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Old 11-10-2020, 06:56 AM   #1
Travelling Three
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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

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Old 11-10-2020, 09:20 AM   #2
DutchmenSport
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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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Old 11-10-2020, 10:49 AM   #3
R.S.O'Donnell
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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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Old 11-10-2020, 11:22 AM   #4
richfaa
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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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Old 11-10-2020, 04:41 PM   #5
432bartman
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A day before the election, I locked a VA 2.25%, 30 year fixed.
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Old 11-10-2020, 06:52 PM   #6
mlh
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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.
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Old 11-10-2020, 08:48 PM   #7
JoeUSNRET
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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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Old 11-11-2020, 08:28 AM   #8
phillyg
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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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Old 11-11-2020, 09:23 AM   #9
mlh
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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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Old 11-11-2020, 09:48 AM   #10
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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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Old 11-11-2020, 09:55 AM   #11
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Quote:
Originally Posted by mlh View Post
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
Memories.

42 years ago, 15 years at $272 a month, I think the interest was around 8% but not sure.
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Old 11-11-2020, 11:24 AM   #12
Dave W
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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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Old 11-11-2020, 12:55 PM   #13
mlh
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Originally Posted by Fish View Post
Memories.

42 years ago, 15 years at $272 a month, I think the interest was around 8% but not sure.

Remember the songs from more than 50 years ago
‘Memories sweeten through the ages just like wine’
Lynwood
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Old 11-11-2020, 02:39 PM   #14
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Quote:
Originally Posted by mlh View Post
I just heard on public radio that loans backed be the VA varied widely in cost and interest rate. Their advice shop around.
Lynwood
Here is a link to that very interesting story.

https://www.npr.org/2020/11/11/93317...often-pay-more
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Old 11-13-2020, 12:51 PM   #15
Snowwolfe
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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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Old 11-14-2020, 07:10 PM   #16
scottz
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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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Old 11-15-2020, 02:51 PM   #17
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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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Old 11-15-2020, 03:19 PM   #18
davemitchell59
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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.
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Old 11-15-2020, 03:41 PM   #19
penra
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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.
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Old 11-15-2020, 05:04 PM   #20
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I refi-ed thru New Day. Great company!
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