Veterans with an existing 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 streamline a refinance to get into those low rates and save them hundreds of dollars in monthly mortgage payments. But we caution veterans to shop around as offers from mortgage lenders can and will vary, especially in what it will cost a veteran in closing fees to get that low interest rate.
For example, we got a call from a veteran that wanted to compare on offer he got from an online lender (that one that rhymes with “pocket”). We sent him our offer, not even seeing the national lender’s offer. When we did put them side by side and review with the veteran, both companies offered the same low interest rate, but the Indigo Mortgage loan was $5,000 less in fees than their offer.
We saved this veteran $5,000 in closing costs because he shopped his mortgage around and wasn’t quick to take that “pocket” sounding offer. Veterans, please shop that mortgage around and remember to shop it with a trusted local mortgage company like Indigo Mortgage.