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Jon - Trident Home Loans

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Jon - Trident Home Loans last won the day on March 11

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About Jon - Trident Home Loans

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    http://www.tridenthomeloans.com
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  1. Jake, I've heard anywhere from 14 to 45 days on credit pulls. The credit bureaus each have the own policies as I understand it. That being said I've pulled a lot of folks credits and I've never seen rate shoppers hurt by doing multiple inquires within a reasonable period of time. I've also have to refresh credit that expired and do another hard pull and it had no impact. I think mortgages are treated different than credit card, payday loans, etc since they are asset based like a car and shopping around is encouraged. I honestly wouldn't be concerned about it. Jon
  2. I just shop us both around. Don’t think you’re going to go wrong with either NBKC or Trident based on both’s proven track record. Jon
  3. Thanks for spreading the word about us to him. Glad we were able to save him from the bad deal he was getting before. It's hard to believe what other lenders think they can get away with, but people keep using them so unlikely they'll ever change. Problem with NV is we'd have to maintain a physical office in the state and also have a loan officer/branch manager with 2yrs of experience who lives in NV too. Not saying it's never going to happen, but I wouldn't plan on it soon. If we found the right person then absolutely. Jon
  4. Good question... The source document for getting VA entitlement is found in Chapter 2 of the VA lender handbook. https://benefits.va.gov/warms/pam26_7.asp If your Guard or Reserve it's 6yrs of service or 90 days of active duty service. The VA doesn't count being active duty for training (UPT, Basic Training, Tech School, etc). Lenders have no role on determining if someone is good to go for a VA loan, so if they are telling them they will be fine then they are out of their lane. Only the VA can make the call on if someone qualifies or not. I had a Lt reservist not too long ago who was told by another lender that they were preapproved for a VA loan. My first question was did the other lender pull your certificate of eligibility (COE) ( I suspected they didn't and that he didn't qualify yet because all he'd done was training). He didn't know so he called them back and turns out they hadn't pulled it (shocker), yet they preapproved him for the loan. He applied for his certificate of eligibility and the VA denied him because all he'd done was training. Good news is once you do 90 days of seasoning orders you'll be good. You can apply for your COE after the 90 days at: https://www.ebenefits.va.gov/ebenefits/about/feature?feature=cert-of-eligibility-home-loan Hope that helps! Let me know if you need anything else Jon 850-377-1114 jk@mythl.com
  5. No sorry...NV has a lot of requirements for a non-bank lender to get licensed. We’re working on it but don’t see it happening anytime soon. Jon
  6. We’ve been at 2.75 for that scenario for a couple weeks now. It’s not the rate, it’s the breakeven point determined by the closing costs and the funding fee divided by the monthly saving that determines if it’s worth it or not. If you’re not going to own the house much longer than the breakeven then it wouldn’t make sense. Just need to run the numbers and see if it makes sense or not. Every scenario is a little different based on where you live, if you have VA disability, and the loan amount. Jon
  7. My pleasure! Amy and NBKC are great too...not Trident great but I’d rather you use them over some bank who can’t even get the VA funding fee quoted right😉 Jon
  8. It's 1M with zero down 1-1.5M 10% down 1.5-2M 15% down
  9. Million $ question. Mortgage Backed Securities investors on Wall Street set the pricing and banks/mortgage companies originate based on what each rate pays then add their overhead/profit margin. Big banks can be greedy because of name brand recognition plus they have higher overhead, but MBS pay the same to everyone. Some days investors are willing to pay more and some days they are willing to take less all based on demand, risk, cash available, and other investment opportunities. If the demand is there why would you take a lower rate of return? On the other end if you can make more money elsewhere or no one is buying then MBSs have to pay a higher rate of return to get buyers. There is no crystal ball, but I can tell you demand is very high at current rates/pricing. The future of rates is tied to what the broader economy and Wall Street will look like over the next couple years. Lots of opinions and opportunities out there right now. Jon
  10. Rates are at the bottom again and the economy is worse than before. I think rates will stay low for a while. Maybe small swings here and there but overall they should stay low to encourage the economic recovery we need to get back to normal. Just hit me up towards the end of the year. Jon
  11. I think rates will stay low for a while. To do an IRRRL you can't close until 210 days after the 1st payment is made on the old loan, your rate has to go down by at least .5%, your new principle and interest can't exceed your old P&I (only applicable usually if you want to do a reduced term..30yr to 15yr), and the break even point can't be longer than 36 months. We can start the loan 45 days or so before the 210 day earliest closing date. Jon
  12. I agree. Biggest con to refi-ing to a conventional is the potential increase in interest rate and PMI if you don't have 20% equity. If it's a rental property than the rates are much worse and you need 25% equity in it to get the lowest conventional investment rate. If you're thinking you want to switch to a conventional definitely do it well prior to moving so you can do it as a primary residence. FYI...VA IRRRL rates are really good...like pre-COVID good at 2.75% right now with little to no points. If you missed the last refi boom and have a VA at 3.25% or higher, 680+ credit score, primary residence and loan below 510,400 then now is you chance to get a great deal. Let me know. Jon 850-377-1114 jk@mythl.com
  13. Just email me and I’ll add you to my watch list. Think we’ve been able to get everyone taken care of as long as we know what you’re looking for. Sometimes we can do it immediately and sometimes we have to wait for the market to improve but we’re always watching for good deals. Jon jk@mythl.com
  14. Thanks to both of you guys! Enjoy the savings/extra cash. Enjoyed working with you both and feel free to reach out if you need anything in the future. I definitely hear a lot of different perspectives on investing, down payments, cash outs, rentals, etc. Seems like everyone has different risk levels and long term goals. Some guys want to be debt free and some guys want to be highly leverage so they can generate more income from it. It's odd offering mortgage/investment advice when asked because everyone has a different perceptive on what "right" looks like. I just try to understand what strategy that person is operating on and then offer solutions to get them to their goal. The harder ones are the guys with no strategy. Those convos turn into a pro/cons of every option under the moon. It's all good though. I learn a lot from you guys and enjoy the different perspectives. Jon
  15. Not that I’ve ever seen or heard of, but I’m not a legal expert. Loans aren’t held by banks anymore...they are held in mortgage backed securities. Banks and servicers just collect the payments and do the customer interface portion.
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