You’ve Closed, Now What?
Congratulations on closing your VA Loan. Now is when our relationship truly starts. Because you just went through and closed your loan it’s very important I tell you a few things that are going to happen next.
First, your lender has been identified and your loan has basically been set up with them, but immediately we live in an open county, so that information like, you just bought a house, you’re a veteran, and you’re name, that personal information is now out there so, anyone can utilize that for their gain. So you will start getting things pretty much immediately. I’ve had people within the first two days and weeks start getting stuff in the mail, getting phone calls, and other things that try to get you to go through and change your loan. They do this by saying your VA Loan is messed up and there’s a great opportunity for you to get a lower rate. 99.9% of these are just gimmicks, or fishing basically, they send out thousands of those out trying to get people to respond. Always contact us, 9 times of out of 10 I’m going to tell you, you don’t want to do anything but they’re going to call them IRRLS: interest rate reduction refinance loans for streamline, they will go through and say hey there’s a mistake or something has happened. If it sounds too good to be true it probably is not true. I’ve had people add up to$10,000 – $15,000 on top of their existing loan to go through and save $100 a month. Doing something like that really doesn’t make sense, especially when you aren’t going to live there for the duration or anything else. They will make it attractive of course, saying there’s no appraisal, it’s brand new, Obama or Trump enacted this, those aren’t true either. Also, these are usually fly by night companies where when you look them up or do research on them and ask what their name is you will find and if you look him up at the research on him and ask what their previous name was you’ll find out all the negativity with that. I don’t want to scare you with this I just want you to realize that when something like that happens, pick up the phone and call us. We will tell you if it’s legit, if it’s not, you know what it is.
The next thing the bank you currently have right now will start soliciting you to do certain things like life insurance. Don’t ever go to a bank to get life insurance. If you want life insurance go to your insurance company and say I want to get term life insurance in case something happens to me. Don’t do it through the bank. They do it for their gain, not for yours. If God forbid something happens to you, you would want the house to be paid off and any excess money to go to your spouse or significant other. Typically those life insurance policies through the bank will just pay off the loan. So while you’re paying off your loan off over time it’s decreasing. Another thing that the bank will want you to do is set up bi-weekly-payments. They say “Hey, if you do this, you can pay off your loan 1 2 3 4 5 years quicker. I HIGHLY recommend not setting this up. What you end up doing is making a payment every two weeks. I have an extra video if you ever want to watch it, it that goes more in-depth on that but it’s definitely to their benefit not to yours. If you want to accelerate your loan and do it yourself you can make some bigger payments every month. But dividing it up and doing it with their terms, benefits them. While you make extra payments like that it’s more likely to have a late payment and make it hard for anything else to go through. Definitely, seek out that video from us.
Whether you never utilize us again and this is your only transaction, you can still use us as a point of contact in case you have any questions. I have created a team around this that is here to help you from now and into the future. So always, if you know anyone else that needs help, any of the veterans or anyone else out there, send them our way we would love to help them. So any other questions please let us know! Also for more videos check out our video library on our Youtube Channel: Creekside TV.