Veterans with an existing VA mortgage have seen that interest rates are at record lows for Streamline loans or what we call IRRLs, Interest Rate Reduction Loans.
This, of course, is a great opportunity for Veterans to save hundreds of dollars in monthly mortgage payments, by doing a streamline refinance to get into those low rates. However, we caution veterans to shop around and compare not only the rates from mortgage lenders but also the closing fees to get that low interest rate.
We recently got a phone call from a veteran who wanted to compare a ReFi offer he got from an online lender (you’ve probably seen national TV commercials for a company that rhymes with “pocket”). We sent him our offer, having not even seen the national lender’s offer. When we did put them side-by-side and review with the veteran, he saw that the interest rate was the same on both offers, but the loan from Indigo Mortgage Colorado had $5,000 less in fees than the national offer.
So, we were able to save this veteran $5,000 in closing costs because he shopped his mortgage around and wasn’t quick to take that “pocket” offer. Veterans and all homebuyers, or those considering a refinance, please shop your mortgage around and remember to shop it with a trusted mortgage company like Indigo Mortgage Colorado.