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PilotWife2    2
4 hours ago, Guardian said:

Okay. It's that time. Who's got the best rate on a 15 yr or 30 year VA loan?

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Lots of variables affect rate pricing.  Do you have a scenario I could price for you;  purchase or refi, state where home is located, purchase price or appraised value, down payment if any or loan value if a refi, closing date if a purchase and under contract, used your VA eligibility previously, Funding Fee exempt?

I look forward to your reply!  

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HossHarris    525

Can someone post a quick primer on what various levels of va disability ratings do for home loans?  I'm lazy ....

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10 hours ago, HossHarris said:
Can someone post a quick primer on what various levels of va disability ratings do for home loans?  I'm lazy ....


If you get 10% disability or more from the VA you will be excluded from the VA funding fee for life.

Normally, the first use of a VA will cost you 2.15% of the loan amount. Any subsequent loans will cost you 3.3%. If you put 5% down or more you'll save a significant amount (see my post below for an example). A VA IRRRL costs .5%. All of these significant fees are exempted by having any disability rating making the VA loan the best mortgage possible.

I've seen a lot of people spend a lot of money on VA funding fees to just sell the house 3yrs later. You gotta run the numbers to make sure you're making smart financial decisions for your family.

Marty


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Edited by Marty - Trident Home Loans
Adding clarity
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Guardian    73
If you put 5% down or more you'll save a significant amount (1.5% or 1.25% instead of 2.15% or 3.3%). A VA IRRRL costs is .5%.

You gotta run the numbers to make sure you're making smart financial decisions for your family.


What do you mean by the first statement Marty? And what numbers are you running?


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Guardian    73

Everyone else, Marty is very helpful. He isn't licensed, yet, in my state but went out of his way to answer my questions and try and guide me in the right direction. And he is licensed in a lot of other states. Thank you Marty. Class act.


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12 minutes ago, Guardian said:

 


What do you mean by the first statement Marty? And what numbers are you running?


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Thank you for the nice words!  I've been flying and doing loans for a long time.  I love doing both and honestly just enjoy helping fellow service members and pilots improve their lives with a little financial education.  If I can do the loan great, if not it's no big deal.  My airline pays me pretty good so I don't have any financial pressure to close every loan.  

The funding fee chart I attached should explain it more clearly.  I'll give you two quick examples...

1)Buying a house for $300,000 and it's the first time you've used a VA loan. 

If you put 0% down of the 300K you'd pay a 2.15% VA funding fee (300000 X .0215 = $6450)

If you put 5% down (300000 X .05 = $15,000) you'd pay a 1.5% VA funding fee (285000 X .015 = $4275)

If you put 10% down (300000 X .1 = $30000) you'd pay 1.25% VA funding fee (270000 X .125 = $3375)

2) You PCS'ed and what to buy another house for $300,000 and this will be your second time using the VA loan (pay attention here because this is where you really save by putting money down).  Any subsequent use of the VA loan with 0% down increases the funding fee from 2.15% to 3.3%.

If you put 0% down of the 300K you'd pay a 3.3% VA funding fee (300000 X .033 = $9900)

If you put 5% down (300000 X .05 = $15,000) you'd pay a 1.5% VA funding fee (285000 X .015 = $4275)

If you put 10% down (300000 X .1 = $30000) you'd pay 1.25% VA funding fee (270000 X .125 = $3375)

Fly safe!

Marty

 

funding_fee_table.pdf

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mule    1

I can't say enough good things about Marty and his group.  We just did an IRRL with them.  It was super smooth and painless!  Please feel free to PM me with any questions or concerns. 

As I said in my previous post...lots of previous houses and loans...none of them compare to Trident!

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47 minutes ago, mule said:

I can't say enough good things about Marty and his group.  We just did an IRRL with them.  It was super smooth and painless!  Please feel free to PM me with any questions or concerns. 

As I said in my previous post...lots of previous houses and loans...none of them compare to Trident!

Thank you Sir!  The credit goes to my great team.  They are experts at their job and always put our clients needs above everything else.  We truly enjoy it!  Thank you for your repeat business! 

Marty

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matmacwc    1,093

Lay it down for me on a re-fi.  Home worth about 400K, owe 290K (OG mortgage was for 315K, put down 50K), current rate 3.25 with a VA.  I am recently 100% DOD and VA, is there something there?  I understand if you cannot talk in absolutes, I don't want to PM, want this info for the masses, my credit is in the high 700 almost 800, in AZ.  What can you do, saving $100 a month isn't worth it to me when a new loan will be all interest up front.

Edited by matmacwc

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24 minutes ago, matmacwc said:

Lay it down for me on a re-fi.  Home worth about 400K, owe 290K (OG mortgage was for 315K, put down 50K), current rate 3.25 with a VA.  I am recently 100% DOD and VA, is there something there?  I understand if you cannot talk in absolutes, I don't want to PM, want this info for the masses, my credit is in the high 700 almost 800, in AZ.  What can you do.

Your rate is untouchable right now and I wouldn't recommend you change a thing.  Anyone with a 3.5% or lower is in a great position.  A lot of time my job is to recommend to people not to do a refi because I know it's not good for them in the long run.  Sorry I don't have more to offer, but this is the ethical answer.  Never hurts to ask though.

Marty

Quick edit: Only thing I would add is that a refi could be beneficial in a situation like yours if you have a lot of equity and could use it to pay off bad debt (credit cards, bad student loans, medical collections, high car payments, etc).  Mortgage interest is a tax deduction where other debts are not and interest rates are obviously significantly lower.  Additionally mortgage debt is looked upon more favorably with credit agencies.  I'm not recommending you to refi for this reason, just using this as an opportunity to providing some education on why someone might refi in order to save in other areas.  I've even had people refi to pay for a child's college and wedding.  VA cash-out refi's can go up to 100% of the home's value and the funding fee is waived if you have a 10% or greater disability.

Edited by Marty - Trident Home Loans
after thought
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matmacwc    1,093

Thanks!  I kinda knew it, but people should see the side of not doing a refi.  

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Thanks!  I kinda knew it, but people should see the side of not doing a refi.  

Lots of refi flyers go out for VA loans that have no idea what rate you have. Watch out for, "No out of pocket costs", means they are rolled in, "do you have a rate over 1.85%?" of course you do! And my favorite, "2.99% fixed, 30 year mortgage" the comma means fixed or 30 year but not a 30 year fixed loan.

All these VA flyers that you get look official but in fact they are not. Beware.

However, you can still get into a 3.25% fixed rate (15 year) via a VA IRRRL.


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bluedevil    38
On 7/3/2017 at 9:51 AM, Guardian said:

Everyone else, Marty is very helpful. He isn't licensed, yet, in my state but went out of his way to answer my questions and try and guide me in the right direction. And he is licensed in a lot of other states. Thank you Marty. Class act.


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Another plug for Marty and the gang.  The Trident team worked a great deal for my cash-out refi in FL about 6 months ago.  I'm headed to NY and unfortunately Marty isn't licensed in that hemorrhoid of a state.   He still went well out of his way to help me find a comparable lender and even offered to review the quote.  Top-tier trustworthy service in an industry where scams are a dime a dozen.  Thanks Marty!

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Another plug for Marty and the gang.  The Trident team worked a great deal for my cash-out refi in FL about 6 months ago.  I'm headed to NY and unfortunately Marty isn't licensed in that hemorrhoid of a state.   He still went well out of his way to help me find a comparable lender and even offered to review the quote.  Top-tier trustworthy service in an industry where scams are a dime a dozen.  Thanks Marty!

My pleasure! Thank you! All of us pilots and vets are in a brotherhood...we gotta look out for each other.

Marty


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M2    1,164
54 minutes ago, Homestar said:

Where are your planes and may I count them?

ADMIN NOTE:  In case anyone is wondering what Homestar is talking about, it's in reference to a spammer whose post and account were deleted... :mosh:

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Flare    31

Anyone here re-fi (or maybe even just finance) a VA loan and now get 6-9 snail mail offers a day on more re-fi with cash options, etc?  Anyone know how to stop them?

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OregonHerc    5
7 minutes ago, Flare said:

Anyone here re-fi (or maybe even just finance) a VA loan and now get 6-9 snail mail offers a day on more re-fi with cash options, etc?  Anyone know how to stop them?

Allegedly, www.optoutprescreen.com is what you'd use.  Only reason I say allegedly is that mine still haven't stopped.  Hell, my wife still gets them and she passed away over a year ago.

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Allegedly, www.optoutprescreen.com is what you'd use.  Only reason I say allegedly is that mine still haven't stopped.  Hell, my wife still gets them and she passed away over a year ago.

Unfortunately, the credit bureaus sell data about you and other companies sell leads to mortgage companies. Optoutpresecreen.com is your best chance.

If you go to each credit bureau to opt out, you'll still going to get letters because mortgages are also public record. Simply using the VA Addendum that is recorded publicly on your mortgage can be used to identify you as a VA loan holder. Opting out of credit bureau lead generation companies won't prevent public record lead generation companies from mailing you.

I tried doing a letter marketing campaign once with FHA loans and successfully refinanced hundreds of borrowers when the streamline program came out. I eventually fired the guy who suggested it and never did it again. We did over 100 free loans but dealing with people who only know us by a letter isn't the way I chose to do business. Too many borrowers lied about occupancy issues including a finance professor who backed out when he read the FBI disclaimer at closing. The VA IRRRL streamline program is awesome, but too many lenders mislead consumers about who they represent as well as the terms. The fliers are liars is my company motto. I do no cost VA IRRRL's and spend a lot of time educating Veterans on the product. If you have a rate below 3.25, don't waste your time.

One really good option is to do a VA IRRRL to switch from a 30 year term to a 15 year term without costs. The average no cost rate depends on credit score and the state you're in. 3.375% in MS and Colorado for example, Loan amount $200,000 or more, 680 FICO and above, APR same if you're a disabled veteran.
Most can expect 3.5% to 3.625% no cost on a 30 year to 3.375% - 3.5% no cost in a 15 year. No cost means a credit for loan fees and the VA .5 % funding fee.

If your seeing a rate below 3.5% on a flyer, it's a teaser for a 3 year arm, or a 15 year fixed with points to buy the rate and you Roll in costs. No out of pocket costs is a common deceitful term because there are costs!! They just roll on..

Beware of ALL flyers because they are trying to prey upon your wishful thinking. I don't pay escrow prepaids on my no cost VA refinances so you'd need decide on what to do about them. These get refunded so aren't any issue really. You can pay them at closing then get them refunded or roll them into the loan and keep the refund.

Additionally, if you are a disabled Vet, the VA IRRRL doesn't have any funding fee so you could even do a no cost cashout Refi.

The VA IRRRL is a government streamline Refi for VA loans. There is a .5% funding fee, no appraisal, no income, no asset, no pest inspection, no COE required and most lenders have 0 or a reduced underwriting fee to do these loans.

I offer these no cost loans to my clients as a customer service especially when they used me for the purchase loan. Just an added benefit for choosing my company. Our margins on these loans are quite low when compared to a lender sending out flyers that they pay thousands for. Typically these companies spend $10,000 on a flyer campaign to get 2 to 20 loans. That means that each of the actual loans pulled through must bear the cost of the entire flyer campaign that month. I don't have these up front mailer costs so we aren't trying to recoup the investment in mining for loans!!

This was an unusually long response but I'm happy to educate all of you on my 18 years of dealing with these pieces of garbage that usually are used to take advantage of you. I keep many of these letters at my office to teach my employees on how others use deceitful messages to sell mortgages.

Thanks!
Marty

And thanks to all of you who have chosen to trust me and my company to serve you.



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jrizzell    2

Just wanted to pass along to the group my great experience with NKTB. Amy Stuhr Paterson was my loan officer, she was prompt and extremely easy to work with. Got a great rate, definitely recommend. Made buying home prior to my next PCS location easy.

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PilotWife2    2
8 minutes ago, jrizzell said:

Just wanted to pass along to the group my great experience with NKTB. Amy Stuhr Paterson was my loan officer, she was prompt and extremely easy to work with. Got a great rate, definitely recommend. Made buying home prior to my next PCS location easy.

 Thank you very much for your business! It was a pleasure. Consider me on standby for your next purchase! 

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schokie    57

Just closed with Dave Nichols at NBKC. 3.375 on a 30 year VA. This is the 4th VA/IRRL I've used them for and each one has been great. Another awesome job by their team.

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BG_FamFlyer    1

Let me throw in a recommendation for Trident Home Loans. We have done two refis with them, and have had great experiences. Marty, Ashley and Aspen were great help, got me a great rate both times and with little to no hassle. We really enjoyed the simplicity and quick pace of the process.

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sawf16    1

Closed on a VA IRRRL to 3.5% with Trident about two weeks ago- it was by far the best refi or mortgage experience I've encountered. Would rcommend Marty and his associates to anyone, & am hoping rates drop enough that I get to use them again in 6-9 months. 

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