Quote:
Originally Posted by Rocksnap
Yes, fees are the variable. But another variable, if you hope to refinance down the road.
Since TV, for some unknown reason simply will not accept a VA backed loan on new construction. All they need to do is fill out a 1 page paper about the builder, seems simple enough.
VA backed loans have a substantially lower APR. So I will be doing a refinance soon enough, within 1-3 years I hope. When I do, I want to minimize those fees.
I went with a mortgage broker that slashes their fees for future business with them, VA backed loan or not. So for me, that’s a win win. As I will be doing a VA backed loan hopefully after the election when things settle down, as those rates are a good half point lower.
Bank of America, whom a hate to do ANY business with, has a refi program with reduced fees. But you must have, on paper, $250,000 in assets tied with them.
My broker slashes their fees for future business. Paired with a VA loan, that will yield me substantial benefits for closing costs and the lower APR.
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Are you doing a VA streamline refinance or a first time VA loan ?
I have done both . On the original VA loan I had to pay a $15,000 funding fee which is refundable when the loan would be paid off $0 percent down payment, in additional the normal closing costs . In 2021 I did a VA streamline refinance at 2.399 % 30 year fixed . Approximately $4000 closing costs . Minimal if any documents were required .
Like free money