View Full Version : VA Home Loan - Heads Up!
akzinger
05-04-08, 01:01 PM
I just want to give fellow Marines a heads up on VA home loans. Watch out for mortgage brokers and loan agents who will try to switch you off of a VA Loan. You earned the right to purchase a home...
thewookie
05-04-08, 01:30 PM
Good post. I'll add,, avoid mortgage brokers if at all possible, unless you want to deal with a middleman. Not saying that there aren't some honest ones out there but why take a chance and pay for...
nightstalker2
05-04-08, 05:51 PM
curious I have a arm and when it adjust the paperwork states no higher than one percentage point, and will flacuated off and on for one year and then whatever rate at the end of the year becomes fixed. since the fed has cut rates at least seven times what are mine chances of have it adjust lower than 6%, feedback anyone.
Hey nightstalker2....I did not see your PROFILE...
Did you forget ?:(
akzinger
05-05-08, 03:45 PM
curious I have a arm and when it adjust the paperwork states no higher than one percentage point, and will flacuated off and on for one year and then whatever rate at the end of the year becomes fixed. since the fed has cut rates at least seven times what are mine chances of have it adjust lower than 6%, feedback anyone.
You may want to Refi and I would suggest VA fixed. The ARM sounds funky, I have never heard of that type of ARM. I am not a financial advisor but I think you can get a fixed right now around 5.5%. There will be some expenses to refi and there are factors that determine if it is beneficial like how long you plan to stay in the house etc...Getting out of an ARM may reduce your exposure in the future. I really think it may be worth you spending $50-$100 for an hour of a Certified Public Accountants time to look over your paperwork and help you make a sound decision based on your personal and financial circumstances. I'm sorry I couldn't answer your question more directly but I think you really need to seek professional advice so you get the best results. Also, I would not seek that advice from the person selling you the loan. Seek a third party with no financial interest in your loan. Good Luck Marine!