Here at Low VA Rates, we respect every veteran’s freedom to choose. We value the freedom you have to choose your mortgage lender as much as we value your freedom to decide whether you want to receive marketing regarding your VA home loan benefits or not.

However, we want to take just a moment of your time to make sure your decision is well-informed.

Recently, both the VA and CFPB issued a warning to veterans about solicitations that sound “official” or “too good to be true.” We make it very clear in all our mail solicitations that we are not a government agency, and that we do not represent the Department of Veterans Affairs.

While it may seem that our marketing looks too good to be true, that’s only because some of your available benefits are so good, and we are passionate when it comes to educating you about them.

We’ve listed off some of our most common marketing concerns below, along with an explanation of whether they’re too good to be true or not.

Extremely Low Interest Rates

Interest rates change daily, so there are times when they may seem extremely low and times when they are not. Because we advertise both fixed rates and hybrid adjustable rates, our marketing will always indicate which type of rate we’re advertising. In addition to the rate advertised on the front of our flyers, you should also read the information on the back, as this provides much greater detail regarding the loan terms and other valuable information.

Cash Back Is Possible

When you refinance, you can get cash back that you can use however you want. When doing a cash-out loan, the amount of cash back you can receive will depend on how much equity is in the home. More equity usually means more cash.

On a VA streamline refinance, the only way to get cash back would be through a cash refund to your escrow balance from the lender you’re paying off.

Any time you get cash back, from a cash-out loan or as an escrow refund, you will end up increasing the balance on your new loan and will pay interest on that money over the life of the loan, so it’s important to consider how that cash back may affect your loan payments over time.

Skipped Mortgage Payments

Low VA Rates DOES NOT promise skipped payments. For years the VA has warned lenders about advertising “skipped payments,” and we have always used words such as forego, postpone, or defer.

All refinances—whether VA, FHA, Conventional, or other—will usually come with a minimum of one month where you do not make a mortgage payment. This is not a reason to refinance or a way to get cash out of a VA streamline or any other loan. Rather, it is a natural consequence of how mortgage interest functions in arrears.

No Out-of-Pocket Costs

Low VA Rates does advertise no out-of-pocket costs as this is truly a great benefit of VA loans. Not all loans are created equal, and many other loans require you to have cash in the bank in order to close your loan. As a veteran, you have the ability to refinance and to roll your closing costs into the loan itself. However, any time you roll closing costs into your loan, your loan balance will increase and you will pay interest on those costs for the life of the loan. It is your choice to do so, and you can always choose to bring your closing costs to the closing table if you’d prefer to reduce the amount of your new loan.

We commend the CFPB and the VA for warning our veterans of the intricacies of refinancing, and we would like to draw your attention to a video we published before this recent warning where we thoroughly discuss how important it is for veterans to shop around when they receive loan offers for a loan.


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