Creekside Mortgage, Inc. often receives calls from individuals who have been placed in a loan that really isn’t right for them. Then, they come to us, hoping that we can refinance them into a loan that will work for them.
One individual gave us a call recently and he has been in an FHA loan for the past three years. Though FHA loans are right for some, this individual told us that he was a Veteran and that he qualified for a VA loan—and he is receiving disability of 70%.
With this individual’s history, he should never have been placed into an FHA loan. Instead, he should have been placed into a VA loan.
The individual was calling Creekside Mortgage, Inc. seeking a refinance into a VA loan. While our team will do everything they can to place this person in to a VA loan, he has already spent money needlessly over the past three years, and here’s why:
- Since this individual is eligible for a VA financing, he could have saved himself the upfront costs that come with a FHA loan.
- He is currently paying for mortgage insurance on his loan, which he would not have to do with a VA loan.
- Due to the percentage of disability that he is receiving, he could have saved thousands of dollars on his VA financing.
The bottom line is that if you qualify for a VA loan, you should take advantage of it and you should always ask your broker questions about the program they are putting you in. Are you really getting the best deal possible?
If you are interested in a VA loan or have any other questions, please contact Creekside Mortgage, Inc. at 503.445.1038.