Today we’re bringing you the fourth episode of The Peter Dellane Mortgage Show. On this episode, we talked about VA loans and the Peter Dellane Team app.
Today on the fourth episode of The Peter Dellane Mortgage Show, we’d like to talk a little bit about VA loans.
Historically, VA loans have constituted about 10% of the real estate business. More recently, however, there’s been some positive growth. That number is likely now closer to about 20%.
VA loans are certainly gaining more traction. However, one thing people may not realize about VA loans is that when you purchase a house with one, the seller can actually pay all closing costs plus up to 4% in other costs, too. This is the case so long as there’s room in the appraisal to support it.
As long as it’s under 4% of the purchase price, this additional payment could go toward almost anything—including car payments, a new TV, furniture, or something else altogether. This is just one perk the VA gives to thank our veterans for their service.
With the VA loan, veterans not only pay zero money out of pocket, but they also don’t have to pay monthly mortgage insurance premium. Additionally, the rate is much lower than the conventional loan.
This is an amazing service—and we want to provide high-quality service for our customers, as well. If you’ve been thinking of refinancing, for example, please give us a call. We would love to help.
Right now, there are 117 banks competing for applicants’ business on the wholesale market. With that, along with cash to close being $4,700 less, it’s no wonder you want to be on the wholesale side of things.
Going above and beyond is important to us.
One thing we always recommend to people is that they don’t hesitate to contact us if you’re finding yourself frustrated or dissatisfied with your mortgage. For example, one customer called us after finding herself in that exact scenario, and we were able to give her a lower closing cost.
Another customer we had 13 years ago, however, was told by their bank that they were capped at the county limit of $517,000. This became an issue because this customer was paying off two mortgages at the time, as well. However, this cap was clearly incorrect. Unlike his bank, we were able to give him $540,000.
The VA has no official loan limit, but will only guarantee a certain percentage. So while there is no technical cap, anything over the county limit cannot be guaranteed. Usually when a customer is told they must not exceed a certain cap, they are working with a person who simply doesn’t understand the structure of a VA loan.
Working with the right people is essential to your success in any real estate transaction.
Because we believe in providing service that goes above and beyond, be sure to download The Peter Delanne Team’s app. This app comes with a lot of great features. If you’re showing homes on a Sunday afternoon, for example, and you’d like to refer them to The Peter Dellane Team, you can do so directly from the app.
They can also apply on the app in less than three minutes. By taking pictures of their pay stubs, tax returns, and other documents and uploading them to the app, we’re able to review their file and issue a pre-approval letter in just minutes.
There are many other interesting features in this app, as well, including reviews of Ability Mortgage Group.
Going above and beyond is important to us, which is why one agent on our team was working at 10:30 p.m. on a Sunday night to get a client pre-approved through our app.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
