it isn't terribly hard to get a builder on the VA approved list if they aren't already.  But it sounds like you need an earlier stage loan, those are usually best done by a bank in the local area of where you are buying.  Then you can look at any lender for the end financing when the house is complete.

  9. 12 minutes ago, Sting89 said:

    Purchased at $153k, approximately $30k paid down.

    I think you've got a good chance that you've got something that is workable here.  feel free to send me an email at dan.stevens@nbkc.com if you'd like to check further with us.  

  10. 1 minute ago, Sting89 said:

    Here's my situation: VA financed at 5.375% / 30-year fixed single family home. Purchased 11 years ago and is currently a rental property. I plan on keeping the home another 9 years or so to get more principal out. I've read some great reviews in this thread, so I was wondering if it makes financial sense to refinance with today's rates plus the fees associated with a re-fi. Thanks

    Probably the biggest variable to answer your question is the current loan size,  if the loan size is so small after the 11 years of payments, any sort of fees may make it not very economical to potentially refinance.  But  with your current interest rate and where the market is right now, it's still worth digging a little deeper to see how the numbers pan out,  it could still be a good opportunity.

  11. 8 minutes ago, Techsan said:

    I'm kind of curious to know as well.  I purchased just 5 months ago...$500K @ 3.75% for a 30-yr fixed VA.  Are rates really that much lower to be worth an IRRRL?

    Techsan - I'd definitely say it's worth checking out.  It's possible you may be able to get something in the neighborhood of what ThreeHoler mentioned.  It's all about what monthly savings you will get for how many fees that are incurred.  

    • Upvote 1
  12. Hey everybody,  I try to keep my sales pitches to a minimum on here.  But I did want to inform everyone that the 10 year treasury is very low right now,  which bodes well for mortgage rates.  If you were on the fence considering a refinance, now would be good time you call a mortgage lender to see what may be available to you.    

    So far the "expert" opinions that mortgage rates would be on the rise this year hasn't happened yet, and has actually dropped to the same low range where we were a full year ago. 

     

    Dan

  13. On 12/19/2015 at 3:52 PM, sledy said:

    Here's my NBoK story,

    I contacted them in February of this year, 2015, and started working with Amy P.  Unique to my situation was that I was coming off MLOA to head back to my airline job and was going to purchase my home right after getting back from my deployment.  The issue was I would be on AGR orders for less than a year, and would not have 2 pay stubs from the airline to show proof of income so Amy did an OUTSTANDING job of just taking a copy of my airline contract with my seniority list to show what seat a could hold, and computing my projected income.  Way above and beyond but absolutely outstanding!

     

    Fast forward a few months and I end of up getting extended on MLOA, home area where I'm going to purchase changes, but she makes it all happen, locks me in at the lowest rates of the year, answers questions on weekends/vacation, and does an incredible job.  I honestly can not think of a negative thing to say about the entire process and will/would recommend them to anyone who is ever looking to purchase a home.


    Great work, thanks for all the help, and I'll be using them for my next home without question.

     

    Sledy

    Thanks for the recommendation, Sledy!

    It definitely takes an experienced Loan Officer and underwriting team to handle home buyers with transitional employment situations such as you described.  Particularly those who work for the Air National Guard or fly commercially it can take some extra TLC, but we have handled enough of these situations to be able to navigate those waters!

    I'm happy you had a great experience!

    Dan Stevens, NBKC Bank 

  14. 59 minutes ago, panchbarnes said:

    Dan,

    Where do you see the 30 years mortgage rate 6 months from now?

    Do you guys deal with investment properties (non-VA of course)?

    Thank you.

    The experts general consensus is that rates will move up gradually throughout 2016.  However, these same experts have been predicting pretty much that exact thing every year for quite a while.   I do think it's fair to assume rates won't drop significantly,  but there are so many factors, that even that may not be true.

    As for your question on investment properties,  the answer is yes.  NBKC definitely originates investment properties, but only if it's not a commercial building with a lot of units.

    Dan

  15. Hi everybody.  I wanted to let you know National Bank Of Kansas City formally changed their name to "NBKC Bank"  today.  Same people are here as before,  just a slightly new name! 

    Some of our old links from years past may not work quite the same, or will be redirected, but I wanted to let you know we are still here to answer your questions like we have for years!

    If you want to reach out to me directly,  my email is now:  dan.stevens@nbkc.com.  People do this pretty frequently, and I am able to answer some basic questions, and get you in touch with one of our loan officers that have helped other baseops users based on your personal situation!

    Our new mortgage website domain is:  www.nbkcmortgage.com

    I hope everyone has a happy holiday season!

    Dan Stevens

  16. This is why I figured I would pose the question on here. I'll be honest I forgot the first time VA loan has a funding fee that high. I remembered that the interest rate is marginally higher which makes sense given the increased credit risk. I'd be willing to pay a slightly higher interest rate on debt given the ROI I will get on money not put into a downpayment but you are right, reaching breakeven after that up-front fee is probably unlikely. I was really hoping to avoid saving up $150k+ for a downpayment but I guess I'll be renting for the foreseeable future.

    I think there is some middle ground between these two viewpoints.  Just wanted to remind everyone that the VA funding fee percentage is a sliding scale as you add down payment.  Throw that in there, along with VA's variable formula max loan amount (see my last post), the VA funding fee exemption for service related disabilities, as well as that quite frequently the interest rates are cheaper on the loan itself on VA loans (often around 0.5% spread between the two on 30 year fixed)  it really pays to spend time to look at each individual situation uniquely.    

    I'm sure you guys would do that already,  but I certainly know it can be tricky to keep track of all the moving parts when comparing the two loan programs strengths.

    For reference this is the official VA funding fee matrix for anyone wanting to look: 

    http://www.benefits.va.gov/homeloans/documents/docs/funding_fee_table.pdf

     

  17. Just wanted to reinforce that the max loan size limits being quoted above is when 100% financing is involved.  You can always go higher than that as you begin to put a down payment.   A good rule of thumb is "Sales Price minus County Max Limit X 25% = Down Payment"

    So $500k sales price in a $417k county limit needs only a down payment of $20,750.

    This assumes the veteran doesn't have any other existing VA loans that reduce the amount of eligibility.

    As you can see with my "simple" explanation, this can get quite confusing to understand.  if you have a scenario that you'd like us to check for you, just send me an email (dstevens@nbofkc.com ) or PM me!

    Dan

     

     

  18. Dan, what's your 30 yr VA refi rate right now?

    It's difficult to give a quote without much info as it can vary somewhat based on a few factors. If you PM me your rough loan balance and state you are in I can get back to you pretty quick though.

  19. Hello again!

    Just wanted to let everyone know the 10 year treasury yield dropped to 2.20% this morning, edging rates back to roughly where they were in late May. A couple week's ago Greece caused a panic and rates edged down, but that was only for a short time. It's never easy to predict how long a dip will last, but thought i'd let you all know in case you were in the market. Make sure to ask your lender where rates are for them (or you can reach out to me if you'd like NBKC to get you a current quote!) You can always reach me at dstevens@nbofkc.com.

    Thanks!

    Dan

  20. Hey everybody! (shameless plug alert!)

    While every situation is a little different, i can say that it's pretty rare that we are higher rates than other VA lenders. With Greece going a little nuts over the weekend, that trickles down to us having a strong day on our market for interest rates. Feel free to look through this thread if you'd like to see what other baseops community members think of NBKC. If you'd like for us to get a specific quote for you can PM me or reach out to me directly at dstevens@nbofkc.com.

    I hope everyone had a great 4th of July!

    Dan Stevens

  21. I wanted to post a quick note since the traditional moving season is right around the corner. And I know this community has their share of people that are transitioning to work for commercial airlines.

    If you are a new hire with the airlines and are having a hard time finding a lender, send me a PM. We have a loan officer on staff who has helped many borrowers in this situation (husband is retired from the A/F and is a fairly recent new hire with a major airline). She understands how commercial airline pilots are paid and how to verify your new income.

  22. Hello everyone,

    I haven't posted in a while. You may have seen the recent 10 year treasury yields dip down quite a bit in the last week. That is a big driver in mortgage interest rates, which have also dipped. We have seen a spike in VA refinance applications in the last week as a result.

    They aren't that far off to where we saw in certain parts of 2012/2013. Feel free to send me a PM if you'd like a quote!

    Dan Stevens

    National Bank of Kansas City

  23. Has anyone here used a FHA 203(k) mortgage? I bought my current home with a VA loan last year, through NBOKC, and I'd like to do some improvements based on the sales price of comparable homes in the area (we paid 170K and the comps are selling between 225 and 250). The work I want done isn't cosmic but it's things such as: electrical panel upgrade from 100A to 200A, replace corroded galvanized pipe from water meter to home, etc…

    I've read through the "Google" search returns that say the traditional 203(k) is a difficult process if the lending agent and contractor aren't familiar with the program, so it seems like the "streamline" 203(k) is the way to go. Just looking for personal experiences.

    I can't comment on others individual experiences, but with the amount of equity you mentioned, a VA cash out refinance may be something to look at. Most lenders can go up to 90% of the appraised value. That could net you about 30K in cash out based on those rough numbers. There are drawbacks to that route though, as the VA funding fee (if applicable) would need to be paid again, which may make it not cost effective in your situation. But probably worth at least exploring.

    Dan

  24. Can anyone offer any advice if I'm looking at a VA purchase of a home that could use some updating? My wife and I are looking at a place, and there's a lot of great character to it, but to get it up to 'standards' we're looking at about an additional 20k investment.

    From what we've been told by our lender, VA home loans can only be for the purchase price of the home; so does anyone have any advice on if there are any alternative methods to doing this?

    The VA doesn't have any home equity loan programs specifically, but they do have a program where you can get up to $6000 added on top of the regular loan amount if there are energy efficient improvements to the house being made. This can be done when you are purchasing the house or refinancing.

    The VA put together this power point presentation on the topic here:

    http://www.benefits.va.gov/rodenver/training/energy_efficient_mortgages.pps

  25. In the last week I had two people ask about how they can tell if they are eligible for a 2nd VA loan (while the first one has not been paid off). I thought I'd quick post about that, since other people may be thinking about the same thing.

    The quick answer is you MAY be eligible for a 2nd VA loan while your first is still active. The fool proof way of finding out is to get a copy of your current "Certificate of Eligibility". On there it will tell you how much of your eligibility you have remaining. And using that number, a VA lender can calculate the range of loan size (if any) that you can get while that loan still exists. Quite often, people are surprised at the amount of VA loan they can still obtain.

    If you have trouble obtaining your current Certificate of Eligibility any qualified VA lender can help you obtain that (including NBKC). Some of the less experienced VA lenders are not aware that you can sometimes have two simultaneous VA loans, so be careful if you are told a flat no.

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