If you are a veteran and own a home or know someone who is you should read this blog.
1st Mariner Mortgage has a streamlined VA loan program that in my opinion is 2nd to NONE.
Here's what we can do and also listed are the major differences.
1. Appraisals are NOT required on a VA IRRL no matter which servicer you currently have. Most banks will only refinance their own VA loans with no appraisal.
1st Mariner charges no processing fees, no origination fees to close your VA IRRL loan. TOTAL fees from us are less than $50. Most banks charge $500-$1,000 to process these loans.
Working with Brent Mendelson and 1st Mariner can also save you an estimated $750 in settlement fees than other lenders and title companies. One of our national title companies charges NO settlement fee on VA IRRL loansÂ where allowed by law. Your state is one where we can offer no settlement fee and no lender fees. I doÂ not believe you will find a better loan program out there with rates this low and most of the fees waived.
1st Mariner has a program to refinance VA loans with credit scores as low as 600. Most banks will not touch these loans unless you have a 640 score. The rate is not the same as if you are above 640 but it is still probably better than what you have.
You do not need W-2's, tax returns, bank statements etc to have your loan approved. It's the easiest loan out there today.
It cost NOTHING to talk to me and find out if this is the right loan program for you. Donâ€™t wait, rates have been headed up and we want to save you the most money we can.
If you have struggled in the past to find a lender willing and able to help I would be happy to take a look and offer any advice. Again this is a no cost, no obligation phone call.
I attached a Google search engine thread so you can also find out more about me.
I look forward to talking soon and seeing how we can save you money for years to come. Please let me know any questions.
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
I wanted to discuss a little known feature of the VA loan program. It's called the IRRL loan which stands for Interest Rate Reduction Loan.
If you already have a current VA loan and have been current on the loan you should be eligible for the refinance program. We offer this program in 49 of the 50 states. Sorry Nevada! Soon I hope.
Here's why the program is an incredible opportunity in general and specifically with First Mariner Mortgage.
First Mariner has zero lender fees to obtain a VA streamline refinance. The only fees we charge are 3rd party fees for credit and flood cert. Total cost is $40 dollars.
No appraisal is required using 1st Mariner Mortgage's direct portfolio program in most cases.
Â This is HUGE if your property is upside or underwater and other lenders have said no without an appraisal.
There are no assets required and no income documents required either. No paystubs, no W-2'S no tax returns for self employed borrowers. You basically sign the loan application, provide a mortgage statement, hazard insurance and your note and HUD-1 and that's it. The loans are MUCH faster as a result and close on average in about 3-4 weeks.
You can go to 100% of the value of the house if need be.
There is also no mortgage insurance for VA loans.
If you receive VA disability there is no funding fee.
If you do not receive disability the funding fee is lowered to .50% and the fee can either be rolled into the loan or paid for inÂ cash with a lender credit.
TheÂ rates areÂ extremely low now and a very popular option is to slightly increase the rate and receive a lender credit to help pay the closing costs and thereby keep your loan low without adding all the normal closing costs for other types of loans.Â
There are also 15, 20, 25 and 30 year mortgages as well as ARMSÂ if you are interested.Â
I specialize in VA loans and haveÂ for almost 10 years. I am proud to assist our military community in saving money and paying off their mortgage as quickly as possible. ForÂ testimonials fromÂ past clients please refer to http://reviewbrentmendelson.blogspot.com/
It costs nothing to call and review options with a VA loan specialist.
Any questions or anything I can do to help in any way please do not hesitate to ask.Â
1st Mariner Mortgage
I wrote this last week and am going to post this in all 50 states to garner maximum exposure. I fear for the future of this country in the wake ofÂ the "super committee" failure. If Congress and the President can't get something like that right then there is NO way they can possibly "fix" the housing market. Please feel free to re post if you agree with that I say. Maybe send to a member of Congress?
Full Disclosure. I am a card carrying member of the Republican Party and did not and will not vote for President Obama. I have no problem giving the President credit when he has a good idea and does the right thing. I want him to do well and succeed. Things as a whole will improve for the nation and I love this country more than a political party.
However the President's "plan" for underwater mortgages is incredibly lacking in urgency, details and a true sense of what the problem even is let alone how to fix it.
When we needed true leadership we received a speech in Las Vegas that was long on promises but short on well everything else.
This week we FINALLY had at least an outline of the new and improved "plan"
We can't even take applications for it until December 1 and if you are underwater by at least 125% then you can't deliver the loans to Fannie until MARCH of 2012.
Mr. President, people are hurting NOW. Giving a speech in October and offering even a sliver of help until March is 5 syallbles and one word. UNACCEPTABLE.
The reason for the delay is embarrasing to our political system that aids and abets Fannie as well as Fannie themselves. They need to reprogram the computer basically to say it's OK to accept over 125% This is in the instructions themselves as to the reason why. First off I'm guessing a simple computer fix. Secondly all Fannie needs to say is "casefile will read ineligible but if LTV is sole reason then acceptable". This has been done on confirming jumbo loans until the software was fixed.
Either way to me this is unacceptable.
Not to mention no word onÂ appraisals as to whether they are needed. How can you not address something that simple?
If it's left to Congress and the White House and the same groups andÂ organizations like Fannie and Freddie to get us out of the mess then folks we have a long hard road ahead of us. Until the housing market leads the way for a national economic recovery we will sit idle for far too long of a time. Our homes are our most treasured possession and the most expensive item any of us will ever purchase. People won't feel wealthy and spend until they feel their home is on safe ground. This is a crisis of confidence that is depressing consumer spending.
If you agree call Congress and urge them to revamp the "plan" 202-225-3121 is the Capitol switchboard
The number for the White House is 202-456-1414 also.