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11-10-2020, 06:56 AM
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#1
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Montana Fan
Join Date: Sep 2016
Location: Omaha
Posts: 104
M.O.C. #19003
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House Mortgage
We've been full timing for 7 years but recently purchased a condo. Now the unusual question, we financed the condo through the realtor but I'm getting lots of mail advertising lower rates. The interesting one is from Good Day who advertise cheaper rates for veterans, which I am (GO NAVY!!) Any thoughts on Good Day, good or bad? Any other finance organization you'd recommend?
Now your wondering why am I asking a finance question on a RV forum. I get answers from my peers, folks that have been in my shoes and possibly having the same issues and questions.
We are still on the road but will take a break now and then in the ole condo. Be safe out there.
/R
Dave
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11-10-2020, 09:20 AM
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#2
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Montana Master
Join Date: Oct 2018
Location: Anderson
Posts: 2,781
M.O.C. #22835
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Personally, I'd stick with a known and trusted lender, ESPECIALLY when using my VA loan benefit. The last thing you want to do is loose this benefit due to some one else's greed.
This is also the same reason you NEVER, NEVER let another service member "Assume" your VA loan. When they "Assume" your loan, it's still YOUR credit, and it's still YOUR VA benefit that's tied up, not theirs. If they default on the loan, you loose your benefit.
I've had 4 VA loans and used them with lenders (Banks) that were well trusted and had a good reputation. I get all kinds of solicitations in the mail from different companies all over, who knows where? offering a "better" interest rate on my VA loan. I mean, I get a lot in the mail. I have no clue who these people are and those all, just get tossed in the trash.
My advise, from one service man to another: If using your VA mortgage benefit, go through a trusted financial institution and don't be a sucker at the advertisement glitz.
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History is not about the past, it's an explanation of the present.
2019 Montana High Country 375FL
2014 Chevy Silverado Duramax, 6.6L Dually
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11-10-2020, 10:49 AM
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#3
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Montana Master
Join Date: Feb 2020
Location: SoCal
Posts: 625
M.O.C. #25842
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We got those all the time. Even got a few after we sold our house. They all went straight into the shredder.
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2018 F350 6.7 DRW pulling a 2020 3121rl
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11-10-2020, 11:22 AM
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#4
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Montana Master
Join Date: Jan 2005
Location: North Ridgeville
Posts: 20,229
M.O.C. #2839
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We use our credit union that we have been members of for years. We are veterans and the rate was very good.
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11-10-2020, 04:41 PM
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#5
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Montana Master
Join Date: May 2020
Location: UPLAND
Posts: 1,279
M.O.C. #26190
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A day before the election, I locked a VA 2.25%, 30 year fixed.
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2019 Keystone Montana 3560RL, 2020 Chevy 2500 HD, Firestone airbags, Air Lift wireless compressor, Curt gooseneck, 20K Reese Goosebox, TST-507, USMC combat vet & retired LEO. Robert, Anika, Breanna, Dylan (daughter-in-law Stephanie). & our Great Pyrenees Layla
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11-10-2020, 06:52 PM
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#6
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Montana Master
Join Date: Oct 2004
Location: Salem
Posts: 7,663
M.O.C. #2283
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When we got our mortgage 44 years ago the rate was 9.5%. The payment was less than a hundred a month on $10,000, scared me to death. How would we ever get all that money paid back.
Lynwood
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11-10-2020, 08:48 PM
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#7
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Seasoned Camper
Join Date: Dec 2019
Location: Boise, ID
Posts: 85
M.O.C. #25489
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last 2 mortgage's were through Quicken Rocket Mortgage with VA loan. Did a VA IRRL REFI last month with them at 2.25%. I've had outstanding service with them. low documentation and very quick service. everything completed online, they came to the house for closing which took all of 15 minutes. Costs were competitive with USAA which I have used for 30 years.
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Joe & Rita, Boise ID
2014 3402RL, Morryde pin box, dual AC
2020 RAM 3500 Mega, Dually, 4:10, HO CTD, Aisin.
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11-11-2020, 08:28 AM
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#8
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Montana Master
Join Date: Aug 2015
Location: SWFL
Posts: 965
M.O.C. #17801
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I think you mean New Day, and I believe they provide a good deal. But, since you just got your mort., it doesn't make sense to originate a new VA loan and pay the $10,000 fee.
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2016 Montana 3711FL
2005 Ford F350, 6.0 diesel, short bed
Demco Hitchiker Auto Slide hitch
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11-11-2020, 09:23 AM
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#9
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Montana Master
Join Date: Oct 2004
Location: Salem
Posts: 7,663
M.O.C. #2283
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I just heard on public radio that loans backed be the VA varied widely in cost and interest rate. Their advice shop around.
Lynwood
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11-11-2020, 09:48 AM
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#10
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Montana Master
Join Date: Jun 2018
Location: Carson City
Posts: 2,017
M.O.C. #21963
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We just got a 30 year fixed at 2.8 no points. The VA was a bit less but had a 10 year break even due to the funding fee. VA might be good if disabled as the fee is waived or if you can't make the 20% down payment.
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2016 3160, Legacy, Sailuns, Splendide 2100 xc vented, 1 1/2" axle lift blocks, disk brakes. 2014 Ram 3500 SRW SWB 4X4 6.7 Aisin Mega Cab, EBC slotted disks and brakes, Titan fuel tank.
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11-11-2020, 09:55 AM
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#11
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Montana Fan
Join Date: Jul 2018
Location: Marion
Posts: 234
M.O.C. #22281
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Quote:
Originally Posted by mlh
When we got our mortgage 44 years ago the rate was 9.5%. The payment was less than a hundred a month on $10,000, scared me to death. How would we ever get all that money paid back.
Lynwood
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Memories.
42 years ago, 15 years at $272 a month, I think the interest was around 8% but not sure.
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2019 Montana High Country 384BR
2018 Ram cclb 4x4 6.7 cummins/aisin dually
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11-11-2020, 11:24 AM
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#12
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Montana Master
Join Date: Jul 2014
Location: Upstate NY
Posts: 1,789
M.O.C. #14547
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Many if not most of these no name mortgage companies are simply brokers. No clue where their loan money comes from, but shortly you may find that they no longer exist and you need to send your check, usually with different terms you can't challenge, to some other unknown money lender. The only thing that, luckily in my case, the interest didn't change but payment dates and other things did. My last house in 7 years, had 4 or 5 different entities where I sent my dollars. At least 3 times they said that my check never got there and I needed to prove otherwise - all of which was wasted time and more then a couple dollars. Then there was the hit to my credit rating.
What I'm saying is to be really careful where you borrow money
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Dave W
2014 Montana High Country 343RL (Sold!)
2011 Ford 6.7 Lariat CCLB (Went to PU Heaven)
2019 F150SC XLT SE Sport,w/full tow package
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11-11-2020, 12:55 PM
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#13
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Montana Master
Join Date: Oct 2004
Location: Salem
Posts: 7,663
M.O.C. #2283
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Quote:
Originally Posted by Fish
Memories.
42 years ago, 15 years at $272 a month, I think the interest was around 8% but not sure.
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Remember the songs from more than 50 years ago
‘Memories sweeten through the ages just like wine’
Lynwood
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11-11-2020, 02:39 PM
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#14
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Montana Master
Join Date: Oct 2006
Location: McKinney
Posts: 7,359
M.O.C. #6433
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Quote:
Originally Posted by mlh
I just heard on public radio that loans backed be the VA varied widely in cost and interest rate. Their advice shop around.
Lynwood
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Here is a link to that very interesting story.
https://www.npr.org/2020/11/11/93317...often-pay-more
__________________
Bill & Patricia
Riley, our Golden
2007 3075RL (recently sold, currently without)
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11-13-2020, 12:51 PM
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#15
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Seasoned Camper
Join Date: Aug 2020
Location: East TN
Posts: 68
M.O.C. #26974
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Shop around and be careful. Its not all just about the finance rate. Seems each company charges different amounts for different fees.
Ask to see a list of all closing fees before you proceed and choose carefully.
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11-14-2020, 07:10 PM
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#16
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Site Team
Join Date: Apr 2017
Location: Colorado Rockies
Posts: 1,986
M.O.C. #19755
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Check BNC National Bank. I've used them several times, always a good experience and the best rates. Just did a VA refi at 2.25%; painless. Closing costs were much less than some of the big advertisers.
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Scott & Alta
2017 Montana 3160RL, Legacy, Onan 5.5Kw, Solar
2022 F-450 Lariat Ultimate
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11-15-2020, 02:51 PM
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#17
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Montana Fan
Join Date: Sep 2018
Location: Orlando
Posts: 338
M.O.C. #22589
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If you were lending them money I’d worry... since they will be lending you money who cares. Just make sure that they are real before giving over your data.
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2020 Montana 3813ms legacy w/Paint
2017 Ram 3500 4X4 DRW Aisin Curt Q-25
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11-15-2020, 03:19 PM
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#18
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Montana Fan
Join Date: Feb 2019
Location: Tupelo
Posts: 101
M.O.C. #23524
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If you have a down payment over 20% you may get a better rate going with a conventional mortgage rather than a VA mortgage. Compare your initiation fees and projected closing costs for both, but the upfront costs on a VA loan are usually a bit higher than conventional. The ads your getting are "bait" ads to get you to call them. Go with someone you know. Often your local bank or credit union can get you a decent rate if you have history with them. Your local bank/credit union may also hold the mortgage where ABC Mortgage will often bundle and sell your mortgage year later and then you're sending your payments to XYZ Mortgage until they sell it to RST Mortgage.
__________________
Dave and Deb
Enjoying Retirement
2016 GMC 3500 Duramax Dually
2017 Montana 3731FL
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11-15-2020, 03:41 PM
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#19
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Seasoned Camper
Join Date: Jun 2019
Location: Sequim
Posts: 61
M.O.C. #24321
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Rocket Mortgage
Really easy to work with as they have everything online. Good rates and owned by Intuit, a very substantive company. One thing to check is will the company sell your loan? That happened to me on my first house loan, got 'sold' to three different companies which made for confusion on where payments go.
__________________
2020 Montana Legacy 3120RL
2019 GMC 3500HD Denali SRW LB; B&W Companion Pucks
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11-15-2020, 05:04 PM
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#20
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Montana Fan
Join Date: Sep 2018
Location: Reno
Posts: 293
M.O.C. #22620
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I refi-ed thru New Day. Great company!
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