VA Loans

[ChkHandleDn]

Here’s a Q for the masses. We are currently on a 30 year Va at 3.375. We are looking at refinancing to a 15 but was told if we refinance to a 30 we can save a ton in fees, but just ask for a 15 year amortization schedule so we don’t have to pay the fees. Should we refi to a 15 or refi to a 30 and pay 15 year payments?  

[Jon - Trident Home Loans]

2 hours ago, ChkHandleDn said:

Here’s a Q for the masses. We are currently on a 30 year Va at 3.375. We are looking at refinancing to a 15 but was told if we refinance to a 30 we can save a ton in fees, but just ask for a 15 year amortization schedule so we don’t have to pay the fees. Should we refi to a 15 or refi to a 30 and pay 15 year payments?  

Not sure I understand the fee part...I think you might be talking about a recast vs a refi which is when the amortization schedule is rerun after you put a chuck of money down.  That’s one a conventional loan thing and you stay at the same rate/term.  A recast eliminates all the refi costs and lowers your principle and interest every month.

The VA IRRRL (streamline refi) rules changed last year and so doing a 30 to 15yr IRRRL is basically impossible.  It’s a non-income documentation loan so your ability to make the higher payment isn’t verified.  The rule is your principle and interest can’t be higher on the new loan vs the old loan which can’t happen on a 15yr in most cases.  There are a couple other small exceptions but in general the VA has blocked 30 to 15yr IRRRLs.

Rates are essentially the same on a 30 and 15yr VA...maybe .125% spread on a good day but a lot of the time they are exactly the same so you can do a 30 and pay it like a 15 by adding the extra principle with your payment every month.  
 

Hope that answers your question.  Call, text or email if not.

Jon

jk@mythl.com

850-377-1114

 

[AlphaMikeFoxtrot]

Just wanted to give another shout out to Jon at Trident. I happened to catch him at just the right time between flights yesterday (Saturday) and he dropped what he was doing to help out. This was a cold call that he wasn’t expecting. He got us what we needed and fast. Thanks again for your help!

[Jon - Trident Home Loans]

Thanks man!  That was perfect timing!  Glad you caught me before I took off. Trident def isn’t a M-F 9-5 gig...we help whenever we can.  Anyone could call Marty the owner right now on his cell and he’d pickup.  Good luck calling U$@@ and trying to even get some random loan officer on the phone on a weekend let alone the CEO.  
 

Jon

[BTLFlyer]

Looking to do a VA IRRRL.. currently at 4.25% on a fixed 30 year. I was looking at options and saw USAA pays all fees including the Funding Fee and is at 3.125%... any gimmicks with this? I know USAA is general is not the best when it comes to mortgages... but if I don't have to pay anything.. sounds good to me.

[hindsight2020]

4 hours ago, BTLFlyer said:

Looking to do a VA IRRRL.. currently at 4.25% on a fixed 30 year. I was looking at options and saw USAA pays all fees including the Funding Fee and is at 3.125%... any gimmicks with this? I know USAA is general is not the best when it comes to mortgages... but if I don't have to pay anything.. sounds good to me.

That's not what their website says. You still have closing costs with them, just not origination, title and funding fees.

[Jon - Trident Home Loans]

U$@@ and Vets United are the biggest VA lenders in the country but have the worst rates of every lender out there.  I usually beat them by .5% easily...anything decent you find on their site has fine print costs.

[Fuzz]

I can confirm this, I refinanced with @Jon - Trident Home Loans back in November, he beat every other bank and had lower closing costs.

As for USAA check to make sure that there aren't points included, that's been my experience the last two times I inquired with them, great rates to get you in the door until you see the fine print points.

[Jon - Trident Home Loans]

15 minutes ago, Fuzz said:

I can confirm this, I refinanced with @Jon - Trident Home Loans back in November, he beat every other bank and had lower closing costs.

As for USAA check to make sure that there aren't points included, that's been my experience the last two times I inquired with them, great rates to get you in the door until you see the fine print points.

Most lenders tell you what you want to hear until you see it on paper.  The worst one I was see seeing last week was Navy Fed advertising 2.5% on a 30yr VA.  Well when you read the fine print they were charging .5% in points and 1% in an origination fee.  We were at 2.75 with none of that.  So on a 400K home you'd pay Navy Fed 3K to save $52 a month which is a 58 payment break even point compared to 2.75% no points no fees and that's not including the extra interest you pay on that if you roll it in.  Great if you're holding the house for 30yrs but that's the exception not the norm these days especially for military folks. 

We always quote no points and no fees...aka no tricks.  If you want to buy the rate down that's up to you but usually I show people the break even and they make a more educated decision.  Beware of the "sexy" rate advertisements...likely there is a catch.

FYI rates aren't even close to 2.75% anymore...the refi demand is up 479% nationally over last year and the mortgage market is flooded.  Yesterday we saw rates jump .25% because Wall Street is trying to slow the bleeding.  If you're late to the party and still want to refi I'd wait a couple weeks for the dust to settle and in theory the wall will come down a little again so people can still get good deals.  We were doing better deals back in Jan before the media got a hold of the refi story.

Jon

Edited March 11, 2020 by Jon - Trident Home Loans

[Skitzo]

I can confirm this, I refinanced with [mention=611]Jon - Trident Home Loans[/mention] back in November, he beat every other bank and had lower closing costs.
As for USAA check to make sure that there aren't points included, that's been my experience the last two times I inquired with them, great rates to get you in the door until you see the fine print points.

Huge shoutout to Jon. Amid the Coronavirus outbreak he was able to lock me in at 2.75 for an initial purchase.

Also he advised me extensively for free while he was working along side of me at HQ.

I’m sure that the rates will be all over the place in the near future but I am joining the long list of folks who can’t help but recc Jon and Trident higher than any other company we have ever dealt with.

Went above and beyond.

[Jon - Trident Home Loans]

1 hour ago, Skitzo said:

Huge shoutout to Jon. Amid the Coronavirus outbreak he was able to lock me in at 2.75 for an initial purchase.

Also he advised me extensively for free while he was working along side of me at HQ.

I’m sure that the rates will be all over the place in the near future but I am joining the long list of folks who can’t help but recc Jon and Trident higher than any other company we have ever dealt with.

Went above and beyond.

Thanks man!  Always nice to help out an AF coworker!  Don't feel I did anything special...just did what I'd want a friend to do for me.  Glad we scored a great rate for you...I'm actually shocked we got it.

This has been the craziest week ever...Mon 2.875, Tues 3.375, Wed 3.25, Thur, 2.75-2.875, Fri 3.49 on 30yr fixed VAs.

Never seen swings like this before.  I'm telling people if you don't need to lock (closing within 30 days) that it's best to sit on your hands right now.  Today for the first time ever I saw VA and Conventional rate match...usually a .5%+ spread.

This market is all over the place.  Refi's are up 479% year over year nationally which is killing the mortgage industry/Wall Street.  Seems that rates are artificially high because Wall Street is trying to kill the demand.  Refi's are dead for now.

Sorry definitely no crystal ball on where this is going.  We're still the lowest in the country but what that looks like changes everyday.  Hopefully we'll start seeing the market settle in the next couple weeks.  

Jon

 

[goingkinetic]

Shoutout to Jon and the team at Trident loans. Closed at %3.125 on an IRRRL. Jon was super helpful and responsive. Trident will be my go to from now on.

 

 

[Jon - Trident Home Loans]

Thanks!  Glad we did good by you!  Let me know if you need anything in the future!  Pleasure working with you.

 

FYSA not the time to refi or buy right now if you can avoid it.  Rates are jumping by .375-.5% overnight.  We’re expecting things to settle but right now just making a list of potential refi’s and telling anyone buying to drag out settlement so we can look for dips to lock.

Someone told me Today Navy Fed said 6 months to settle and the big boys are quotes up to 4.5%.

 

Stay safe out there and watch out for the swarms of zombies.  We’re running Trident out of a broken down school bus in the woods of WV surrounded by land mines.

Jon

[brickhistory]

For once in my real estate life, I think I wound up on the positive side thanks to baseops, this thread, and Jon & Co.

Right before the end of world this month, I contacted Jon more out of curiosity than actual interest as I had, via NBKC, a VA loan at 3.25%.  Had it for three years and was pretty content.

E-mailed Jon on a Tuesday night and he could've locked me in that night at 2.75% but I wanted to sleep on it.  Next day, he still scored the 2.75%.  A big savings for me monthly and over the course of the loan which will now reduce even faster.

Well done!

[uhhello]

1 hour ago, Jon - Trident Home Loans said:

Thanks!  Glad we did good by you!  Let me know if you need anything in the future!  Pleasure working with you.

 

FYSA not the time to refi or buy right now if you can avoid it.  Rates are jumping by .375-.5% overnight.  We’re expecting things to settle but right now just making a list of potential refi’s and telling anyone buying to drag out settlement so we can look for dips to lock.

Someone told me Today Navy Fed said 6 months to settle and the big boys are quotes up to 4.5%.

 

Stay safe out there and watch out for the swarms of zombies.  We’re running Trident out of a broken down school bus in the woods of WV surrounded by land mines.

Jon

Great timing on our part.  Thanks

[eindecker]

Just to echo others, another +1 for Jon and the Trident team.  I closed at the end of Feb — before this current roller coaster ride — with a 3.0% VA.  Overall it was a great experience.  As a first time home buyer, I felt like I was always keeping Jon on the phone with a list of questions I probably could have just Googled, but he was always patient, had great advice and I wouldn’t hesitate to work with him again.  He made an intimidating process, not so much.  Very painless.  Thanks again Jon!  

[Jon - Trident Home Loans]

3 hours ago, eindecker said:

Just to echo others, another +1 for Jon and the Trident team.  I closed at the end of Feb — before this current roller coaster ride — with a 3.0% VA.  Overall it was a great experience.  As a first time home buyer, I felt like I was always keeping Jon on the phone with a list of questions I probably could have just Googled, but he was always patient, had great advice and I wouldn’t hesitate to work with him again.  He made an intimidating process, not so much.  Very painless.  Thanks again Jon!  

My pleasure and thank you!  No dumb questions with us...we wouldn't be in business long as a word of mouth only business if we don't give great rates and service.  I'll share your nice words with my processors...they are the real brains behind the operation.  Enjoyed working with you and let me know if you need anything in the future.  

Jon

850-377-1114

jk@mythl.com

 

[Ziplip]

Add in another satisfied customer. Reached out to Jon in Feb for a refinance and he was able to hook me up with a 2.875% rate. I know rates have gone up, but regardless of what they are hit up Trident whenever you are buying a home or thinking of refinancing.


Sent from my iPhone using Tapatalk

[Jon - Trident Home Loans]

5 minutes ago, Ziplip said:

Add in another satisfied customer. Reached out to Jon in Feb for a refinance and he was able to hook me up with a 2.875% rate. I know rates have gone up, but regardless of what they are hit up Trident whenever you are buying a home or thinking of refinancing.


Sent from my iPhone using Tapatalk

Thanks!  Glad we got you in before the zombies took over the country!  Hopefully rates will come back down once this settles down.  We'll definitely get the best deal we can for everyone no matter what the market is doing.

Jon

[Jon - Trident Home Loans]

Just a quick update on the mortgage market and rates.  Still a lot of craziness out there right now, but the Fed is doing everything they can to help stabilize things.  The Fed rate cuts don't do anything for mortgages but the unlimited mortgage backed securities purchasing they are going to do will help over time.

Been locking non-jumbo (below $510,400) VAs in the 3-3.25% range without points or lender fees.  Not see any more sub 3% rates, but also not seeing the crazy spikes like last week.

Looking forward to help you guys with PCS purchases once the travel ban is lifted.

Jon

850-377-1114

jk@mythl.com

Edited March 24, 2020 by Jon - Trident Home Loans

[Magellan]

So I have been in touch with Trident 3 different times.  The first time we ended up not making the discussed purchase working with Marty.  The second time was Spring 2019 for a Jumbo VA loan in an expensive area.  Jon got us a very good rate and the process overall was very smooth.  Then just now we did a refinance for a better rate, and we signed the paperwork on Monday despite the current craziness.

Competitive Rates √

Good Customer Service √

[Jon - Trident Home Loans]

22 hours ago, Magellan said:

So I have been in touch with Trident 3 different times.  The first time we ended up not making the discussed purchase working with Marty.  The second time was Spring 2019 for a Jumbo VA loan in an expensive area.  Jon got us a very good rate and the process overall was very smooth.  Then just now we did a refinance for a better rate, and we signed the paperwork on Monday despite the current craziness.

Competitive Rates √

Good Customer Service √

Thanks man!  We definitely appreciate the loyalty and we always reward our prior clients with little incentives.

 

Mortgage market is back to craziness again because of the mortgage relief aspects of the bailout bill and how that will impact mortgage servicers.  Investors aren't buying mortgage backed securities except the Fed so rates spiked.  Hopefully it'll settle down again in the next couple weeks.  Definitely not the time to lock any purchases or refinances.

Jon

[Seriously]

On 3/27/2020 at 8:12 PM, Jon - Trident Home Loans said:

Thanks man!  We definitely appreciate the loyalty and we always reward our prior clients with little incentives.

 

Mortgage market is back to craziness again because of the mortgage relief aspects of the bailout bill and how that will impact mortgage servicers.  Investors aren't buying mortgage backed securities except the Fed so rates spiked.  Hopefully it'll settle down again in the next couple weeks.  Definitely not the time to lock any purchases or refinances.

Jon

If you'd like a more in-depth explanation of what Jon's referencing, you can read about it here and here.

 

[uhhello]

On 3/27/2020 at 9:12 AM, Jon - Trident Home Loans said:

Thanks man!  We definitely appreciate the loyalty and we always reward our prior clients with little incentives.

 

Mortgage market is back to craziness again because of the mortgage relief aspects of the bailout bill and how that will impact mortgage servicers.  Investors aren't buying mortgage backed securities except the Fed so rates spiked.  Hopefully it'll settle down again in the next couple weeks.  Definitely not the time to lock any purchases or refinances.

Jon

Nothing is negative if we've already locked in 2.75 and are about to close right?

[Jon - Trident Home Loans]

37 minutes ago, uhhello said:

Nothing is negative if we've already locked in 2.75 and are about to close right?

Nope, once you're locked you're protected as long as the lock doesn't expire.  Call if you have any concerns.

Jon