reputable va lenders

[yourkiddin]

wondering if anyone has refinanced there home lately? getting alot of letters these days from different companys. my current interest is a 6.5, seen on the the net they have fallen into the 5s. the smart thing to do is stay local i guess but wondering if could get a better rate from one of these that keep offering me there services for less.

 

[Bigprairie1]

Re: reputable va lenders

These days, the lender is more of an issue than the interest rates which are usually not that far apart. You want to know who is holding your mortgage, period.
That said, I would use the posted rate from these competitors to leverage a better rate from your current mortgage/finance company or bank. They don't want to lose your business and will probably knock something off your current rate or payment.
Just be careful....again, don't go for some company you don't know who can't answer for who is holding the mortage.
My two bits.BP

 

[Bob_VT]

Re: reputable va lenders

I have a VA Loan. When I first took the loan it was sold four times. My last lender was Midland Mortgage and we had a parting of the ways. My first wife had passed away and their ability to handle paperwork (or lose paperwork) made me go shopping. I am with Gmac now which gave me a better rate than the local bank.

If I had to do it today I would hit the banks first. If you are a member of a CU and they do not do mortgages then ask the loan department for a direction to go.

If you go VA you will probably have to pay PITA (Principal Insurance Taxes) in one simple payment.

 

[yourkiddin]

Re: reputable va lenders

currently an offer from flagship financial group sounds good. even says you can defer two mortgage payments. cant find no bad info on them on the net. but i am always cautious and dont want scammed.

 

[Bob_VT]

Re: reputable va lenders

Well find out what the VA rules are. VA has specific rates and normally the seller has to pay the points. The rates change daily and usually can not be locked in with a VA loan until the day you sign the papers.

Please for your sake NEVER use the deferred payments but it sounds nice.

Ask them if they are going to keep the loan or sell it.

I just googled flagship financial and it appears as they have a VA division which is great for you.

If they are offering you a 30 year loan ask about the payment ..... then ask about a 15 year loan. I bet the payments are fairly close.

 

[tashasdaddy]

Re: reputable va lenders

VA has to approve the lender, before they can make any VA guaranteed loans. so i would say, most are reputable. you loan paper work is reviewed by a VA underwriter, before the loan is made.

i have been out of the business for a while, but i do not believe that VA is a refinance opportunity. it use to be just purchase. FHA, is an refi opportunity. there is a big difference, in the two, VA, guarantees the loan, no loan insurance premium.. FHA, insures the loan and you pay an insurance premium, on the mortgage balance every month until the loan is 80% paid off.

the laws may have changed in the last couple of years.

 

[PW2]

Re: reputable va lenders

Loans can be complicated, and they are likely to put the things they want you to see in large print, and what they want to hide in small print.

If it sounds too good to be true, it probably is.

I'd spend the $100 or so to run it by a lawyer before I'd sign anything.