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USAA vs. NFCU: VA Loan, post-housing bubble Edition
- Thread starter Tycho_Brohe
- Start date
Thanks, A fellow Prowler Pilot referred me to join.
Tim and I are former VT-7 instructors and commercial airline pilots. We sponsor a large amount of military and in particular aviation related events in the Gulf Coast area.
I call the flyers are liars. If you get them, they ask if you have a rate above 1.75% and say roll in costs, no out of pocket costs. WE do the VA IRRRL without any costs including the funding fee of .5% paid with a lender credit. Rates have gone up to 3.5% now for most states for a no cost VA IRRRL. Veterans who have a 10% VA disability will average 3.375% for a no cost refi. The lender you closed with had an opt out loan checkmark. It is put to default to yes. The VA loan is now public record so you'll get fliers regardless of what rate you have.
What I'm enjoying right now, I live in base housing and I average 1-2 letters a week from a lender asking if I want to refinance my VA loan, on the house I live in, on base, owned by the government. Still haven't figured that one out yet.
exNavyOffRec
Well-Known Member
Have you asked the housing office what their current interest rate is? Tell them you might be able to save them some money
After we close a loan, a lot of my borrowers get these and call me.
Here is what to look for;
Do you have a rate above 1.75%?
No Out of pocket costs
2.75% apr fixed rate, 30 year mortgage.
Let me interpret
Everyone has a rate over 1.75%, but, This isn't what your gonna get, it's a teaser and mostly illegal if you complain to the CFBP
Costs are rolled in, but not coming out of your pocket unless you consider principal out of pocket
Fixed, 30 year means either one , or the other but not both.
The 30 year is a 3 year arm.
Ohh, and my favorite is
No Cost! Until you read the disclaimer which lists all of the costs, taxes, insurance, and VA funding fees not included.
When a Naval Academy Graduate and fellow Veteran shows you a fee sheet paying the costs, then you can see what no cost really is. Unfortunately we have seen rates rise .25% this week and now most true no cost VA IRRRL's(existing VA Loan) refinances are now at 3.5% to 3.625%.
Here is what to look for;
Do you have a rate above 1.75%?
No Out of pocket costs
2.75% apr fixed rate, 30 year mortgage.
Let me interpret
Everyone has a rate over 1.75%, but, This isn't what your gonna get, it's a teaser and mostly illegal if you complain to the CFBP
Costs are rolled in, but not coming out of your pocket unless you consider principal out of pocket
Fixed, 30 year means either one , or the other but not both.
The 30 year is a 3 year arm.
Ohh, and my favorite is
No Cost! Until you read the disclaimer which lists all of the costs, taxes, insurance, and VA funding fees not included.
When a Naval Academy Graduate and fellow Veteran shows you a fee sheet paying the costs, then you can see what no cost really is. Unfortunately we have seen rates rise .25% this week and now most true no cost VA IRRRL's(existing VA Loan) refinances are now at 3.5% to 3.625%.
Newb questions.
My wife and I are toying around with the idea of buying a home at our next duty station (in advanced right now). Can I go to Navy Fed and get some kind of soft approval or something that won’t result in a hard credit check? VA Loan limit is $649,750 in San Diego which is awesome, but I’m still on O-2 pay, so a $600,000 is a huge mortgage for my yearly pay, even though that’s about what my O-3 BAH is going to cover. It would just be nice to know ahead of time if they’ll consider that too much house for too little pay.
Alternatively, could I apply for a mortgage knowing I won’t buy in the next 90 days, but just to see if I’ll get approved for the amount I want, then just renew it perpetually until I PCS? Or will that result in hard credit pulls every 90 days for until I buy?
Obviously don’t want to sign for a house and end up with Harriers out in N. Carolina, but if I get F-18s West, I could be in the Miramar area for a while, long enough to make a San Diego home a financially work out. Ideally I’d like to have a place to move the family into right away, but we’re still trying to figure out the logistics of all that.
My wife and I are toying around with the idea of buying a home at our next duty station (in advanced right now). Can I go to Navy Fed and get some kind of soft approval or something that won’t result in a hard credit check? VA Loan limit is $649,750 in San Diego which is awesome, but I’m still on O-2 pay, so a $600,000 is a huge mortgage for my yearly pay, even though that’s about what my O-3 BAH is going to cover. It would just be nice to know ahead of time if they’ll consider that too much house for too little pay.
Alternatively, could I apply for a mortgage knowing I won’t buy in the next 90 days, but just to see if I’ll get approved for the amount I want, then just renew it perpetually until I PCS? Or will that result in hard credit pulls every 90 days for until I buy?
Obviously don’t want to sign for a house and end up with Harriers out in N. Carolina, but if I get F-18s West, I could be in the Miramar area for a while, long enough to make a San Diego home a financially work out. Ideally I’d like to have a place to move the family into right away, but we’re still trying to figure out the logistics of all that.
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I believe my pre-approval with Navy Fed was in fact a soft pull, but I'd ask them about it to confirm. You should also be able to work with them and explain that if you do get orders somewhere expensive that your pay will go up commensurate to that. Can't say for sure though. As far as applying for a mortgage every 90 days, pretty sure that'll be a hard pull every time, and I don't think you can apply for a mortgage without actually having a house to buy.
I'd wonder if it wouldn't be easier to rent at your next duty station for a couple months, feel out the area, and then make the decision about buying. Obviously it'd suck moving twice, but just something to think about.
I'd wonder if it wouldn't be easier to rent at your next duty station for a couple months, feel out the area, and then make the decision about buying. Obviously it'd suck moving twice, but just something to think about.
Hello everyone, I’ve been doing loans for 18 years and I’m happy to use reviews on this forum to get your business. . My advice is to use this forum and trust your fellow aviators on who provides the best service and the best rates. I do of course and my team of processors knows how to lend money with respect and ethics. Movers advantage is paid for by the realtors who then have a tendency to steer you to a not so competitive lender. In order to be competitive on a forum, you have to be offered the best rate and you also need to know service is also just as important. Speaking bluntly, any program that realtors pay on your behalf might not steer you to the proper lender or a lender who gives you the fairest quote.
I did about 300million in Loans last year mostly to pilots and the military. In almost every case, I was the best rate from the first quote forward. My goal is to use your reviews and comparative shopping to consistently be number one with VA loans and loans to fellow pilots. I quote a rate and a fee making it easy to compare. I also do a fair amount of VA IRRRL’s to prior clients under no cost scenarios to help save even more. I don’t post much, but would rather do great business and let my borrowers post. I’ve had this same ethic for 18 years at my current airline and I maintain a close connection to the military through $100,000 of annual sponsorships to veterans groups and charities including USNA and the BA Foundation. It’s all about saving you money and spreading the word to reward each other for loyalty
I did about 300million in Loans last year mostly to pilots and the military. In almost every case, I was the best rate from the first quote forward. My goal is to use your reviews and comparative shopping to consistently be number one with VA loans and loans to fellow pilots. I quote a rate and a fee making it easy to compare. I also do a fair amount of VA IRRRL’s to prior clients under no cost scenarios to help save even more. I don’t post much, but would rather do great business and let my borrowers post. I’ve had this same ethic for 18 years at my current airline and I maintain a close connection to the military through $100,000 of annual sponsorships to veterans groups and charities including USNA and the BA Foundation. It’s all about saving you money and spreading the word to reward each other for loyalty
Im hoping I can fly my wife back and forth with points we have on a few cards and have it workout so we move right in. I just don’t know how busy I’ll be at the FRS, and if a post-class up move would be doable.
But honestly, that’s probably what will happen. Move into something short term while we drive around like the google maps car trying to get a feel for the areas.
Any mortgage pull is a hard pull but you don’t need to have it done more than once. Other lenders can use that score for quotes until you choose. Fortunately with the VA, they allow a 65% debt ratio so you can usually qualify. You only need to pull your credit once but it expires after 90 days. As long as it’s over 600, it’s not really an issue, but 680 or better will gibe you a better rate, 3.5% vs 3.75. navy Fed has a non-refundable application fee and other fees of $880, compared to zero w almost everyone else. If you just want a prequal, it takes 10 min and is free. Since you are over $453,000 expect 3.75% no points
I’m gonna bump this thread too since I just got cleared to close by the title company.
VA IRRL down to 2.25% with @Marty Medve ’s crew at Trident Home Loan.
I’ve done the mortgage process 8 times post 2008 changes and this has been the easiest process I’ve had hands down. I’ve been pleasantly surprised. Definitely would recommend.
VA IRRL down to 2.25% with @Marty Medve ’s crew at Trident Home Loan.
I’ve done the mortgage process 8 times post 2008 changes and this has been the easiest process I’ve had hands down. I’ve been pleasantly surprised. Definitely would recommend.
Well played.