As we approach the end of first quarter in 2021, New Mexico homeowners with a VA loan have seen the very low interest rates available for VA Streamline loans, also known as Interest Rate Reduction Refinance Loans (IRRRLs).
Streamline loans are a great opportunity for Veterans to refinance their existing mortgage into today’s lower interest rates and perhaps save hundreds of dollars in monthly payments, and thousands over the life of the mortgage.
However, we caution veterans to always shop several mortgage companies for a VA Streamline loan. Offers from lenders will vary, especially in the fees they will cost the veteran to get that low mortgage rate.
As an example, we recently had a call from a veteran asking for our proposal, so he could compare on offer he got from the national lender whose name rhymes with “pocket”. We sent him our offer, without knowing the details of the offer from the online company. But when they were put side by side, we’d offered him the same low interest rate, but the Indigo Mortgage loan was $5000 less in fees than the national lender’s offer.
This New Mexico veteran saved $5000 in closing costs by shopping his mortgage with Indigo Mortgage, a cost that would likely have been added to his loan, because he wasn’t so quick to take the “Pocket Mortgage” offer.
Veterans, shop your mortgage around and always shop it with a trusted local mortgage company like Indigo Mortgage. We believe veterans should be honored for their service; at Indigo Mortgage, we do that by offering honest and ethical loan rates and options every time. Our thanks and appreciation to all our veterans!