VA Loans

[Lord Ratner]

Thanks for the great post. Wow.

 

Fortunately I may have lucked my way into a good custom builder already. I'm going to keep looking around, but they do the type of work I'm looking for, and during the tour of one of their more ambitious projects they were hitting all the right notes. Unfortunately, as you pointed out, I'm expecting to pay a lot.

 

The land in Dallas is also very expensive. We have to live in the populated zone due to her job, so I've been looking in the area between DFW and Fort Worth. Lots of good areas all over, but at least 300k or much more to get over a half an acre.

 

Thanks again for sharing all that. You've at least reaffirmed my desire to get a full custom builder.

 

 

[MT near]

Any clue about houses and ag land?

[Hugo Stiglitz]

At the risk of beating a dead horse over how awesome Trident is, just throwing in my 2 cents about our experience. I picked them 100% off the feedback I read in this forum, so I guess we took a little bit of risk, but I felt more confident with each recommendation I read. Jon was very sharp (obviously, he flies for the world’s best airline), he answered all of my questions during our initial conversation, and even tried coming up with some creative ways to save us money. Sure they offered excellent rates and could speak military/airline with me which was extremely helpful, but there are two examples that motivated me to now offer my own recommendation. First, there was a typo in the paperwork that worked to my advantage, and when they found it on review, rather than asking me to pay up the extra money, Trident assumed the cost themselves. Then the night before closing a question popped up that needed legal review. The Trident guys stayed at work late and gave me regular updates in the morning to make sure I wasn’t wondering if we’d be able to close. They’ve got the concept of customer service nailed, so I’d happily use them again. Thanks Jon and Elena!

[Jon - Trident Home Loans]

12 hours ago, Hugo Stiglitz said:

At the risk of beating a dead horse over how awesome Trident is, just throwing in my 2 cents about our experience. I picked them 100% off the feedback I read in this forum, so I guess we took a little bit of risk, but I felt more confident with each recommendation I read. Jon was very sharp (obviously, he flies for the world’s best airline), he answered all of my questions during our initial conversation, and even tried coming up with some creative ways to save us money. Sure they offered excellent rates and could speak military/airline with me which was extremely helpful, but there are two examples that motivated me to now offer my own recommendation. First, there was a typo in the paperwork that worked to my advantage, and when they found it on review, rather than asking me to pay up the extra money, Trident assumed the cost themselves. Then the night before closing a question popped up that needed legal review. The Trident guys stayed at work late and gave me regular updates in the morning to make sure I wasn’t wondering if we’d be able to close. They’ve got the concept of customer service nailed, so I’d happily use them again. Thanks Jon and Elena!

Thanks man and congrats on the new house!  It was a pleasure working with a sharp guy like yourself (obviously, you also fly for the world's best airline).  We don't always get everything right and there can be bumps in such a complicated transaction, but we always own it and will do whatever we can to make it right.  Marty (the owner) learned a long time ago that even eating the cost of a mistakes always turns out as win in the long run because we earn trust and loyalty through it which pays dividends in the future.   We care more about the relationship than the one time transaction.  Great rates/deals and great customer service is the business model.

For everyone else, yesterday (18 May) we hit a 1yr low in rates so now is a great time to get a mortgage or think about doing a refi if you have a VA.  You have to have made 6 payments and 210 days elapsed between the first payment and closing on a streamline VA refi (IRRRL) to close you, but we were locking 30yr fixed VAs with loan amounts under 484,350 with good credit at 3.375-3.5% with no points/fees.  We can also work the rate to give a lender credit to pay up to all the refi closing costs so there is no break even point for doing one.  Only other catch is we have to be able to lower your rate by at least .5% to do the IRRRL per VA rules.  Feel free to hit me up if you'd like to look into it and see if it'd make sense for you.

Jon

jk@mythl.com

Cell: 850-377-1114

[srosaaf]

Trident is great! I am not even close to done with my process but by the end I probably will be working with them close to a year.  For reference I am building a custom home in Texas.  Jon and his team has been there every step of the way and for whatever I need, even if its something that comes up on a Friday night.  I'm not inclined to deal with any other lender based solely on the amazing customer service they have provided so far.   I've recommended them to numerous peeps and recommend them to you.  If this review gives them more business, good, they deserve it. 

B-1B dude

Sam Rosa 

[Jon - Trident Home Loans]

4 hours ago, srosaaf said:

Trident is great! 

Thanks man!  We’ve enjoyed working with you too!  Thanks for helping to spread the word!  We want to help people get the deals they deserve.  Even if they don’t use us please keep telling your bros in the sqdn to shop around.  Veterans United and USAA do 400k+ VA loans a year (#1 & 2 in volume according to the VA) yet they have the highest rates in the country.

[Zag Em]

Piling on to the crowd heaping praise on Trident, specifically to Jon and Jennifer for their awesomeness helping my wife and I ... we close on a house in Montgomery today. While I didn’t quite make it to the big-leagues in baseball, I threw quite a few curveballs at them, a couple late in the game … each time they hit it out of the park! Even though we are entering peak summer move season, I believe Jennifer was handling more applicants than I have fingers … though it was impossible to tell from my end.

To begin, Jon talked me through my options as I was looking at my second VA loan, which would have required more down or a higher funding fee …. Not only did he talk me out of my own dumb intentions, he saved me easily $4k by offering/working a few options at me. To add, they locked me in .5% lower than the lowest quote I got from other sources.

I’ve always used local lenders in my previous purchases, so admittedly was nervous going with a non-local lender outside of where I am presently, or where I am moving …. Jon & Jennifer shattered these fears, and made it easier than all other purchases.

Thanks Jon and HUGE thanks to Jennifer … and do yourself a favor when you’re in the market next, give them a call and allow them to push a quote your way.

[Inertia17]

Throwing another recommendation on the Trident pile.

First time buyers, purchasing BVR. Reached out to Jon based on recommendations on here, and was not disappointed. Very easy to get in touch with the team, no matter if it was the weekend or later in the evening. Jon and co were great about answering questions and explaining the process. All while giving a considerably better rate than the usual suspects.

Feedback from the realtor was that this was one of the smoothest closing processes she has seen in regards to the lender. No issues at all.

I have already sent a few of the bros their way and will continue to do so. Definitely worth checking them out if you are looking for a lender.

Thanks guys!

[MooseAg03]

I can’t say enough about Trident Home Loans and how great it was to work with Jon and Bri (I even got a call from Marty at one point). Planning a separation with the wife and I both starting new jobs in another state, and shopping for our forever home can be quite stressful. I can say that starting with the pre-approval process, Jon and Bri made the mortgage process the easiest part of our separation/relocation. When we made a trip for house hunting, a quick phone call and we had our pre-approval letter to submit with our offer. Once we had a closing date, we got locked into a great rate.

Closing was quick and painless and we just had to provide the usual documentation. We are still out of state, so they coordinated a mobile notary to complete our signing. The best part is that we wound up with more credits than expected, so we received a larger check back from closing. If you’re shopping for a mortgage, definitely check out Trident Home Loans!


Sent from my iPhone using Tapatalk

[Jon - Trident Home Loans]

18 hours ago, MooseAg03 said:

I can’t say enough about Trident Home Loans and how great it was to work with Jon and Bri (I even got a call from Marty at one point). 

 

On 6/14/2019 at 1:45 PM, Inertia17 said:

Throwing another recommendation on the Trident pile.

 

On 6/14/2019 at 9:16 AM, Zag Em said:

Thanks Jon and HUGE thanks to Jennifer … and do yourself a favor when you’re in the market next, give them a call and allow them to push a quote your way.

Thank you all very much!  It was definitely a pleasure helping all of you and congrats on the new houses!  We're still locking at a 2yr low in rates and no-cost refinances are also taking off again.  Give a ring, text or email if you want to see what we can do.  Also if you're in our area (Pensacola) on 15 Jul we've got free tickets to the Wahoos military night for any of you.

Jon

jk@mythl.com or 850-377-1114

 

 

Edited June 17, 2019 by Jon - Trident Home Loans
added location

[xaarman]

Random question, can you do a 20 year VA loan? 

 

edit: would be in Dallas, TX

 

Edited June 17, 2019 by xaarman

[VMFA187]

9 hours ago, xaarman said:

Random question, can you do a 20 year VA loan? 

 

edit: would be in Dallas, TX

 

Sure, just add additional principal payments each month. That’s essentially what I’ve done with each of my 30 year VA loans - Turned one into 15 and the other into a 20.

[PilotWife2]

11 hours ago, xaarman said:

Random question, can you do a 20 year VA loan? 

 

edit: would be in Dallas, TX

 

VA does offer a 20 year.  If you are interested in a quote, send me a PM!  Amy NBKC Bank

[Jon - Trident Home Loans]

11 hours ago, xaarman said:

Random question, can you do a 20 year VA loan? 

edit: would be in Dallas, TX

 

Absolutely to doing a 20yr VA loan!

2 hours ago, VMFA187 said:

Sure, just add additional principal payments each month. That’s essentially what I’ve done with each of my 30 year VA loans - Turned one into 15 and the other into a 20.

The benefit to amortizing it as a 20yr vs doing a 30yr and paying like a 20 is the interest savings.  I just used a file I was working on with a loan amount of 328K.  Interest rates are essentially the same between a 20 and 30yr VA so the only difference is the loan time frame.  If you did a 20yr and never made an extra payment you'd pay 118,512 in interest.  If you did a 30yr and paid it off in 20yrs you'd pay 160,695 in interest.  It's a common misconception that just paying it off earlier will make a 30 like a 15 or a 30 like a 20, but that's not really the case because of the fixed amortization schedule for mortgages.  The best way I describe it is for every extra payment you make you're paying the loan off backwards...you're paying payment 360, 359, 358, etc.  Those payments save you virtually no interest because all the interest is front loaded.  Will you save money if you pay off your house early...absolutely, but you'd save more if the loan was amortized over a shorter period of time for the start.  15yr and 20yr mortgages are a lot of extra money to commit to every month so many people do the 30yr and pay it like a 15 or 20...definitely not trying to talk anyone out of that...just a little education on how the math really works.

Cheers!

Jon

Cell: 850-377-1114, jk@mythl.com

[DirkDiggler]

If anyone is looking for a lender I’d like to give a solid recommendation for National Bank of Kansas City (NBKC).  I just closed on a new construction house in NW Florida with a great rate; I’m a first time home buyer so I had lots of the standard newbie type questions.  The team at NBKC made everything easy, took the time to explain all my dumb questions, got me a great rate ( floated down from our original rate lock after the rates dropped), asked for minimal documents, and even extended our rate lock with no fees after we ran into some shenanigans with the appraisal company.  Would definitely work with them again.

 If you’re looking for a realtor in the FWB/Destin area Chris Collins at ERA was great to work with and really made the process easy/fun for my wife and I.

[PilotWife2]

Quote

 

 

Thanks so much for the feedback!  We appreciate your business! 

[VMFA187]

On 6/17/2019 at 8:23 AM, Jon - Trident Home Loans said:

Absolutely to doing a 20yr VA loan!

The benefit to amortizing it as a 20yr vs doing a 30yr and paying like a 20 is the interest savings.  I just used a file I was working on with a loan amount of 328K.  Interest rates are essentially the same between a 20 and 30yr VA so the only difference is the loan time frame.  If you did a 20yr and never made an extra payment you'd pay 118,512 in interest.  If you did a 30yr and paid it off in 20yrs you'd pay 160,695 in interest.  It's a common misconception that just paying it off earlier will make a 30 like a 15 or a 30 like a 20, but that's not really the case because of the fixed amortization schedule for mortgages.  The best way I describe it is for every extra payment you make you're paying the loan off backwards...you're paying payment 360, 359, 358, etc.  Those payments save you virtually no interest because all the interest is front loaded.  Will you save money if you pay off your house early...absolutely, but you'd save more if the loan was amortized over a shorter period of time for the start.  15yr and 20yr mortgages are a lot of extra money to commit to every month so many people do the 30yr and pay it like a 15 or 20...definitely not trying to talk anyone out of that...just a little education on how the math really works.

Cheers!

Jon

Cell: 850-377-1114, jk@mythl.com

Sorry, I'm a Marine so my maths are bad. 

I just went to Mortgage X's calculator and put in the following...

1) 20 Year Loan, $350,000, 4.0%. Monthly Payment was $2,120. Total interest paid in 20 years was $159,000.

2) 30 Year Loan, $350,000, 4.0%. Monthly payment was $1,670. Added a $450 principal payment every month to make it the same as a 20 year loan. Total interest paid in 20 years was $159,000. And the loan was paid off on the same date as the 20 year loan.

What am I missing?

 

https://mortgage-x.com/calculators/extra_payments.asp

[Marty - Trident Home Loans]

What am I missing?

 

https://mortgage-x.com/calculators/extra_payments.asp

 

You’re not missing anything. Jon’s total interest was based off paying it off at 20yrs and not with a disciplined extra payment every month from the start.

 

If you made the difference in principle payment from the beginning and never missed it then you are 100% correct.

 

Most people are not as disciplined as a Marine to make extra payments diligently every month along the way. They throw lump payments in towards the end or randomly sprinkled throughout so they end up paying more in interest even though they paid it off in 20yrs.

 

Getting the 20yr mortgage from the start forces the borrower to be disciplined but that’s not for everyone.

 

You both are right, but as a former Navy guy I’ll side with you;)

 

Marty

 

 

Sent from my iPhone using Tapatalk

[MilitaryToFinance]

On 6/18/2019 at 8:24 AM, DirkDiggler said:

If anyone is looking for a lender I’d like to give a solid recommendation for National Bank of Kansas City (NBKC).  I just closed on a new construction house in NW Florida with a great rate; I’m a first time home buyer so I had lots of the standard newbie type questions.  The team at NBKC made everything easy, took the time to explain all my dumb questions, got me a great rate ( floated down from our original rate lock after the rates dropped), asked for minimal documents, and even extended our rate lock with no fees after we ran into some shenanigans with the appraisal company.  Would definitely work with them again.

 

Wow sounds like you had the exact opposite experience to me with NBKC last year. I always meant to write a review but never got around to it. Lots of issues around closing and something like $6,000 in fees to extend our rate lock. Some of the details have faded from my memory but I would definitely not use them again or recommend them to others.

[PilotWife2]

Quote

 

I'm sorry to hear this!   Would you mind PMng me directly to I can get the particulars from you?  Yours is not a typical experience with NBKC, and I would like to find out what happened.  I appreciate your time and hope to hear from you soon!  Amy 

[stract]

I also had a great experience 2 years ago with Amy at NBKC.  No hiccups at all moving to Utah.

[Ziplip]

Just closed with Jon at Trident (3.5% in UT). He was awesome from start to finish; I deployed when trying to close on one house and when the deal fell through, he took care of the cost of appraisal. On the second attempt, I was sent on a TDY that was going to cover the day I was supposed to close and Jon and Bri made sure this didn't impact the deal and minimized the pain even with the change in location. Jon and Bri were both quick to respond to any questions or requests and always had solutions to problems. It was great to work with someone who understands how the military can send you someplace with short notice regardless of what is going on in your life.

[Jon - Trident Home Loans]

On 6/23/2019 at 11:36 AM, Ziplip said:

It was great to work with someone who understands how the military can send you someplace with short notice regardless of what is going on in your life.

Thanks man!  Congrats on finally getting into a place...long road but worth it in the long run.  It was a pleasure working with you!

Rates have continued to drop especially on VAs.  Here is a snip of the 10yr Treasury bond  today...mortgage rates follow it's trend.  If you closed during one of the higher points you might want to consider a IRRRL (streamline refi).  We have been doing them no-cost (we pay the closing costs and VA funding fee) and you just save money/skip one mortgage payment.  No break-even point since we're covering the costs.  Hit me up if you're at a 4% or more and have made 6 payments already or will soon to take a quick look to see if its worthwhile.  No pressure if you reach out.

Jon

850-377-1114

jk@mythl.com

[Kenny Powers]

What are the rules regarding VA loans and how you deconflict them when selling a home financed with a VA loan and purchasing a new home with a VA loan, like during a PCS? Does the 1st loan have to be paid in full before you have full entitlement for the 2nd loan?

[PilotWife2]

You can sell the "old"  home financed with VA and close on a "new" home also financed with VA the same day using your full benefits.  You just sign off on the old home 1st and then close on the new home 2nd.  There is no waiting period to reinstate your VA benefits.   

You also can have more than one VA loan out at a time assuming you did not use all of your VA eligibility on the VA loan you have now.   You may or may not have to put money down on the 2nd concurrent VA loan--just depends on how much eligibility you have remaining--what the purchase price is for the new home--and the VA county limit where you are buying.

Let me know if you have any other questions!  Amy