VA loans/streamline

Re: VA loans/streamline

• MilMom2B

  March 2012

  I used a VA loan and yes I get those letters all the time. I just shred them. FWIW you get them even if you don't do a VA loan. My brother gets them all the time, my parents have got them, my friends, etc. 

  
  

  Report0 Reply
• Loading the player...
• TomHope2011

  March 2012

  Yes, our house is financed through a VA Loan and we get about three of those post cards each week.  We just throw them in the fireplace during the winter and shred them during the summer.  They all promise that by refinancing through them your monthly payment will drop to a certain amount, once you actually look into it you're still paying approximately the same each month, because they don't factor in the property taxes and escrow that the VA wants covered by the loan instead of you handling that yourself.  

  My aunt works for a major bank in their mortgage department and she says that a lot of those are scams.  She see's people falling for those "refinance your home through us" post cards all the time and then coming back to the bank trying to get refinanced through them again, because they wind up paying more through the post card company due to all the extra fees and the fact that they don't include their taxes into their monthly payment estimates they mail out.

  

  Report0 Reply
• Emilia0101

  March 2012

  A streamline refinance is legit it just may be the company that isn't legit. We did a streamline with a major company 100% legit a few months ago. We went from 5.5% to 3.75% it did save us about $200.00 per month on our house payment. A streamline means you don't' have to re-qualify for the loan, you can't make a profit on the loan (so if you owe 200k and your house is worth 250k you couldn't over finance with equity), you don't have to deal with a traditional appraisal process either. 

   So long story short stream line is legit just make sure it is a legit company. 

  Warning No formatter is installed for the format bbhtml

  Report0 Reply
• silverbell4

  March 2012

  Hmmm....thanks, I thought it may be too good:) I'll check with Wells Fargo then, where we got our initial VA loan. Thank you for your responses!
  

  

  Report0 Reply
• LeahCK member

  March 2012

  I'm in the mortgage banking industry and it's just junk mail. Streamline refinances can be done for VA and non VA type loans if all the criteria are met. You typically have to pay out of pocket for an appraisal (a few hundred dollars). 

  I get junk mail and am upside down on my house and don't' qualify for a streamline so, it's JUST junk mail. The junk mail looks more and more official than it used to. The company just purchases lists from the credit bureaus of the people who just had their credit pulled for mortgages and they also check lists of public records or mortgages that have been recorded.

  Just remember a rule of thumb, don't shell out any money to anyone, don't let someone "fast talk" you, don't give out your social security number unless you're actually working on a deal REGARDLESS what anyone tells you. Some lie and say that they already have it and just need you to verify it, they don't! 

  

  Report0 Reply
• ~pennstatebride~

  March 2012

  You should absolutely consider streamlining (depending on your current loan rate). But you can do so with any bank, and I probably would not go with any that are putting postcards in your mailbox. We got a VA loan in 2008 for 6.75% and then streamline refinanced through the same bank just a couple months later for 5%. It DID save us hundreds of dollars each month, so you should crunch the number and see how much $ you'll save each month vs. how much $ you'll need at closing your new loan. I calculated that for me, after 2 years, the refinance would pay for itself. Good luck!

  

  Report0 Reply