VA Loans Blog

Online Lenders, a Reality Story

April 3rd, 2019 7:41 AM by Joan Rusco

Watching the tv commercials might leave the impression that the national VA lenders have the best rates, or service, or both. They do not.

We have a client who is in the unfortunate position of going through a divorce and, as part of the settlement, she gains complete title to the house requiring her to refinance her current $200,000 mortgage removing her ex-husband from the loan. She turned to one of the companies she saw advertised on tv. We’ll refer to it as Thicken Loans. It’s a company bragging about it’s service so she thought "that’s exactly what I need". This is when the company’s tv persona turned to something other than the image.

As of this writing 30 year conventional mortgage rates are below 4.5% but that’s not where her rate ended. Despite her excellent credit, solid work history and good money management her rate ended up bumping up to nearly 5%.  The cost of acquiring this loan was about $6,000! Yikes!  But wait, there’s more.

This client is not versed in the language of mortgage loans and didn’t understand the meaning of some of the common terms we use in this business. Terms such as points, title insurance, tri-pull credit report, origination fee, etc. Her discussions with the phone representative at Thicken Loans left her dazed and confused. When she ask a question she felt as though the representative was condescending in his response. And, by the way, she’d better come up with those questions Monday through Friday because if they came up on weekends she was out of luck. “Sorry mam” said the voice mail recording, “you’ve reached us after hours. Please leave your name and a brief message and we’ll return the call when we return”. Uh, okay…I guess.

We bring you this to illustrate why using a local mortgage person such as Brad at VALoansMN may be your best bet despite all the tv ads you’ve seen with retired general, attractive female veteran or famous actors.  We are here, we have the same (or better) rates as they and when you call us, you talk to a person who will get to know you not someone at a computer who says “wait, let me look up your file”.  

We know this post is somewhat self-serving but it is also based in fact. The story you’ve read above is true. We are here for you with the best rates, the best service and knowledge of who you are. As you consider a home purchase or refinance we ask that you look beyond the big buck tv ads and turn back to your own neighborhood. That’s where you’ll find VALoansMN ready, willing and quite able to serve your home loan needs.


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