Marty - Trident Home Loans

I agree with Amy that it is costly "if" you have to pay the funding fee. If you have a VA disability or your lender pays your funding fee then the refi costs are significantly lower. I regularly pay the initial 2.15% funding fee then do a no cost IRRRL after 6 months for my borrowers. It's a win for everyone. Sent from my iPhone using Tapatalk

An IRRRL is a streamlined VA refi. Your original loan would need to be a VA to do an IRRRL. You can refi from a conventional to a VA but there are more costs/paperwork/appraisals associated. You can take a slightly higher rate to get most of your closing costs paid then do an IRRRL to lower the rate back down assuming rates stay similar over the 6 months. I do a lot of these minimal closing cost initial VAs followed by a no cost IRRRL after 6 months. Saves you a lot of money for not that much extra paperwork especially if you may sell due to a PCS 3yrs later and don't want to deplete your savings or roll extra costs into you loan. Little known fact...you can do an IRRRL on any house you've lived in that still has a VA loan on it even if you're not living in it anymore. Don't just live with a terrible interest rate on an old house if you can reduce it at no cost. Marty Sent from my iPhone using Tapatalk

May 22-24 Trident Home Loans is proud to be the Premier sponsor of the Blue Angels Airshow at the United States Naval Academy. Our offices are located in Pensacola Florida. Trident is owned by myself; 1985' USNA Grad/Navy Pilot and Tim Moor AOCS NAS Pensacola/Navy Pilot. We are also proud to sponsor the Blue Angel Foundation's reunion as well as the Naval Academy Athletic Associations excellence in Athletics golf tournament all during Commencement week. I personally look forward to seeing many of my fellow shipmates at the VIP Tents as well as the 40 or so Former Blue Angels and their families. I know most everyone on here is AF, but if you're in the area please swing by for a visit. I'd love to meet you! Marty Sent from my iPhone using Tapatalk

If the builder will finance it then you don't need a construction loan...just a regular VA. If not, local lenders, banks, and credit unions are typically the best for construction loans. You can do a VA construction loan where you pay interest only until construction is complete then you start principle and interest payments. The rate will be higher but since you're already in a VA you can follow it up with a no cost IRRRL to reduce your rate. I'm doing regular 30yr VAs at 3.25%, but a construction VA would probably be around 4.25-4.5 if I had to guess. It doesn't really matter what initial rate you get if you do a no cost IRRRL 6 months after the construction is compete. You can even ask for a larger lender credit in exchange for a higher rate knowing you're going to do the IRRRL to lower the rate back down to the market rate. That'd be my recommendation. Marty Sent from my iPhone using Tapatalk

I am but I'm waiting on my company license to be approved. Should be real soon...I'll let you know Sent from my iPhone using Tapatalk

We got a nice little rate dip this week and I'm taking advantage of it to lower rates at no cost for as many people as I can. If you are over 3.625% on a 30yr VA that's still your primary residence, email me to see if I can make a NO cost VA IRRRL work for you. I just need your state, VA Disability status, credit score and loan amount to run a quick quote. I can also do No cost IRRRLs on previous homes that you still have a VA on but use as a rental now. The rate would just be a little higher but if your sitting above 4% it'd be worth looking at. Take care! Marty marty@mythl.com Sent from my iPhone using Tapatalk

On Friday April 7, I am doing a small sponsorship for some WW2 Vets at Hurlburt. Lt Col Dick Cole will be attending along with several other prominent Vets. This will likely be Lt Col Cole's last Visit but he has said that for the last 3 years! If you are in the area, be sure to attend. https://www.emeraldcoastfl.com/things-to-do/upcoming-events/world-war-ii-75th-anniversary-remembrance-banquet/

The loan limit depends on the county max and the VA Loan will go to 100% of that amount. And above that amount less 25% down. You can borrow against your 401k or use a loan against your own assets to qualify for VA or conventional loans. The key here is that the loan is from secured assets. the debt does not count against you as it is your own money. you will have to provide both the statement of secured assets as well as he deposit of these funds from the transfer or loan. Thanks Marty marty@mythl.com

I am currently in Panama City Beach with a couple of Veterans who are Realtors and they are asking me how they can offer The military better deals on purchases!! If anyone is interesred around Tyndall, let me know. Nice people, Vietnam Vet father USAF KIa. Good people.

Thanks Sir! That deal worked out great! The no cost IRRRLs are the way to go. Right now I'm doing no cost IRRRL refi's for 680+ credit score guys in FL on 30yr fixed VAs at 3.75% (3.825% APR) and 3.5% (3.625% APR) on 15yr fixed VAs as long as the loan is for $424,100 or less. Rates have improved so anyone still sitting at 4% or higher would save some money and not have a refi breakeven period since my company would be paying your closing costs and VA funding fee. It's also a great option for guys who have VA construction loans which typically run at higher interest rates and don't want to keep that for life. I'm just highlighting FL but my company is licensed in 19 states so there is plenty of opportunity to jump on this good deal. Shoot me an e-mail and I'll get you a quote from one of my licensed loan originators in your state. Marty

If the bank allows or has a WDO, it should pass. 7 years ago, no chance, but now we are seeing banks fix what they must to sell the home. At least locally. we also have a 1% down loan if the VA WDO doesn't work. The rate is higher but worth it if you can get the property cheap. The listing agent will tell you if repairs are allowed.

[emoji481] to our fallen brothers Praying for the families of these fine men[emoji120] Sent from my iPhone using Tapatalk

You have 100% VA loan use up to 424,100. Since you used $150,000 you have $$274,100 remaining for 100% use and then you have to put 25% down after that. This is for a county max of $424,100. If the county max is more, we would have to calculate the loan amount. For example, if Virginia county max is $650,000, then VA max to 100% would be higher than $274,100. You can email me directly or call to be specific to where you're buying. 850-346-0250 or marty@mythl.com Thanks, Marty this is

Sounds neat Amy! If anyone of you are the Panhandle of FL on 18 March, Trident is sponsoring a table at this year's Grit & Game. I have 4 open seats at my table and would love to have any of you join me as my guest. It should be an awesome evening of food, drinks, good company and amazing war stories all supporting a great cause. PM or email me (marty@mythl.com) if you'd like to join me (first come, first serve with preference given to former Trident clients from Baseops). Details below: Get ready for an amazing night! Chefs Chris Sherrill and Brody Olive have organized the wildest cook off ever - the area's most talented chefs will vie for a spot at the World Food Championships as they prepare wild game harvested by local hunters. Afterwards, prepare to be inspired by stories of heroism and resilience from former service members Omar Avila (retired soldier, burn survivor, amputee, and current world record holder for the World Association of Bench and Deadlift in the Paralympics category), Jeff Kyle (former Marine, philanthropist, and brother to Chris Kyle), and Joe DesLauriers (retired Air Force EOD Technician and triple amputee). Funds raised at Grit & Game benefit Hunting for Healing, a 501(c)(3) charitable organization started by former Navy SEAL, best-selling author, and Pensacola/Orange Beach local Kevin Lacz. Hunting for Healing's mission is to foster communication between service disabled veterans and their spouses through hunting, fishing, and outdoor excursions. Don't miss out on amazing food, entertainment, auction items, and the chance to meet and hang out with some of the biggest names in the veteran world, all for a great cause! When: 18 March, 6-10pm Where: Perdido Beach Resort Link: https://www.huntingforhealing.org/events.html

We've seen rates drop .25% on VA loans over the last 7 days and pricing is especially good on jumbo loans above $424,100. I've been able to lower a large amount of our borrowers for free who locked in prior to the drop. I'd suggest anyone who has locked recently to see if you can get a better deal with your current lender or consider switching lenders. Marty

I want to support Amy and NBKC on the servicing issue. In this industry, loan origination and servicing are two separate items (just like land and mineral rights in Texas). We can steer a borrower's loan towards a particular servicer but we can't control what they do with those rights. An example is your loan is sold to Ginnie Mae and the servicing rights are sold to Great Servicer. Later down the line Great Servicer decides it's better for their business to sell the right to service your loan to Crappy Servicer. As the originator, we can makes calls on your behalf and do our best to protect you but unfortunately it's totally out of our control since it's a completely separate entity/legal right. As loan originators, our goal is to get you the best rate/deal, get your loan closed as smooth as possible and save you the most money in the long run. We make a big effort only to work with others who will treat you right, but sometimes a few bad eggs slip through the cracks. Typically they end up with a class action lawsuit or go out of business. If you unfortunately do have a terrible servicer and rates are good you can refi which will change everything. You could also go with a big bank who claims they will never sell your servicing rights, but history has proven that they too go out of business and will always make business decisions that best benefit their company. They typically also have higher rates, because of the extra overhead a big business with lots of employees and brick & mortar comes with. I know NBKC is trying their best to take care of their customers just like we do because it's the right thing to do. When you do a loan make sure you ask your potential lender the hard questions and make your priorities/needs known so we can focus on exceeding your expectations in those areas. In the end, words are great, but if they can't show you the money on paper then I'd stay clear. A marginal servicer (can't control who you get anyway) who is off a couple bucks here and there is better than getting a higher rate and paying thousands of more dollars in interest. Just my 2 cents Marty Sent from my iPhone using Tapatalk

This kinda got buried quickly today so I wanted to make sure everyone got to see the chart/recommendations. Marty Sent from my iPhone using Tapatalk

Congrats to 5yrs! I'm really glad Dan and NBKC got this thread going...there is a ton of great information on here to help everyone make educated borrowing decisions. I believe I speak for Dan & Amy when I say we all just want to see our service members/pilots get a great deal while avoiding the scams. I'm here to help you in any way I can and if my company makes a buck then even better...if not my 767 FO pay isn't too bad;) Marty

No, we do not have a servicing department. Most lenders do not either except for larger banks and mortgage investment companies. Typically these result in higher costs because of their overhead, but everyone has a different business model. Quick behind the curtain mortgage class...big to small lenders don't have the billions of dollars needed to hold every loan in their portfolio so almost every loan is sold to Fannie, Freddie or Ginnie. The big three buy all the mortgage notes then package all the mortgages together into big $$ securities that conform to specific investment standards. They are then sold to all types of investors as mortgage backed securities. This allows us as your lender to reuse the money that we previous lent to fund new mortgages thus boosting the economy. Even if you do a mortgage with a big bank and get your monthly bill from them (servicing) they likely have already sold your mortgage to one of the big three. All they are doing is servicing the loan so they continue to make some money off you since the big three do not do servicing. Hope that helps! Marty

Couple things that might help you: 1) So everyone is tracking my company is licensed in: AL, CA, CO, DE, FL, GA, IN, LA, MD, MI, MN, MS, OK, OR, TN, TX, VA, WA Soon to be: NM, UT If we're not licensed in a state you need help in, still let me know and I can find you a wholesale lender like me who is. 2) We've had a few guys who are PCSing this summer and want to get prequal'ed. The prequal app is easy and takes 5-10mins max which you can find on www.tridenthomeloans.com. Rates have been on the rise since the election and seem to continue to trend up (I don't have a crystal ball, so hopefully I'm wrong). The chart below shows conventional rates with VA rates, in general, being about .375-.5% lower. If you're thinking about buying soon, then let me know about 60-90 days out from when you'd like to close by. I'll lock you for free at the current market rate even before you've found the right house. Then, when you find the right house and sign a contract, we'll float your rate down for free if rates have decreased since the initial lock. This way your rate is capped and can only get better. Free means free, no points or hidden costs to do it. I just want to help save you money. Take care! Marty marty@mythl.com Owner, Trident Home Loans 767 FO, former EA-6B pilot, USNA alumni

I echo Amy's comments. Here are a couple options: 1) At a minimum, file for disability and have your appts before you sign a purchase contract, pay the funding fee and then ask for a refund once it's awarded. 2) Start the process early and get awarded your disability while you're still on AD then buy. Your COE won't be updated but you can fill out a VA Form 26-8937 to document it. I advise everyone to get everything in black and white and not just take people's word for things in this business. I've seen a lot of people lose thousands of dollars because their lender was either unethical or uneducated. Commission is big in this business so people say things to get your business then don't deliver but the borrower bites the bullet. Here is the source document: https://benefits.va.gov/WARMS/docs/admin26/handbook/ChapterLendersHanbookChapter8.pdf Specifically see 8b, e and j. I hope this helps others to get a refund or prepare for post retirement/separation life. Happy New Year to all! Marty Sent from my iPhone using Tapatalk

If you want to buy a house that costs more than the entitlement you have remaining you'd need to put some money down to do a second VA. The basic formula would be (purchase price - 169K) * .25 = down payment. If the county you're looking to buy in has a higher VA loan limit you may have some extra entitlement left too which could lower the needed down payment. Unfortunately, you can't combine a VA with a traditional loan though. A lot of people will also refinance out of their first VA to free up their full entitlement for a new purchase so they don't have to put money down. I do a lot of these for people who are getting ready to PCS so it's done before they start house hunting. There are also other options like doing an FHA or even a 5% down conventional as well. There is a solution to every problem...we just need to find what route would help you the most. Shoot me an e-mail or give me a call if you'd like to chat in more detail. Marty marty@mythl.com 850-343-0400 ext 101

Thank you Gents! I think the AF calls the concept "centralized control, decentralized execution". Not sure if it works well in the AF, but our team lives by it. It's the only way two airline pilots could make this type of business run "nearly" seamless while we're flying trips. Marty

Thank you Maestro! Elena and Lauren are awesome! I'm always pushing the team to find solutions not problems. Glad we found a good one for you. We will get you a no cost VA refi next year to save you even more. Let me know if you need anything. Merry Christmas to everyone! Marty marty@mythl.com