VA Loans

[KWings06j]

Both my refi's were sold to Wells Fargo. Currently working on a new mortgage for another house (selling my current one). I'm expecting the same to happen again but we'll see.

[danielstevens]

I thought I'd chime in on this specific discussion involving National Bank of Kansas City. Right now all of our government loans (VA and FHA, USDA) are all sold to what we refer to as an investor. These are primarily Wells Fargo, CitiMortgage and US Bank. In the last few months we did start retaining some servicing on our conventional loans. We are moving to be able to retain some servicing for government loans later this year. I'll post another message when that officially happens as I see there is interest in this.

I did want to mention one other thing, some people we talk to believe you can only have one VA loan at a time. While this is true sometimes, it's definitely not all the time. I won't get into the calculations on how to figure that out as it is a little confusing. But if you fall in this category, feel free to contact me and I can get your scenario looked at to see if a 2nd active VA loan is possible. I can be reached at dstevens@nbofkc.com.

[Buenos Diaz]

I closed in January and my conventional mortgage was sold immediately to Citimortgage. Makes no dofference to me that it was sold. Hopefully, Citimortgage provides the same level of service as Dave Devine and NBOKC did. For what it is worth, every person I know of that has closed with NBOKC (about 10) has had their loan sold to another bank.

Buenos

[KWings06j]

I thought I'd chime in on this specific discussion involving National Bank of Kansas City. Right now all of our government loans (VA and FHA, USDA) are all sold to what we refer to as an investor. These are primarily Wells Fargo, CitiMortgage and US Bank. In the last few months we did start retaining some servicing on our conventional loans. We are moving to be able to retain some servicing for government loans later this year. I'll post another message when that officially happens as I see there is interest in this. I did want to mention one other thing, some people we talk to believe you can only have one VA loan at a time. While this is true sometimes, it's definitely not all the time. I won't get into the calculations on how to figure that out as it is a little confusing. But if you fall in this category, feel free to contact me and I can get your scenario looked at to see if a 2nd active VA loan is possible. I can be reached at dstevens@nbofkc.com.

I'm one of those getting a second VA loan before paying off the first. One of the odd requirements is the 2nd loan has to be a minimum of $144,000. Other than that Steve at NBOKC has made the process easy so far.

[ThreeHoler]

I closed in January and my conventional mortgage was sold immediately to Citimortgage. Makes no dofference to me that it was sold. Hopefully, Citimortgage provides the same level of service as Dave Devine and NBOKC did. For what it is worth, every person I know of that has closed with NBOKC (about 10) has had their loan sold to another bank.

Buenos

Citi is decent in my last 18 months with them. I was happy they bought the refi NBOKC did for us. Kept my auto payments and everything.

Just watch your escrow. On my first loan, Citi screwed up the calculations and it was annoying. The current calculations seem fine since NBOKC calculated it all out right.

[Mitch Weaver]

Closed yesterday w/Amy Patterson @ NBofKC. Smooth experience refi @ 3.25% w/lender credit, and signing completed at home after work. Seamless.

Edited March 7, 2013 by Mitch Weaver

[Buenos Diaz]

Citi is decent in my last 18 months with them. I was happy they bought the refi NBOKC did for us. Kept my auto payments and everything.

Just watch your escrow. On my first loan, Citi screwed up the calculations and it was annoying. The current calculations seem fine since NBOKC calculated it all out right.

WILCO, thanks!

[FUSEPLUG]

I've got yet another glowing report on NBOKC. I just closed today on a VA purchase with Dave Devine. There's really not much to add to what has been said above. It was an absolutely outstanding experience from the very beginning. Dave was always there to answer the phone or e-mail me back when I had questions - always within 24 hours. Our realtor even commented on how NBOKC was the best lender she's worked with in years.

I got 3.25% with zero due at closing thanks to credit provided by the lender in conjunction with seller-paid closing costs. I'll end up getting a $1000 check for the return on the earnest money put on the home and the mortgage.

Dave was very up front about NBOKC selling the loan to another bank (Wells Fargo, Citi, etc) within the next month. I expect it to be transparent on my end... as long as I can auto-draft from USAA.

Feel free to PM if you have any specific questions about the process. I'm still amazed I bought a home from 1200 miles away with only a string of e-mails and some overnighted documents.

[KillEmAll]

Those of you that have done a IRRL aka VA Streamline refinance, what was the typical timeframe to get to finally close? 30 days? 45 days? more? I am working with NBOKC and it seems to be taking a long time (going on 2 months+ now) on a refi for a house we have as a rental.

[RASH]

Those of you that have done a IRRL aka VA Streamline refinance, what was the typical timeframe to get to finally close? 30 days? 45 days? more? I am working with NBOKC and it seems to be taking a long time (going on 2 months+ now) on a refi for a house we have as a rental.

3-4 weeks for the two IRRLs I've done in the last 3 years. They weren't with NBOKC...

[RTB]

Those of you that have done a IRRL aka VA Streamline refinance, what was the typical timeframe to get to finally close? 30 days? 45 days? more? I am working with NBOKC and it seems to be taking a long time (going on 2 months+ now) on a refi for a house we have as a rental.

I did my VA Streamline Refi with NBOKC and it took about 4 weeks.

[matmacwc]

Dudes, 3.75 to 3.25, should I do it? The bank dudes OF COURSE say yes, anyone else do it?

[nsplayr]

What's your current rate? What's your break-even time for getting your principle back down to where it is now (assuming you roll in closing costs)? Speaking of that...what are the closing costs?

Lots of questions you need to consider other than the simple number of the rate.

[RTB]

I did the 3.75 to 3.25 refi. Saved 100 a month on my payment, skipped a payment (total combined savings after 1 year $3250) and paid zero closing through lender credits and a slight increase in principle ($2050). For my situation, made sense.

[nsplayr]

In terms of your break-even point, figure out how much principle you were paying off each month and add that into your calculations. Say for example it was $300 a month; you do "save" one months payment by "skipping" a payment but you also lose out on paying down that principle which you would have under your old loan scheme.

So say you missed a month and you need to make up now $2,350 in principle to be at the same place principle-wise today as if you had not done the refi. If your payment was, say $1,350 and you use that "skipped" payment and pay it direct to principle on the new loan, you need to make up another $1,000. If you're saving $100 a month off your minimum payment like RTB did, and you continue to put that saved $100 toward additional principle each month, your break-even point is 10 months from now.

Unless you plan on selling in less than 10 months sounds like it was a good deal to me. I just did my own refi, saved about $175 per month (5.00 to 3.375%) and the break-even all said and done was 7 months. Easy decision.

Edited March 20, 2013 by nsplayr

[Mitch Weaver]

Dudes, 3.75 to 3.25, should I do it? The bank dudes OF COURSE say yes, anyone else do it?

Yep. Made sense for my situation even though the monthly savings were less than $150. It offsets an increase in property taxes and increases my margin when I turn it into a rental. No brainer.

[nsplayr]

Yep. Made sense for my situation even though the monthly savings were less than $150. It offsets an increase in property taxes and increases my margin when I turn it into a rental. No brainer.

This is valid too...if you're gonna rent rather than sell, you may want to take a deal that will help out your monthly cash flow even if it does increase your principle in the short-run. If that extra $100 or whatever off the minimum payment allows you to rent the place at a profit or at least break even, it's worth it to increase your principle a couple thousand bucks at ~3% interest over 30 years rather than take a loss of $100 per month renting below cost.

[Flare]

Yet another satisfied NBoKC customer here. Closed w/ Dave Devine yesterday on a VA re-fi (3.75 to 3.25). Zero closing costs w/ lender credit, and I cannot emphasize how easy the process is. Literally, I probably spent less than 1 hour filling out forms, etc prior to closing yesterday. Signing completed in my home yesterday evening.

Did I mention how easy it was?

Highly, highly recommend.

[Magellan]

Dudes, 3.75 to 3.25, should I do it? The bank dudes OF COURSE say yes, anyone else do it?

Like other have said it depends. They make money by charging a refinance fee. In my case I have a mortgage at 4.75%, but the rate at which I am paying it down makes refinancing pointless. I would suggest using something like this...

https://www.bankrate....calculator.aspx

Put in your current parameters and look at what your total REMAINING interest paid will be over the course of the loan for your current loan will be. Then compare that to the total cost of interest for the refinance and add the refinance fee as well. This will give you your answer.

Edited March 28, 2013 by Magellan

[Smokin]

Dudes, 3.75 to 3.25, should I do it? The bank dudes OF COURSE say yes, anyone else do it?

I went from a 4.25 to a 3.25 (both VA), so a little more of an advantage, but my principle only went up the amount that my interest payment would have been during the month I skipped the payment due to the closing. NBoKC gave me enough credits that not only did I not pay any closing costs, but they actually contributed to my escrow account. So, yes, I would refi if you're going to keep the house. Unless the fed starts actually paying banks to take their money, rates can't get any lower. The economy is going to recover sooner or later and everyone will be wishing for rates like this.

[bronxbomber252]

Bought my first home this month with a VA Loan from NBOKC... worked with Amy Paterson, she was a pleasure to work with and very helpful. Got me a nice 3.25% rate, very satisfied!

[matmacwc]

I went from a 4.25 to a 3.25 (both VA), so a little more of an advantage, but my principle only went up the amount that my interest payment would have been during the month I skipped the payment due to the closing. NBoKC gave me enough credits that not only did I not pay any closing costs, but they actually contributed to my escrow account. So, yes, I would refi if you're going to keep the house. Unless the fed starts actually paying banks to take their money, rates can't get any lower. The economy is going to recover sooner or later and everyone will be wishing for rates like this.

ANG, keeping it for A LONG time......I hope....Calling this week, please repost phone number.

Edited April 29, 2013 by matmacwc

[HossHarris]

Closed yesterday on a 100% (no down payment) VA with Dave Devine at NBOKC.

This is my fourth home purchase and has been the easiest (from a mortgage perspective).

They have my strongest recommendation.

Customer service: phenomenal. Dave was quick to return calls/emails/texts. Usually within a matter of minutes ... Even when he didn't necessarily have the exact answer at that moment.

We were dealing with: first time home-sellers, an incompetent and usually unreacheable sellers agent, and a buyers agent at the twilight of his career who was more interested in golf and scotch and was "doing us a favor." Dave excelled at pushing the rope and making things happen to close on time. He went well above and beyond the requirements and expectations of a mortgage broker.

To cage your understanding of just how bad this transaction was, we will likely be suing the sellers agent and going after the license of our agent. It was that bad and Dave still made it all happen.

Rates: I did plenty of comparison shopping and NBOKC beat usaa, Wells Fargo, Bank of America, nationwide, quicken, and every other quote I got by at least 0.125% and threw in $5800 in rebate (negative points) towards closing to boot.

Fees: I paid exactly $44 in fees to the bank (credit score and flood determination). No other lender could even come close. No bank origination, application, or bullshit fees. I did pay $525 for a VA appraisal and 3% for a VA funding fee ... But those are fixed and would be the same with any lender.

Even the local title company was impressed with NBoKC's act and requested to do more business with them in the future.

Again, my highest recommendation and I'm happy to answer questions, etc.

Cheers!

[DUNBAR]

I'm going to start things rolling with KC, but I'm curious if anyone has any commentary on "Veterans United" for VA mortgages?

[Ziplip]

Just closed yesterday with Dave Devine, all the reviews above about him and NBOKC are spot on. He always returned my calls/emails and got answers to my questions when they popped up. Dave got me a great deal of 30 years for 3.25%. Couldn't be more impressed with the customer service offered by him and NBOKC. Highly recommend him to anyone looking at getting a mortgage.