Posted by Veterans become giant junk mail targets right after they close on a VA home loan. Most notably, VA Streamline Refinance postcards flood veterans’ mailbox. These postcards come from strange mortgage companies and promise ultra low streamline rates. Are their claims accurate?
VA Streamline Postcards – Read Fine Print
While right now is an ideal time to streamline and so many veterans can save thousands, the endless mailings often promise unrealistic loan terms. While the eye catching print may flaunt super loan VA mortgage rates the fine print may disclose unsuspected loan terms. For example, the fine print may show the superhuman rates are based on:
- Adjustable Rate Mortgage (ARM’s)
- 15 Year Loan Term
- Paying extra points/costs buying rate down
Considering many Veterans desire to streamline their current VA home loan into a lower rate low or no cost 30 VA loan the above may come as a quite the surprise once revealed.
Who is Soliciting and How Do They Find You?
Companies sending you postcard after postcard often position themselves behind clever company names. These names can appear to the average VA home owner as if the company or companies are “officially” affiliated with the VA. This is a ruse at best.
The VA does not affiliate with specific mortgage lenders. In addition the VA does not originate VA Loans. Often, lenders with “normal” sounding names are seasoned experts at handling all VA home loan transactions.
The mass mailing companies pay for lists. These lists contain the name, address, interest rate and more for closed VA loans. The list and the companies computer get together and wallah – you suddenly get a postcard. Of course it is possible that the stars align and you get solicited by an unknown company that will do a great job for you.
However, it is advisable to contact a VA mortgage lender you found on your own. They can most likely take you through the VA Streamline process swiftly and seamlessly.
By Jeremy House