VA Loans

[Homestar]

At what point does it make sense to refinance or do a IRRRL?  I'm currently at 3.75%.

[Bullet]

Another day, another heap of praise for Jon, Bri, and the rest of the team at Trident.  Slightly unsual situation for me -- looking to refi a first and second mortgage consolidated into a single jumbo loan under the VA. House purchased in 2007 and FINALLY to the point where the house value was worth more than the outstanding notes.  Jon fully understood my situation, and gave me mutliple options to consider, and  got me a fantastic rate for a jumbo within days of the initial discussuion. I looked into the situation with several other lenders, and none came close to the rate Jon got me or the way he treated me -- most were half a percent higher or more, were barely familiar with the VA process, and treated you as if you were wasting their time.  Not Jon!  ALWAYS available to take a call or get back to me quickly when I had a question.  Even called me a few weeks before the original Closing date to see if I could support SPEEDING UP the closing to an earlier date because he was concerned that some new rules for VA loans starting next month may affect my situation.   I always felt he was looking at for me the way a squadron bro would.

Bri and the rest of his team were on the spot and 4 steps ahead of the game on getting everything ready for Closing.  The result?  Closed on a refi within 30 days of when I originally contacted Jon, with a new consolidated jumbo loan that is saving me $1100 / month (yep, over $13K / year!)

Couldn't be happier with the whole process I experienced using Jon and his team at Trident.  Do yourself due diligence, and if looking for a lender check out at least a few places.  But do yourself a favor as well and make sure Jon and Trident are one of those places.  Pretty sure he'll beat any and all others you look into on price, service, and all around experience.  And I'll give him the ultimate compliment -- when / if my own kids look into purchasing a home (they're all in the 20s, so it will be soon) I'll simply hand them Jon's phone number, because a Dad always look out for his kids....  

 

[Jon - Trident Home Loans]

On 9/19/2019 at 8:59 PM, Homestar said:

At what point does it make sense to refinance or do a IRRRL?  I'm currently at 3.75%.

Just depends...you have to go down by .5% at a min to do an IRRRL.  If it's a cheap refi state we've done 3.25% no cost IRRRLs so you don't have a break even and you just save money.  If it's a more expensive state or you're paying the cost then I'd run a break even analysis off the costs and saving then compare it to how long you're planning on staying in the house to see if it makes sense.  If you're PCSing or selling in the not too distant future typically only the no cost IRRRLs make sense.  Best thing is just to do an app on our website or call me so I can run the numbers and see if it makes sense.  If we have an app in and I have talked to you then I can also hold it and watch the market for you then auto lock when we hit the right numbers.  You're never committed to anything on a refi  until 3 days after you close so there isn't any downside by locking or exploring your options.  If rates drop then we just cancel the first lock and set you up with a new lock so the first lock is just a hedge.

Jon

850-377-1114

jk@mythl.com

[Jon - Trident Home Loans]

25 minutes ago, Bullet said:

Do yourself due diligence, and if looking for a lender check out at least a few places.  But do yourself a favor as well and make sure Jon and Trident are one of those places.  Pretty sure he'll beat any and all others you look into on price, service, and all around experience.  And I'll give him the ultimate compliment -- when / if my own kids look into purchasing a home (they're all in the 20s, so it will be soon) I'll simply hand them Jon's phone number, because a Dad always look out for his kids....  

 

Thank you, Sir!  It was definitely a pleasure to work with you!  Helping good people save a ton of money is the best part of this job.  I have 4 kiddos so your Dad compliment definitely means a lot.  Enjoy the upcoming wedding and please let me know if you need anything in the future.

Have a great weekend!
Jon

[Day Man]

3 hours ago, Bullet said:

Slightly unsual situation for me -- looking to refi a first and second mortgage consolidated into a single jumbo loan under the VA

oh shit, you can do that? I thought you had to live in the house to get a VA?

[Bullet]

14 hours ago, Day Man said:

oh shit, you can do that? I thought you had to live in the house to get a VA?

Two mortgages on the SAME house (which I currently live in), because at the original purchase a single jumbo loan wasn't available to me.

[stract]

@PilotWife2 how are refi rates looking on 15 yr VA loans?  I'm currently 2.7 yrs into a 30 yr VA loan from you at 3.75%.  Wondering if it makes more sense to refi on a 15 yr vs sell back the 2.7 yrs I'm already into the 30 yr.

Edited September 22, 2019 by stract

[Scram]

I bought in AZ last month and I worked with Josh Goldberg...he did a fantastic job.  I couldn't be happier with his work!

[Jason2222]

I once again have nothing but amazing things to say about Jon and Trident Home Loans. I noticed that rates had improved dramatically since I bought a house in Florida last December. Jon called my up and offered me a fantastic refi deal. Thanks to him and the team at Trident, I had a quick and easy closing a few months later and am all set to save a ton of money!  I can't recommend them enough. They know the aviation side of things and helped me tremendously as I transitioned from Active Duty to the airlines while simultaneously buying a house. Awesome job guys!

[Jon - Trident Home Loans]

19 hours ago, Jason2222 said:

I once again have nothing but amazing things to say about Jon and Trident Home Loans. I noticed that rates had improved dramatically since I bought a house in Florida last December. Jon called my up and offered me a fantastic refi deal. Thanks to him and the team at Trident, I had a quick and easy closing a few months later and am all set to save a ton of money!  I can't recommend them enough. They know the aviation side of things and helped me tremendously as I transitioned from Active Duty to the airlines while simultaneously buying a house. Awesome job guys!

Thank you!  Always enjoy helping a fellow Southwest guy save some money!  Even better with a lender credit to pay for everything without you having to come out of pocket or roll anything in.  I'll pass along the compliment to my processors.  

If anyone else wants to look at numbers just email:

Property address (let me know if it's your current home or a rental property)
Type of loan on it (VA, Conventional, FHA, etc)
For VAs - if you have VA disability or not
Current rate
Amount currently owed
Estimated credit score

Cheers!

Jon

850-377-1114

jk@mythl.com

[BONE WSO]

Huge props to Jon and Trident on my VA refinance! Got 3.375 on a jumbo VA with a $1500 lender credit. We bought the house in December of 2018 and I got 4.625, when the market was near its peak. Jon reached out to me a few months before I was eligible to refinance to let me know I was on his radar and we worked a game plan to pull the trigger as soon as I met the VA time requirements.

The whole process was simple and cost me nothing but a couple emails and an hour at the title company. I also got to skip a payment and I should also get a refund of my escrow. Our monthly payment went down from $3260 to $2890, obviously a huge win!

I have used the guys at NBOKC for two previous loans and refinances and they have done a great job in the past. However, for this house, I have used Jon for the initial loan and the refinance and NBOKC couldn't touch their rates. When I reached out to NBOKC for the refinance initially, they offered 3.75 with zero points, or at 3.5 they wanted me to pay half a point. When I told them that Jon was offering 3.375 with a credit they simply said "nice!"

Overall I have had two positive experiences with Jon, and I will continue to use him in the future. I'm also a licensed real estate agent in Virginia, Maryland, and DC, and based on the results/rates Jon has delivered, I will continue sending any client I have to Jon.

 

Edited October 13, 2019 by BONE WSO

[Jon - Trident Home Loans]

On 10/12/2019 at 8:43 PM, BONE WSO said:

I have used the guys at NBOKC for two previous loans and refinances and they have done a great job in the past. However, for this house, I have used Jon for the initial loan and the refinance and NBOKC couldn't touch their rates. When I reached out to NBOKC for the refinance initially, they offered 3.75 with zero points, or at 3.5 they wanted me to pay half a point. When I told them that Jon was offering 3.375 with a credit they simply said "nice!"

Overall I have had two positive experiences with Jon, and I will continue to use him in the future. I'm also a licensed real estate agent in Virginia, Maryland, and DC, and based on the results/rates Jon has delivered, I will continue sending any client I have to Jon.

 

Thanks Steven!  Glad we could get you a great deal and save your growing family some money!  It's always a pleasure to work with you! 

If any of you guys are looking for a great realtor in the DC area definitely get in touch with Steven!  He's a solid guy that I've worked with a few times now, father of 3 kiddos, former B-1 WSO and a AF reservist in DC.  He's on the #1 realtor team (Keri Shull) in the DC area so you're getting great service and working with professionals.  They also match or beat the realtor credits/incentives that USAA used to offer (they just ended it) and Navy Fed still does (for now at least).  

Hit me up if you want his personal contact info or I'm sure you can PM him on here.

Cheers!
Jon

jk@mythl.com

Cell: 850-377-1114

[A man for all seasons]

Anyone have a good experience with a lender for an IRRRL loan...other than Trident or NBKC?

I used NBKC two mortgages ago and have had real issues with getting a return calls from them. Currently going through the process with Trident.....but they seem overwhelmed and not very interested in letting me know what/when the process will be complete. I really think that I need to "shop" them and see if I can get a better deal. Wife and I both have 750+ credit scores and no late payments.

Thanks in advance for any feedback or suggestions.

[PilotWife2]

Sorry to hear you didn't receive the customer service expected at NBKC Bank.  I am known for my follow up and would love to help. I'm on vacation this week, but can connect you with another loan officer I helped mentor who has A+ customer service skills as well.   PM me if you would like her info.  Amy 

[Jon - Trident Home Loans]

18 minutes ago, A man for all seasons said:

Anyone have a good experience with a lender for an IRRRL loan...other than Trident or NBKC?

I used NBKC two mortgages ago and have had real issues with getting a return calls from them. Currently going through the process with Trident.....but they seem overwhelmed and not very interested in letting me know what/when the process will be complete. I really think that I need to "shop" them and see if I can get a better deal. Wife and I both have 750+ credit scores and no late payments.

Thanks in advance for any feedback or suggestions.

Not sure who this is or what the issue is but feel free to give me a call anytime.  We are busy because of our great rates/service but not overwhelmed.  I'm always available to answer any questions.  We shoot to close our refi's towards the end of the month to save you on prepaid interest/closing costs and maximize your savings.  IRRRLs are mostly hands off loans so not much for you to do except save money.  I always have my cell but haven't got any calls regarding this.  Sorry...I'm standing by for you call.

Cheers!
Jon

Cell: 850-377-1114

jk@mythl.com

[A man for all seasons]

56 minutes ago, PilotWife2 said:

 I am known for my follow up and would love to help... I'm on vacation this week, but can connect you with another loan officer I helped mentor who has A+ customer service skills as well....

Thank you Amy! A couple of years ago, I spoke with the NBKC VP of sales during my initial mortgage application and he assured me that my experiences with their two customer loan officers was atypical. He asked me if I wanted him to personally handle the matter or to pass it on to someone else. I asked that he handle it. An hour later I received a call from a loan officer that told me he was now assigned to my account. I asked what happened to the VP handling it personally....and was told he was too busy. Moved on to a different mortgage company.

Despite that experience, filled out an IRRRL online inquiry about a week ago.....still no return call.

Thanks again for the offer of help.

Edited October 15, 2019 by A man for all seasons

[PilotWife2]

Please PM me your contact info and I will confirm we received your application.  Thank you! 

[MilitaryToFinance]

Maybe other people knew this but I just found out today that with a VA Loan you are required to use an escrow for your taxes and insurance. I've been getting annoyed with my bank constantly changing the escrow amounts and I would much rather just pay my bills myself. So I called to try and switch and they said government loans won't let you, the escrow is a requirement. Just a random annoyance I didn't know about for anybody shopping VA loans.

[PilotWife2]

I have been able to waive the escrow requirement for a VA loan but typically it requires a pretty substantial down payment that we normally don't see with VA loans...

[Jon - Trident Home Loans]

11 minutes ago, MilitaryToFinance said:

Maybe other people knew this but I just found out today that with a VA Loan you are required to use an escrow for your taxes and insurance. I've been getting annoyed with my bank constantly changing the escrow amounts and I would much rather just pay my bills myself. So I called to try and switch and they said government loans won't let you, the escrow is a requirement. Just a random annoyance I didn't know about for anybody shopping VA loans.

That’s actually not true, we waive escrows for VAs all the time for free as long as you put 5% down.  The VA used to require escrow accounts but they now leave it up to the lender.  Most lenders either don’t know this or just don’t want to be more flexible with their borrowers.  I’ve actually had other lenders tell our clients while they are shopping around that we are lying and it can’t be done.  Other lenders just don’t know the rules like we do or if they do they choose to not put their clients first by taking a little added risk.  We’re all about helping you keep as much money in your pocket as we can.  We mitigate our risk by working with only the best clients like y’all.  Here are the references.

Cheers!

Jon

850-377-1114

jk@mythl.com
 

VA Lender Handbook:

“VA does not require the lender to establish escrow accounts for the collection and payment of property taxes, hazard insurance premiums, and similar items. It is the lender’s responsibility to ensure that property taxes and hazard insurance premiums are paid timely.” -Pg 9-25

https://benefits.va.gov/WARMS/docs/admin26/m26-07/Ch_9_Legal_Instruments_Liens_Escrows_Related_Issues.doc

Edited October 21, 2019 by Jon - Trident Home Loans

[MilitaryToFinance]

On 10/21/2019 at 4:12 PM, Jon - Trident Home Loans said:

That’s actually not true, we waive escrows for VAs all the time for free as long as you put 5% down.  The VA used to require escrow accounts but they now leave it up to the lender.  Most lenders either don’t know this or just don’t want to be more flexible with their borrowers.  I’ve actually had other lenders tell our clients while they are shopping around that we are lying and it can’t be done.  Other lenders just don’t know the rules like we do or if they do they choose to not put their clients first by taking a little added risk.  We’re all about helping you keep as much money in your pocket as we can.  We mitigate our risk by working with only the best clients like y’all.  Here are the references.

So US Bank basically lied to me or they have a corporate policy that they pretend is a legal requirement. The person on the phone told me "VA loans are considered government loans and government loans are required to have taxes and insurance escrowed." I put 30% down when I bought the house last year and my LTV today is ~67% so I more than clear any hurdle for risk I would think. It's not the end of the world but it is annoying to me.

Edited October 23, 2019 by MilitaryToFinance

[Jon - Trident Home Loans]

1 hour ago, MilitaryToFinance said:

So US Bank basically lied to me or they have a corporate policy that they pretend is a legal requirement. 

Yes and no.  As your lender the VA gives them the option to allow escrow waivers or not.  It is not a government rule like you were told anymore...it used to be but it changed sometime around this time last year (don't remember the exact date).  Most lenders aren't allowing veterans to take advantage of the change.  The reason we do is the servicer we use keeps the servicing rights for the life (or at least that's their intent) of the loan so they can ensure your taxes/insurance are up to date to stay in compliance with the new VA rules.  Most servicing rights get sold multiple times which is why lenders aren't allowing the escrow waivers because of the added risk.  Depending on what rate you have you could refi, save some money, and remove the escrows if you want.  Let me know if you want to take a look at that option.

Jon

850-377-1114

jk@mythl.com

Edited October 23, 2019 by Jon - Trident Home Loans

[Skitzo]

Anybody have a loan calculator for post 2020 VA loans?


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[Jon - Trident Home Loans]

4 hours ago, Skitzo said:

Anybody have a loan calculator for post 2020 VA loans?


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Sorry haven't seen a calculator with the new funding fees built in yet but here is a table that breaks them down for loans closing after 1 Jan 20.  There won't be a loan limit for zero down loans if you have all your VA entitlement remaining (either never used it before or have had it restored).  If you still have some of you entitlement tied up then there will still be limits and/or down payment required.  Let us know if you need help figuring out the numbers based on your specific situation.

[Duck]

Here’s one for y’all...

My retired parents need to downsize from their house and I’m trying to get them to move closer to me. My dad was a Marine Vet in Desert Storm and I need to get him applied for VA Disability. They bought their house via a VA loan for $375k four years ago. They already have a family from their church who wants to rent the house for around $2,850/month. The only other income they have would be his Military retirement and I’m guessing Social Security (They are 66, but I haven’t asked them if they are pulling that yet).

I found a townhome for $280k right down the road from me.

With the new VA limits and law changes, what does the rough math look like?

This is all taking place in Alabama.

Thanks!


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