VA Loans

[Marty - Trident Home Loans]

Are VA loans subject to the adverse market refinance fee? 

Good question: no, just conventional refi’s bought by Fannie Mae and Freddie Mac. Ginnie Mae buys all the Gov loans.

For those who aren’t tracking, Fannie and Freddie hit the conventional mortgage market hard last week with an unexpected fee that wasn’t priced into rates. I think conventional rates will recover but it’ll probably be at least 30 days for the industry to adjust to the new norm.


https://www.mortgagenewsdaily.com/consumer_rates/952069.aspx

Marty


Sent from my iPhone using Tapatalk

[Day Man]

Just completed my second IRRRL after working with Trident for the initial mortgage ... @Jon - Trident Home Loans and the team deliver again with painless service, great comms, and plenty of patience for dumb questions. Super easy process and ~1 month from my first email to Jon about the feasibility of a refi to closing.

[Jon - Trident Home Loans]

17 hours ago, Day Man said:

Just completed my second IRRRL after working with Trident for the initial mortgage ... @Jon - Trident Home Loans and the team deliver again with painless service, great comms, and plenty of patience for dumb questions. Super easy process and ~1 month from my first email to Jon about the feasibility of a refi to closing.

Thank you!  Enjoyed working with you again and saving you even more money.  Hard to imagine we’ll be doing any more IRRRLs together after dropping you so low, but always here if you need anything.

Jon

[old crow]

I just closed on a VA IRRRL with Amy (PilotWife2) from NBKC. I got a fantastic rate on a VA Jumbo loan (thanks CA). Contact her direct to see what she can do for you. This is my second time using NBKC and they've been great both times. I'm a very lazy man and I barely had to lift a finger to complete the paperwork. Two Thumbs Up.

[VFRDirect]

Another shoutout to Jon at Trident.  Helped me through a IRRRL... got me a super low rate with an easy process and friendly staff.  Like most... I had plenty of dumb/redundant questions and Jon was happy to answer all of them.

Closed in well under a month... and some of the delay was ME missing an email...

 

Strong recommendation for Trident if you are in the mortgage/refi market

Thx Jon!

[Jon - Trident Home Loans]

2 hours ago, VFRDirect said:

Strong recommendation for Trident if you are in the mortgage/refi market

Thx Jon!

Thanks Bud!  Pleasure to work with you too!  Glad we were able to save your fam a ton!  We’re crazy busy but have been hiring top notch processors from our competitors so customer service doesn’t lapse.  A caliber people want to work with A caliber people.  We’re also not raising our rates to curb demand like other companies are doing.

  Never would have guessed we’d see these rates/pricing.  If you’re in any type of VA above 3.25% it’s definitely worth a look.  If you’re buying using a VA we’re definitely blowing away the competition.  I won’t waste your time.

Jon

jk@mythl.com

(850) 972-9938

Edited October 8, 2020 by Jon - Trident Home Loans

[Jon - Trident Home Loans]

Happy Veterans Day to everyone!  Vets serving Vets is the best combo out there.  You guys/girls are the best borrowers we get and are the reason our investors give us such great pricing on VA loans. 

Pretty much still 2.25% no points and no lender fees on all streamline VA refis 250-510K with even a lender credit in many cases.  Above 510K it's 2.25-2.375% on streamlines refi's with not discount points or lender fees.  All assuming primary residences, and credit scores above 720.  Below 250K it's usually 2.375% but can go higher the lower the loan amount goes down.

Purchase rates are still super low as well.

Expecting the 510K limit to go up again on 1 Jan which means more VA entitlement if you already have a VA loan outstanding to use on a second VA.  Also means you might be able to refinance out of a jumbo VA into a conforming VA at a lower rate.  The new limit will probably be released by the government at the end of this month.  I'll post it once I see it

Overall money is super cheap to borrower right now.  Give us a call, text, or e-mail if you want to chat through a scenario.

Thank you for your service!

Jon

850-377-1114

jk@mythl.com

Application link

 

Edited November 11, 2020 by Jon - Trident Home Loans

[nunya]

Props to Jon on another recent refi closing. Got the 2.25 he's talking about and Trident's portion of the closing went flawlessly. Serena the Processor has been awesome, too, especially when the other non-Trident parties have been frustrating.

[Guardian]

Jon. What’s going on in this market? Any thoughts to why this has been happening?

[Jon - Trident Home Loans]

1 hour ago, nunya said:

Props to Jon on another recent refi closing. Got the 2.25 he's talking about and Trident's portion of the closing went flawlessly. Serena the Processor has been awesome, too, especially when the other non-Trident parties have been frustrating.

Thank you!  Serena is a retire AF officer and her husband is a retired eagle driver.  They are great people!  Glad we could get you a great deal.  We try to make everything we can control go as smooth as possible but unfortunately third parties aren't always as great.  

42 minutes ago, Guardian said:

Jon. What’s going on in this market? Any thoughts to why this has been happening?

Rates follow the 10yr treasury bond and compete with stocks.  The bond went way down this year but mortgage rates didn't fall as much in proportion.  It takes a while for the mortgage back securities bond market to settle and that happened a couple months ago.  Lenders then got crazy busy and still are so most artificially increased rates to slow down new loans because everyone to include all the third parties were maxed out with purchases and refi.  We never increased our rates but we tried to stay off the radar so we didn't fail customer service wise. 

Purchases slow down this time of year so there is more capacity now which means more refi's can come in.  There aren't mortgage backed security coupons on Wall St below 2.25% on VAs so you can't even buy discount points to go lower.  It seems as though the bottom has been hit and the market is just waiting for good new with COVID for everything to start running up.  We saw a taste of that on Monday when stocks soared but then reality sunk in.  We saw 4 mid-day rate pricing corrections for the worse as a result, but then it all settled back down.  This a good season to refi as everyone expects the refi market to die sometimes in the next year as COVID fears lessen and the economy picks up.  All just my two cents...I have no crystal ball

Jon

[war007afa]

If you’re stuck overseas with a house that has a renter in it, what sort of IRRL rates are available? Impact to funding fee usage?

[Jon - Trident Home Loans]

On 11/12/2020 at 12:11 PM, war007afa said:

If you’re stuck overseas with a house that has a renter in it, what sort of IRRL rates are available? Impact to funding fee usage?

Our investment IRRRL rates are the same as primary residence rates for the most part.  Only downside is we can’t close investment property loans with a power of attorney which complicates things.

 

[17D_guy]

So, for the dummy in the room...what's IRRL in this context.

[mcbush]

Basically just a VA refi

https://www.va.gov/housing-assistance/home-loans/loan-types/interest-rate-reduction-loan/

[Blue]

Another message of thanks to Jon, Lisa, and the rest of the Trident team.

I'm a first-time homebuyer, and the whole process (outside of Trident) was a mess.  Our landlord was inflexible about our move-out date.  The sellers of our new place were balky and difficult to deal with, and almost torpedoed the whole thing a couple of times.  Our realtor had her moments, but we were clearly just one of many deals she was working, and nowhere near the top of her priority list.  I had always assumed home-buying was a straight-forward affair, and it turned out to be anything but.

Appreciated the insight from Jon and Lisa throughout the process.  They were always quick to return calls, texts and e-mails, and offered options each time we ran into issues.  Also, their rates beat everything else out there.  Thanks Trident!

 

[Jon - Trident Home Loans]

Good news the Federal Housing Finance Agency just released the updated county loan limits for next year.  The baseline limit is going up from 510,400 to 548,250 for loans closing after 1 Jan.  That's great for a few reasons:

1) If you are buying a house the transition point to a jumbo/high balance loan will be higher so if you stay below 548,250 you'll get a better rate

2) If you have a VA loan outstanding now you'll get more VA entitlement to use on a second VA loan before you'll have to put any money down.  Also high cost area limits have increased more too which means more entitlement if you need a second VA in a high rent district.

3) If you're in a high balance/jumbo loan now that's above 510,400 but will be below 548,250 you can refinance out of the high balance/jumbo into a regular conforming loan and get a better rate.

If you don't have any outstanding VA loans then you can still buy without any loan limits as long as you qualify debt to income ratio wise.  These higher limits only help people with outstanding VA loans.  The VA typically certifies the new numbers early-mid Dec so we can't start doing loans based on these numbers for a couple weeks until the VA authorizes it.

Below is the link where you can look up the limits for the county you're in or where you may be headed.

https://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2021_HERA-BASED_FINAL_FLAT.pdf

Rates are still crazy low so if these new numbers help you refi to a lower rate please hit me up.  Happy to sanity check any scenarios with minimal legwork on your part.

Have a great Thanksgiving!

Jon

850-377-1114

jk@mythl.com

 

[Unit#8192]

Just wanted to give a shoutout to @Jon - Trident Home Loans and Lisa McDonald whom I dealt with after that for their efforts/time guiding me through this process. I cold called Jon and he called me back within 10 minutes to help clarify what made sense for my situation. Dealing with Lisa was also outstanding and I ended up securing 2.250 IRRL on a 30 year VA loan with $31 dollars owed at closing (on Friday). I plan to use them should the need arise in the future. Thanks again!

Travis

 

[Jon - Trident Home Loans]

5 hours ago, Unit#8192 said:

Just wanted to give a shoutout to @Jon - Trident Home Loans and Lisa McDonald whom I dealt with after that for their efforts/time guiding me through this process. I cold called Jon and he called me back within 10 minutes to help clarify what made sense for my situation. Dealing with Lisa was also outstanding and I ended up securing 2.250 IRRL on a 30 year VA loan with $31 dollars owed at closing (on Friday). I plan to use them should the need arise in the future. Thanks again!

Travis

 

Great working with you too!  Lisa is an AF spouse, amazing Sr processor and also a licensed loan originator in FL, MD, and NC.  Rates are awesome right now across the board so this worked perfectly!  We'll be here to help anytime.  Enjoy the holidays!

Cheers!

Jon

Edited December 2, 2020 by Jon - Trident Home Loans

[war007afa]

Another Trident plug:

Locked in to 2.25% this week and starting the process on my VA refi. Fairly simple to knock out the application, approval near-immediate, and awesome lender credits!

Looking forward to finishing the process and very impressed so far!

Jon and Lisa definitely work hard to make this easy on the customer. 

[Jon - Trident Home Loans]

On 12/2/2020 at 1:51 PM, war007afa said:

Another Trident plug:

Locked in to 2.25% this week and starting the process on my VA refi. Fairly simple to knock out the application, approval near-immediate, and awesome lender credits!

Looking forward to finishing the process and very impressed so far!

Jon and Lisa definitely work hard to make this easy on the customer. 

Thanks Sir!  We try out best.  Rates/pricing are awesome thanks to you guys doing business with us.  Our loan portfolio is highly sought after by big money investors because of the high quality borrowers/loans we sell (that’s how we make our money on backside of the transaction).  No only do we get to work with great fellow servicemen/women but you are why we get special pricing incentives that no one else in the country gets.  That in turn comes back to you guys as in the form of lowest rates, no lender fees, and lender credits when able.  It’s an awesome circle and we only have all of you thanks.  Keep spreading the word and it’ll come back to every vet who works with us.

Jon

[Bullet]

Another day, another shout-out for Jon and the team from Trident, this time for my second re-fi with them!

Called Jon just before Thanksgiving to ask if it was a smart idea to re-fi again (re-fi a Jumbo with Trident a little over a year ago) with rates as low as they are now,  Application sent that night, locked in at 2.25% the next day.  Three weeks total from reaching out to Jon (he called me that evening while on Vacation with his family at Disney!) to closing on a new mortgage with great lender cradits and a new payment that will save me over $180k over the life of the loan!  

I said it the first time I used Jon and Trident the first time, and I'll say it again -- do yourself a favor and reach out to Jon if you're looking to buy or refi -- Trident goes out of its way to make the process simple and save you tons. I even shared this advice with my own son and had him reach out to Jon to finance his new home purchase earlier this year. ---  that's three times he's done my family a solid! 

 

 

 

[VMFA187]

Coming up on 6 months since my new purchase. 2.75% on > $1m (San Diego prices) and value has gone up about 12% in that time. Any chance I could get a 2.25% Jon?

[17D_guy]

5 hours ago, VMFA187 said:

2.75% on > $1m (San Diego prices)

If you don't mind sharing, how much house did you get for that price?

[Marty - Trident Home Loans]

On 12/12/2020 at 7:59 PM, Bullet said:

Another day, another shout-out for Jon and the team from Trident, this time for my second re-fi with them!

I said it the first time I used Jon and Trident the first time, and I'll say it again -- do yourself a favor and reach out to Jon if you're looking to buy or refi -- Trident goes out of its way to make the process simple and save you tons. I even shared this advice with my own son and had him reach out to Jon to finance his new home purchase earlier this year. ---  that's three times he's done my family a solid! 

 

Definitely a pleasure to work with you again and help your family save money!   Thanks for the shout out and the repeat business!  We try to do the best by all our clients!  Have a great Christmas and 2021!

9 hours ago, VMFA187 said:

Coming up on 6 months since my new purchase. 2.75% on > $1m (San Diego prices) and value has gone up about 12% in that time. Any chance I could get a 2.25% Jon?

Yes VA jumbos streamline refi's are still holding at 2.25%.  The VA requires a 210 day season period from your first payment to the earliest you can close on a refi.  We can start about 30 days prior to that.  Just give me a ring/put an app in for the refi and I'll run the numbers for you.

App link

Cheers!
Jon

850-377-1114

[VMFA187]

19 hours ago, 17D_guy said:

If you don't mind sharing, how much house did you get for that price?

PM.

14 hours ago, Marty - Trident Home Loans said:

Definitely a pleasure to work with you again and help your family save money!   Thanks for the shout out and the repeat business!  We try to do the best by all our clients!  Have a great Christmas and 2021!

Yes VA jumbos streamline refi's are still holding at 2.25%.  The VA requires a 210 day season period from your first payment to the earliest you can close on a refi.  We can start about 30 days prior to that.  Just give me a ring/put an app in for the refi and I'll run the numbers for you.

App link

Cheers!
Jon

850-377-1114

Awesome, I'll put a reminder in my calendar to reach out to you 30 days prior to 210 days.