Consumption and Real Estate
Military or Veteran’s Mortgage financing, who has the best deals around besides USAA?
Question : Military or Veteran’s Mortgage financing, who has the best deals around besides USAA?
I know Im supposed to check everytday…. Right now I am only tracking USAA and Pentagon Credit Union. Seen Bank of America and Wells.. not a good deal at all. The best one by far has been USAA. Im wondering if there are any other Lenders outthere.
best mortgage deals
Best answer:
Answer by AF FE
we just refinanced our house with National City but they were our original lender so it was pretty easy going through them. went down 1.25% on our loan. you can try www.military.com and see if they have any links to military friendly lenders, you will have to create an account but its free and has lots of good info. good luck.
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#2 written by Shredded Cottage Cheese 1 year ago
what I’m not clear on is whether you are looking to use a VA mortgage, or get conventional financing but from a military affiliated institution. USAA and Penfed are both good places, I bank with both. Other good options are Ft Sam Houston and Navy Fed Cr Union.
Check around with some mortgage brokers too. They often have lenders that you might never have thought of.
I know ARMs are kinda BS right now, but for military folks, hear me out on this one. If you are thinking of being in an area for 4 years, and no thoughts of settling down or keeping th ehome after you PCS, then Penfed has a 7/1 ARM that gives you a fixed rate for the first 7 years. They are in the mid 4.xx% right now, you sell the home when you PCS and it is like getting a fixed rate loan for 4-5 years. Of course you have to be in an area where the home values are more stable than in most of the country, and the ability to sell the house is there. This strategy wouldn’t work in Detroit, but may work in Seattle, for example.
Good luck
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I was tracking every bank I knew of when I was shopping for a loan. I ended up going through Wells Fargo back in November. I did call USAA and tried to get a loan through them but when I compared the GFE’s, there were so many “fine print” charges with USAA and they were offering me 6.725% but I had to pay a point for that vs Wells Fargo 6.5% (fixed 30 yr, 100% loan).
Since my husband is still in, it was important for us to bring zero down, zero at closing, and have our monthly payments be close to what he gets paid for BAH, have the BAH work for us. In order to get a good deal, we went through a mortgage broker that my BFF and Realtor recommended. He was free of charge.
You might want to call each bank and get a good faith estimate and compare them all. Look at all the charges side by side and figure out what will be best for you.
My recommendations: get a mortgage broker or get GFE’s from each instituion and compare them.