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The Evolution of the American Soldier’s Uniform (Infographic)

Admin — Wed, 16 May 2012 14:00:49 +0000

Over the years, the military uniform has changed in too many ways to count. We thought it would be fun to take a look back through history at how the average military uniform has changed. Now we know there have been hundreds of minor changes not reflected in this infographic, but overall you are able to see the general shift in uniforms from different eras and wars. We hope you like this and share it with your friends!

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Military Spending – Republicans vs Democrats (infographic)

Admin — Mon, 07 May 2012 13:00:27 +0000

The following infographic examines military budgets during a Presidents tenure while also provided some additional facts at the bottom. Please share and thanks for your comments.

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Veteran Issues and the 2012 Presidential Candidates

Admin — Thu, 22 Mar 2012 11:00:22 +0000

If you’re a veteran or active military, you probably have some specific issues you are paying attention to when it comes to the 2012 Presidential Election. With this infographic, we aimed to take a deeper look at several key issues we though you might be interested in, and then provide details on the stance each candidate has taken on the issue. We hope this helps you as you look to the upcoming election and are making your decision.

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Refinancing your VA Loan with New Day Financial

Craig Walton — Fri, 09 Mar 2012 20:39:33 +0000

Veteran home owners in the market to refinance their existing VA home loan have many lender options and interest rates at an all-time low. Veteran home owners interested in going with New Day Financial should understand that they may be able to get a better interest rate and less closing costs by going with an approved New Day Financial broker.

New Day Financial Brokers

Approved New Day Financial brokers are generally extremely qualified to help military families and understand the VA home industry. New Day Financial provides thousands of home loans nationwide to military families. Many of the New Day Financial brokers offer cheaper interest rates then going directly through their services. New Day Financial offers “tier 1” or “wholesale” rates to brokers closing a large amount of loans. The “wholesale” rates given to brokers are typically lower than the retail rate being offered directly through New Day Financial.

Many military home owners assume that home loan brokers will charge more closing costs and have higher interest rates. This is definitely not the case. On the contrary, many brokers actually offer lower interest rates then lenders and no additional closing costs. It makes sense for New Day Financial to offer an incentive to a broker that can potential close thousands of loans and in turn help New Day Financial make money.

VA Streamline or VA Hybrid?

Right now veterans can refinance to a fixed 30 year loan at 3.75% or they can get in a five year VA hybrid loan for 2.75%. Both loan options are the lowest they have been in the history of the VA home loan. If veterans know they will be in their home for less than 10 years, the VA Hybrid is a great option. Many veterans confuse the VA Hybrid loan with conventional adjustable home loans during the market crash. The VA Hybrid is COMPLETELY different. The VA Hybrid loan will stay fixed at the 2.75% rate for the first 5 years. After that, the hybrid loan can ONLY move one percentage point per year. However, the VA Hybrid rarely moves the full percentage point and can also move down is the market improves.

The fixed 30 year loan is idle for veterans looking to stay in their home long term. If you have plans to stay longer than 15 years in your home you can refinance to 3.75% fixed 30 year loan.

Why Choose a VA Loan?

Many lenders may try to steer veterans away from VA home loans, but do not be swayed. The VA loan is the best loan on the market right now and veteran’s homeowners are missing out on great benefits by looking into other loans.

VA home loans have many significant advantages over an FHA or conventional loan. If veterans come across a broker or lender that is trying to get convince them otherwise, they would be wise to move onto another company.

Make sure your situation is Improving

Going to a lower interest rate does not always translate into the best financial decision. With closing costs added to the loan the monthly savings needs to be enough so veterans can make their money back in a reasonable time frame. If veterans are looking to stay in the home long term and make back the closing costs in less than 10 years typically its worth refinancing. If veterans are unsure about their situation, please contact a VA loan officer at LowVARates.com or go to our live chat www.lowvarates.com for further assistance.

As always veterans, make sure to check VA streamline rates through New Day Financial, LowVARates.com and other brokers and lenders to see which can offer you the best streamline refinance for your situation.

VA Streamline with USAA

Craig Walton — Thu, 23 Feb 2012 22:10:12 +0000

USAA is an organization dedicated to helping veterans and military families take advantage of well-deserved benefits. Since they specifically target veterans they typically have dealt with the common concerns and questions with VA home loans. However, USAA also brokers out there loans to qualified VA approved lenders. For veterans, it’s a huge advantage to have a lender or broker that understands VA home loans and assist military families on a daily basis.

VA Streamline & Cash out

Veteran homeowners can refinance their existing VA home loan with USAA and any of their qualified brokers. A VA streamline is when a veteran already has a VA home loan and wants to refinance to a lower rate. The VA streamline is one of the easiest refinances on the market and does not require an appraisal like many other loans. If a veteran has a FHA or conventional loan and wants to refinance into a VA home loan they have to get a “cash out” refinance. A cash out refinance is a little more complicated and does require an appraisal. However, the VA streamline is designed to help veteran home owners take advantage of low interest rates and save hundreds of dollars every month. With interest rates at an all-time low, veterans can refinance their existing VA loan at 3.75% for a fixed 30 year loan. The 3.75% rate will not cost the veteran any additional costs and they will not have to buy down the rate.

USAA Brokers

Approved USAA brokers are generally extremely qualified to help military families and understand the VA home industry. USAA provides thousands of home loans nationwide to military families. Many of the USAA brokers offer cheaper interest rates then going directly through their services. USAA offers “wholesale” or “tier 1” rates to brokers closing a large amount of loans. The “wholesale” rates can be lower than the “retail” rates you will be offered going directly with USAA.

Many veteran home owners assume that home loan brokers will charge more closing costs and have higher interest rates. This is false. On the contrary, many brokers actually offer lower interest rates then lenders and no additional closing costs. It makes sense for USAA to offer an incentive to a broker that can potential close thousands of loans and potentially make USAA a lot of cash.

VA Home Loan vs. Conventional Loan

Here are some of the advantages of VA Home Loans:

No Appraisal on a refinance
Minimal credit requirements to refinance
On average, VA loan interest rates are about 0.5% lower than conventional
Only loan on the market to offer 100% financing
Easier to get approved for a VA loan than conventional
No PMI
Government backed and Guaranteed by the GI Bill

These are just a few of the benefits of going with a VA home loan over an FHA or conventional loan. If veterans come across a broker or lender that is trying to get convince them otherwise, they would be wise to move onto another company.

Research Your Situation

Refinancing your loan is not always the best option for veteran homeowners. There are many factors to take into consideration when deciding to streamline you currently VA loan. If veterans are unsure about their situation, please contact a VA loan officer at LowVARates.com or go to our live chat www.lowvarates.com for further assistance.

As always veterans, make sure to check VA streamline rates through USAA, LowVARates.com and other brokers and lenders to see which can offer you the best streamline refinance for your situation.

Is a GMAC VA Streamline the best deal?

Craig Walton — Fri, 17 Feb 2012 21:31:32 +0000

The VA streamline is currently the best loan option for veterans in the market to refinance their home loan. Many veterans are currently in high interest rates and should be refinancing their current VA loans to a fixed 3.75% rate for 30 years. With interest rates at an all-time low, now is the time to get locked into a low interest rate and save hundreds of dollars every month. Many lenders, including GMAC, offer VA streamlines for veterans. VA streamline means that a veteran home owner currently has a VA loan and is looking to refinance to a lower interest rate. Since many lenders offer the VA streamline it’s important for veterans to research and understand credible lenders and brokers to assist them.

A common misconception among veteran home owners is that home loan brokers will result in more closing costs and higher interest rates. This is false. On the contrary, many brokers actually offer lower interest rates then lenders and no additional closing costs. Lenders like GMAC are willing and able to offer these brokers large discounts because of the volume of loans they are closing.

To bring the point home, let’s compare the lender and broker relationship to the home improvement store Home Depot.

Home Depot buys millions of dollars of hardware, appliances, paint, and other home improvement items from hundreds of companies across the nation. Because Home Depot buys these items in bulk, the wholesale companies selling to Home Depot offer them a cheaper price range then someone only buying one item. These wholesale companies give Home Depot a bulk discount since they buy so many items and understand the discount is well worth the company’s time to receive the business of Home Depot. If someone directly contacted the wholesaler to get one item from them would they be paying less than at Home Depot? Not necessarily. Since the customer would only be buying one item they would have to pay a higher rate and not qualify for the bulk discount that Home Depot receives.

The lender to broker situation is very similar. Since many brokers close thousands of loans they offer bulk discounted rates because the discount is well worth it for the lender. The broker is providing the lender with a large amount of business and profit. Consequently, going directly with the lender does not necessarily mean a veteran home owner will be getting the lowest interest rate on the market.

GMAC Approved Brokers

There are many brokers across the nation that are approved by GMAC. Many of these brokers have access to the “wholesale” or “tier 1” rates. These rates are typically better than going directly to the lender. If a veteran goes directly to GMAC to refinance, they are not guaranteed to get the “wholesale” rate, but will typically receive the “retail” rate which will be a higher interest rate. Just like our example with Home Depot, GMAC is forced to give higher rates to single customers, but can offer discounts through large brokers closing a large amount of loans.

How can veterans ensure they are getting the best deal and service?

Below are three things to take into consideration before going with a lender or broker. These three things can make all the difference for veterans looking for a hassle free refinance.

1) Go with a lender or broker that has experience with VA Loans

This sounds like a pretty simple statement, but many lenders are unfamiliar with VA loans and steer veterans into worse loans. VA Loans are hands down the best loan on the market right now. If any lender of broker says otherwise, they do not have experience working with VA loans.

2) Research the difference between a fixed and hybrid loan

Typically when an adjustable loan is mentioned everyone cringes. However, VA Hybrid loans have VERY different rules then the conventional adjustable loans that flooded the market 5-10 years ago. Many people don’t understand that the VA Hybrid loan is actually fixed for 5 years. For veterans who are very sure they will be in there current home for less than 10 years, the VA hybrid loan can be the best option. Rates for VA Hybrid loans are as low a 2.75% and cannot raise more than one point per year after the first five fixed years.

3) Sometimes the lowest interest rate is NOT the best option

Make sure to understand your break-even point when streamlining your VA loan. Many times home owners assume the lowest interest rate is always the best option for them. If a home owner is only going to be in a home for short amount of time, higher interest rates may be a better option. Why? If the break-even point for a loan is 6 years with a 3.75% or 4 years with a 4.25% and the home owner is only going to be in the home for 5 years then the 4.25% interest rate is going to be a smarter loan for that situation. The closing costs for a VA streamline are typically rolled into the loan and the monthly savings help offset the costs of the refinance.

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If you have any other questions or concerns about streamlining your current VA home loan, contact a loan officer at LowVARates.com for assistance. They can help you understand the best loan for your situation.

As always veterans, make sure to check VA Streamline rates through GMAC, LowVARates.com and other brokers and lenders to see which can offer you the best streamline refinance for your situation.

VA Streamline with Bank of America

Craig Walton — Tue, 14 Feb 2012 21:17:06 +0000

With interest rates at an all-time low, veteran home owners should be looking to lower their home interest rate. The current rates for a fixed 30 year VA home loan are around 3.75%. The general rule is if the current interest rate you have is one point above the refinance rate it usually worth refinancing.

Many lenders, including Bank of America, offer veterans the opportunity to “streamline” their existing VA home loan. A VA streamline basically means a veteran currently has a VA home loan and wants to refinance that VA loan to a lower interest rate. If a veteran does not have a VA home loan and is looking to refinance into a VA loan that is referred to as a VA “cash out”. The VA streamline loan is a VERY simple process and does not require an appraisal. The VA cash out is a little more complicated and requires an appraisal. Veterans that currently have a VA home loan and a high interest rate definitely should look into “streamlining” their rate and save thousands of dollars over the life of the loan.

Bank of America Brokers

Bank of America is a national lender that allows thousands of brokers to close deals for them. When a broker closes a deal they pay the lender a commission on the loan and many times offer lower rates giving an incentive for brokers to close more loans. A broker that closes thousands of loans for Bank of America can qualify for the “wholesale” rates. Many times these interest rates are better than the actual rates offered by the bank.

Why does Bank of America do this? The answer is pretty simple. They understand that giving lower rates to brokers gives the broker companies incentive to close more loans and consequently padding Bank of America’s pockets. This kind of business ends up being a win-win situation for the broker, military homeowner and bank. The home owners get lower interest rates, the broker is able to offer discounted pricing while making a commission and the bank is able to make money on the refinance.

Where should I get my VA Streamline?

Many lenders nationwide have the ability to streamline your VA loan. However, many lenders and brokers rarely deal with VA home loans and can lack the expertise needed to close these loans. There are brokers (Ex. LowVARates.com) that specialize in VA home loans. VA home loans have different requirements and regulations then a conventional or FHA loan. If the lender or broker does not have experience closing these loans veterans can get stuck in a messy situation. It’s important to go with a company that has dealt with veterans before and understands the ins and outs of VA home loans.

VA Approved Lenders

Thousands of brokers and lenders across the nation are approved VA lenders. The VA DOES NOT close loans, but approves or allows brokers and lenders to process these loans. Just because a lender or broker is “approved” does NOT mean the lender has experience closing VA home loans. Veterans, make sure to do your home work on the lender and find out if they have experience working with VA home loans.

Here are some of the questions you can ask the lender and loan officer:

1) Have you ever worked with someone with a VA home loan?

a. If yes, ask how many they have worked with. If no, move on to another lender.

2) What is the difference between a VA home loan and conventional loan?

a. If they say there is no difference they typically have never dealt with a VA loan

3) I have a VA home loan, would you suggest me staying with a VA loan?

a. If the lender looks to steer you away from your VA loan DO NOT listen. VA Loans are better loans, but some lenders do not work with them or are unwilling to put in extra work and will try to steer you to another loan.

It’s important for veterans to feel comfortable and have confidence in the lender they choose. There are thousands of lenders, but many lenders and brokers are not comfortable dealing with a VA streamline.

As always veterans, make sure to check VA Streamline rates through Bank of America, LowVARates.com and other brokers and lenders to see which can offer you the best streamline refinance for your situation.

VA Streamline with broker vs. U.S. Bank

Craig Walton — Thu, 09 Feb 2012 19:09:02 +0000

Typically when home owners think of using a broker to refinance their loan they instantly assume there are additional fees and higher interest rates then going directly through the lender. However, this is not usually the case. Veteran homeowners usually will save additional money going with a broker then directly getting a streamline with U.S. Bank or other lenders. Here are four typical questions and concerns military homeowners have when looking to refinance their VA home loan.

1. Are brokers typically more expensive than going directly with the lender?

The simple answer is NO. This is a misconception that has existing among home owners for the past several decades. Many lenders, like U.S. Bank, give brokers better deals and interest rates than what they are actually offering. If a veteran walks into U.S. Bank today looking to refinance a VA Loan there is a very good chance the home owner will come out of pocket more money than going with a broker.

2. Do I have more closing fees going through a broker?

The bank will cover the closing costs associated with adding a third party (or broker) in on the loan. So the home owner DOES NOT come out of pocket any additional fees to refinance with a broker. So how does the broker make money? If a broker for U.S. Bank closes a loan, U.S. Bank will give the broker a commission on the refinance. This means the BANK pays for the broker NOT the home owner. Banks are more than happy to give brokers discounts and commissions because ultimately any refinance can be financially beneficial for the bank.

3. Are the interest rates with the direct lender always better?

This is another HUGE misconception associated with refinancing with a broker. In fact, many times the rates are better with a broker then going directly with the lender. Once again, because many brokers close thousands of loans they are given “wholesale” rates which are typically better than the rate through the actual lender. How are they able to do this? Brokers that are converting thousands of dollars of loans qualify for what lenders describe as “wholesale” rates which are much better interest rates then going directly with the lender or the “retail rates”.

4. Is the customer service with a broker significantly worse than a lender?

Lenders like U.S. Bank have multiple functions and refinancing home loans is only a small part of its overall business. VA Home loan brokers are 100% dedicated to helping military families get refinanced and do not carry the load of other business functions. Because of this, brokers are able to dedicate more personnel and time to refinancing a VA home loan then a bank would be able to do. In fact, many brokers specialize in specific types of home loans (Ex. VA, FHA), giving them an unmatched expertise over going directly with a lender. Many loan officers associated with banks have never dealt with a VA home loan and may attempt to steer military homeowners into an inferior loan. Because lenders have multiple functions it is basically impossible for them to dedicate the amount of resources needed to provide better service then a broker.

After analyzing the information, it’s important to realize that lenders like U.S. Bank are not always a bad option to refinance your VA home loan. However, the misconceptions about brokers sometimes blind veteran home owners into worse interest rates and more costs. Knowing the truth behind these four questions can help veteran home owners make an educated decision when deciding to streamline their VA home loan.

As always veterans, make sure to check VA Streamline rates through U.S. Bank, LowVARates.com and other brokers to see which can offer you the best streamline for your situation.

Private Military Companies Explored (Infographic)

Admin — Wed, 08 Feb 2012 10:00:04 +0000

Private military companies (PMC) often provide military and security services to governments seeking additional support for their military or police forces. While many people immediately think of mercenaries fighting the battle on the front lines, that doesn’t really cover it. PMC involve both contractors and mercenaries. While mercenaries take part in the armed conflict, contractors provide logistics support, private security, and a variety of other services such as cooks for cooking, and carpenters for building. The infographic below provides a breakdown of the kinds of services offered by PMC and a whole bunch of other details we hope you find interesting. Please share this with your friends if you like! Thanks.

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The Walmart Priced VA Streamline with Chase Bank

Craig Walton — Fri, 03 Feb 2012 21:00:01 +0000

Many veterans think going directly to the source to refinance their VA home loan will guarantee they will receive the lowest interest rate on the market. This is not always the case. Lenders are willing to give broker loan companies wholesale or cheaper pricing because of the amount of loans the lender closes. Companies like Chase can afford to give a broker closing hundreds of loans a lower interest rate then they can give one person walking into the bank looking to lower their rate. This provides a great opportunity for veteran home owners to take advantage of lower interest rates then they can get directly from the lender. To further emphasis the point, let’s compare Chase giving discounted rates to brokers to buying an item at Walmart.

Walmart purchases thousands and thousands of dollars of product from companies all over the world. If someone enters a Walmart store today to buy a box of Lucky Charms for $3 would be cheaper than going directly to General Mills and purchasing that box of Lucky Charms. Why? Because Walmart buys thousands to millions of dollars of product from General Mills so they offer major discounted prices to Walmart. If you decided to go buy one box of Lucky Charms through General Mills the cost of the box of cereal and the time it would take you to get that box of cereal would make purchasing the item through Walmart an obvious choice.

The same concepts apply to refinancing your VA home loan. If a veteran walked into Chase Bank today to refinance his home loan, there is a good chance the interest rate they offer would be higher than going with a broker approved by Chase. Why? Brokers closing hundreds to thousands of loans are given discounted pricing giving the consumer a better interest rate.

Owner of LowVARates.com, Eric Kandell, has been in the VA mortgage industry since 1997 and understands brokers can offer wholesale rates.

“When we show some of the representatives at various banks the wholesale rates we are able to receive, most of the time they tell us they are unable to compete with those rates,” Kandell said.

Chase and other banks still have the capability to refinance your home loan through one of their branches or offices. As a consumer if you refinanced through one of Chase’s offices that would be considered dealing with a “retail channel.” A retail location would basically be the Chase Bank in your local town. If you were to call Chase Bank today you would have access to their “retail rates”. However, if you contact a Chase broker you would have access to their “wholesale rates”.

Giving brokers the discounted or “wholesale” rate, makes perfect sense for both the broker and the bank, just like it makes sense for General Mills to offer Lucky Charms at a discounted rate to Walmart. Chase understands that brokers, like LowVARates.com, can close thousands of loans nationwide and make them more money than trying to ONLY sell loans directly through them.

Veterans and military families with high interest rates should make sure to check there options to ensure they are making the best financial decision for their families. With rates at historic lows, many veterans can be lowering their monthly payments hundreds of dollars per month and save thousands of dollars over the life of the loan.

Make sure to check VA Streamline rates through Chase Bank, LowVARates.com and other brokers to see which can offer you the best streamline for your situation.