When VA Lenders Compete, You Win – How to Find a Good VA Mortgage Lender
We’re jumping right into the topic. When VA lenders compete, you win. Okay, you may have heard a similar catchphrase like that or some similar. I don’t know you don’t I’m trying to say. You’ve probably heard something like this before it’s true in life in general, when you can get many people more than at least one in this instance.
We’re going to use an example of three, but if you can get someone to compete for your business, you’re always going to win so, for example, somebody in our marketing department, our marketing director and I were talking before this article – he just got done doing a home Improvement loan don’t want to tell you who he went through, but I bet you can guess – pulled some equity out of his house, which we’ve been talking about lately and he was over at Home Depot with all this money that he got out of his house and They were redoing their cabinets, their kitchen.
He was making his wife happy, happy, wife, happy life, there’s another catchphrase. You’ve probably heard back to the point. What made it so amazing is that he went to Home Depot first and when he was looking for all of his. You know supplies and products. He saw something near one of the registers that said they would match Home Depot would match any basically price that he could find. So he went out to two or three other hardware stores and Home Improvement.
Places in the area got some better deals, believe it or not, that he would have had at Home. Depot went back, provided the proof and ended up getting a better deal at Home Depot than the otherwise would happen, and that’s exactly what I want to teach you today now we’re going to talk about the CFPB and we’re going to be friendly with the CFPB. Today. That’s not always the case, but the CFPB, who is the Consumer Financial Protection Bureau? There are a government agency if you will that their sole intention is to protect the consumer and we’ve talked, and we will continue to talk to some that doesn’t always happen.
The intentions are good, but sometimes the regulation doesn’t make that work well kudos to the CFPB on this one, because about a year ago they put out a report that suggested that less than half of the people in this country getting mortgages took the time to shop. When they were getting a mortgage purchase refinance and why did people not shop? Well, there was a few reasons number one they immediately went with, whoever they had used in the past, so prior relationships, confidence and comfort.
Okay, I understand that or they immediately went with the first big bank that they came across Chase Wells Fargo US bank now to see if he didn’t name those names, but they led us to believe through their article that borrowers that didn’t shop, they just didn’t understand Or feel the need to do it, I don’t care if you’ve gone through uncle Jim’s mortgage company for your last three mortgages and he’s your best uncle you’re doing yourself a disservice by not making Uncle Jim in this example compete to maintain your business.
You don’t he’s already earned it. Here’s how you get banks to compete, step number one. Let’s get right to the point. This is your recipe for success. The number one three lenders you need to get at least three lenders on your radar so, like I said great time to be refinancing, interest rates are still low, though they’re starting to creep up home equity is at an all-time high. Go get some of that cash out of your house and doing much-needed home improvement.
Take a much-needed family vacation before you decide who you’re going to go through get three lenders now, of course, low va rates. We need to be one of those lenders, I’m just telling you little birdie told me: choose lobia rates for one of lenders then put us to task go to whoever did your last loan and if that was us, then go find somebody else. Look at the billboards in your area go to your local banker now.
Doesn’t this sound odd, we’re telling you to go? Find some competition. Of course we’re we’re very confident. It’s in your best interest, get three lenders. Once you have those three lenders, then you’re going to want to go through kind of a. I don’t know a investigative type process with them to find out two or three very simple things. Number one right happens if lender number one is at 475 lender number.
Two is it’s four and a half and lender number three is at four and a quarter. Then you go back the lender number one and you tell them hey, I’m getting offered four and a quarter, and you get these guys doing the best they can to compete to earn your business so find yourself. The best rate we’ve got articles all over our YouTube. Blog on how to determine who’s, giving you the best deal, there are also closing costs involved in these rates, so make sure you’re comparing apples to apples number three.
How do you feel this is huge? Okay, it’s not the only thing, but let’s say the best rate out there. Every time you talk to him, you feel like you’re, being lied to your feel like you’re, getting pressured. They have no clue what it means to do. Va loans and they’re just stumbling all over themselves. Well then, this is also part of the equation who’s going to treat you the best who’s going to talk to you with respect who understands your military service, if you’re, a veteran okay so find three lenders get them competing.
Is this a tug of war? It happens. Here’s what I’m going to end today, if you’re not familiar with the two hundred and fifty dollar lowest rate and fee guarantee, we’ll put a link to our excuse. Me we’ll put a link to that on our website. But if you can find a better deal anywhere out there on any loan, conventional VA FHA usda. If you can find what you think is a better interest rate, and/or lower lower closing costs, bring us evidence just like my marketing director did to Home Depot we’re better than Home Depot, though we won’t just to match it.
That’s what Home Depot did we will beat it? Okay, we will beat the best offer. You come with that my friends here at low V rates reading today. That is why, when VA lenders compete, you win. You want to take V out of there. Put an FHA put USDA get lenders competing, it’s in your best interest, it doesn’t have to be uncomfortable, it does not have to be animus or or angry. It is part of you protecting you and you deserve the best.
Okay, any questions start bringing those up doing a question and he says I want to do. I want to refinance my current VA loan with another VA loan, but pull cash out and I’m in Texas. Can I do that uh? Possibly okay. Now I am NOT a lawmaker, but we can do some researching it back to you, Eddie, just private message us to your contact information with the most recent changes in the tax law. I believe there were some laws passed in Texas that do allow Texas veterans and other home owners to access the equity in their home.
It’s intricate. There are Texas equity laws that have kept Texas homeowners safe when the housing market was way out of control. Texas didn’t get hit like areas like Arizona out of California, so on one hand, those laws or regulations have protected our veterans in Texas. On the other hand, they have also kept you guys from being able to get some of that equity. That you’re, you can do VA cash outs in Texas.
There are some restrictions on how that cash is used and how often you can do it now keep in mind if the VA loan isn’t the best route to go. If you have lots of equity in your home, there are other ways to access that equity. So, let’s meet offline privately and we’ll get more details on your particular situation and what we might be able to afford a great question. Donna took out a bankruptcy last year and is wondering how long she has to wait before she should do a refinance so great question Donna.
So there are differences in rules with VA and FHA and conventional assuming you’re. Referring to your va loan benefits. There’s a difference between chapter 13, bankruptcies in Chapter 7. You know chapter 13s, not as detailed and it’s not a complete liquidation of all of your liabilities, your debts, so on a chapter 13, generally speaking of the fee, ain’t give us some leeway here. They give some guidelines and then they are lenders, because the V is not lending the money we are.
So our money is at risk here and we’re going to look at your entire situation, but, generally speaking, a chapter 13, you need to have gone 12 months, one full year of reestablished credit. It does not help your situation if you have declared bankruptcy started, making timely payments, and then you start defaulting on auto payments or credit cards or you’re, not paying the trustee. That could hurt you, so we need reestablish credit of at least 12 months.
Most of the time, with a chapter 13 chapter sevens closer to the two-year mark again extenuating circumstances. Personal situations do allow us to make some exceptions to those guidelines. They’re guidelines, they’re, not fast rules, so also reach out to us either by phone. Private message live chat and we can look more detailed into your personal situation. Any other questions. Okay, if there’s no more questions, I’m going to wrap up and if somebody else throws one at me, we’ll try that answer before I leave we’re closing today was something we feel super passionate about here at lower rates.
It’s why we wear red every single Friday. Now we’ve been doing this for well over the last couple of years, and I’ve just been hoping that every single Friday, we would have hundreds, if not thousands, of photos of people wearing red. They don’t have to be lobia rates, red shirts. They could just be a red t-shirt, red sweatshirt, red baseball cap, red fans with low PA rates, tagged in the picture and the hashtag red Friday, if you’re not sure what that means.
This is a hashtag red Friday. So you post a picture on Instagram Facebook, LinkedIn Twitter, wherever you want to post a picture hashtag red Friday and then, if you tagged, that’s you type the @ sign and then lo VA rates. You are going to be able to get mailed to you. Some of our red swag now, don’t just do it because you want cool red sweater. I do think this shirts pretty cool by the way. Here’s why we do it.
It is an outward kind of in-your-face expression of something that we take very seriously internally in our soul in our hearts in our minds here at low VT rates. I wish we could walk you through the office everybody’s wearing red. We don’t make them, we don’t give them prizes for wearing red, they do it because they love the veterans of this country. This is our way of showing support. There’s way too many people in the country right now that are, in my opinion, disrespecting veterans and disrespecting.
This country, this is a way to say we support the military, regardless of your political affiliation, these guys and gals men, and they deserve a repo. They deserve our support. Please wear red even if you’re, not an in-your-face type of person, you don’t want to throw it all over the Internet and you don’t want to bring that up. You’ll know when you walk out of your house every Friday morning with something red on while you’re doing it so stay safe, have a great weekend, we’ll see you guys next week, Friday same time, 1:30 Mountain Standard,