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How To Shop For A Low VA Loan Rate

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An overview of some of the simple steps you can take to secure yourself the lowest VA loan rate available to you.

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How To Shop For A Low VA Loan Rate

  1. 1. How to shop for the lowest rates on a VA streamline loan www.LowVARates.com www.LowVARates.com or Toll Free 866-569-8272
  2. 2.   Consumer Paid Loans vs. Lender Paid Loans  Since April 1, 2011 a loan originator (loan officer) cannot make money on a loan from both the borrower and the lender. For years this has not been the case.  The originator can make money by charging you an origination fee (on VA loans not to exceed 1% of the loan amt) or he can have the lender pay him/her for doing the loan (the most popular way of doing business now) www.LowVARates.com or Toll Free 866-569-8272
  3. 3.   VA loans do not allow for more than 1% loan origination fees. On a $350,000 loan this is $3,500  Its pretty plain and simple, if you are doing a Consumer paid loan (remember most do not do this loan) then the loan originator is stuck at making the 1%  VA does not allow hardly any other fees to be charged to you if you are already charged the 1% therefore most VA loans will not be consumer paid, as the loan originator is stuck covering all sorts of other fees and cannot make money on the loan. www.LowVARates.com or Toll Free 866-569-8272
  4. 4.   VA loans are able to have up to 2% charged for discount points. Discount points are fees you are able to pay to get a lower rate.  The lower you try to get your rate, the more in discount points you have to pay. www.LowVARates.com or Toll Free 866-569-8272
  5. 5.   Every single loan will have 3rd party fees  Title insurance  Title fees  Signing  Notary  Recording  Taxes to the county or transfer taxes  Etc  THESE FEES HAVE TO BE PAID BY SOMEONE! www.LowVARates.com or Toll Free 866-569-8272
  6. 6.   Since 3rd party fees are NOT FEES that go to the loan officer or lender, some “shady” or “tricky” loan officers may not tell you or make it easy to find these fees. (WE WILL SHOW YOU HOW)  You will have 3rd party fees on every single loan you do. YOU HAVE TO PAY Them if you are doing a Lender Paid loan (which TRUST ME YOU ARE on a VA LOAN 95% of the time) www.LowVARates.com or Toll Free 866-569-8272
  7. 7.   Just like 3rd party fees, every VA loan has prepaid interest and escrows/impounds  There is NEVER A DAY in your home where interest is not being charged. Say you close the streamline refinance on the 15th of the month, the you will see 15 or 16 days of pre-paid interest on your loan at closing. Your new lender will start charging interest the day they get your loan!  VA loans require taxes and insurance to be escrowed. When you streamline or refinance your loan, a new escrow account has to be funded/built. Unless you want to bring that money to closing, you will add it into your loan as a cost at closing. www.LowVARates.com or Toll Free 866-569-8272
  8. 8.   What Does Annual Percentage Rate - APR Mean?
 The annual rate that is charged for borrowing expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan. This includes any fees or additional costs associated with the transaction. www.LowVARates.com or Toll Free 866-569-8272
  9. 9.   The form where all your closing costs are outlined and broken down  Look mostly at the ADJUSTED ORIGINATION CHARGE  The adjusted origination charge is what it costs you to do the loan, What fees are being charged by the lender/bank lending the money and any discount points you have to pay.  3rd party fees should not be weighed heavily when deciding who is giving the best deal. Any bank or lender can use whatever title company you want!  3rd party fees will be the same regardless of lender. www.LowVARates.com or Toll Free 866-569-8272
  10. 10.   Look at the APR. Normally speaking apples to apples, the lowest APR is your best deal.  If it is NOT the lowest rate you are interested in, but in keeping costs to a minimum, then look closer at the adjusted origination charge  Taking a higher interest rate will actually in many cases allow you to have NEGATIVE adjusted origination charges as the lender gives you a credit for taking a higher than market rate! This of course gives you a very low or even negative adjusted origination charge www.LowVARates.com or Toll Free 866-569-8272
  11. 11.   If you do not feel we are giving you the best deal around, we will pay you $250 if we cannot beat your best offer.  Send to eric@lowvarates.com the following: ◦  GOOD FAITH from lender giving the best deal ◦  TIL or Truth in Lending from that lender. This is where the APR is listed along with other terms of the loan. www.LowVARates.com or Toll Free 866-569-8272
  12. 12.   If we cannot beat that offer, we will let you know and then all you have to do is CLOSE and FUND your loan with those terms or lower and we will send you $250!  Normally speaking we help you uncover lies or deceptions, or you go ahead and close as you won’t believe us and then realize at closing you did not get what they said you would. www.LowVARates.com or Toll Free 866-569-8272
  13. 13. Serving Veteran and Military Home Owners Nationwide Apply online atwww.LowVARates.com www.LowVARates.com or Toll Free 866-569-8272

An overview of some of the simple steps you can take to secure yourself the lowest VA loan rate available to you.

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