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What is the best way to find a lender for a VA home loan?
THANK YOU FOR YOUR SERVICE!#1 - Call me if in CA. Ray Jones (559) 346–7238#2 - In other States, get referrals from:Local base if anyRealtorVet friendsSearch Facebook & Google for “VA Home Loan Expert”PRO TIP: Watch out for websites that “sound” great and then sell your name and number to 10 telemarketers that offer the world then turn you over to a loan officer who just turned 21 and thinks VA stands for Veterans of America and your LES proves your qualification for the program.As you know, VA loans are not made by the VA but you must find a local expert. The VA loan is just a little different in ALL aspects and even though “most” lenders and banks offer VA Home Loans, you want someone who will not flub it up!Some of the benefits of the VA home loan:Nothing downSuper low interest rateEasy qualification. It is literally offered as a benefit and lenders are requested to treat Veterans as such.Funding fee waived for receipt of VA Disability.The veteran needs almost no money. You can use rebate or the seller can pay closing costs as well as pay off other debts you may have.The VA loan can be combined with the 20% IRS Rebate Program as well as local Buyer assistance programs.The VA Loan does NOT require you to be a First Time BuyerThe VA Loan CAN be used over and over. It’s NOT a one shot deal.A Veteran CA have more than one VA loan at a time using remaining eligibility.ONLY the Veterans and their spouse may be on the loan.The VA Loan is assumable when you wish to sell the home.…
When you pay off a loan early are you depriving the lender of achieving their anticipated return on investment?
NoSpeaking as a lender, I have to say I appreciate your concern for my financial welfare.But.I’ll set your mind at ease.You should first understand how the mortgage lending industry works. When you apply for a mortgage, you are going to a person who is best characterized as “the Originator.” In this role, we—whether we are one of the Too Big To Fail institutions like Bank of America or Wells Fargo or someone who’s comparatively small potatoes, like Pinnacle Capital Mortgage (my company)—get your application and Underwrite and approve your loan. You sign an inch-thick stack of documents and we give you the money you’s asked for to buy or refinance a property.The money we give you is not ours—we don’t go to the vault and take out a briefcase full of money. We write a check on a specialized line of credit called a “warehouse line.” You don’t care where the money came from; you just care that you got the money at the terms everyone agreed to.We (the lender) turn around immediately and sell your loan to an investor for a small profit. We know this when we make the loan because we make sure the loan meets all their criteria ahead of time. That’s the purpose of underwriting the loan.You may have heard of some of the most common investors: Fannie Mae, Freddie Mac and Ginnie Mae. These names come from the official names of these very large companies: Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHMLS) and Government National Mortgage Corporation (GNMC).The investors pool all those mortgages into a type of bond called a Mortgage Backed Security (MBS). Those are then bought and sold on Wall Street just like other kinds of bonds.The investor buys the loan from us at a premium. Depending on the rate and terms of the loan, a $300,000 loan may sell for $310,000. From the cash we receive, we pay the expenses and overhead—including the commission to the loan officer, the most important component—and keep about .6% of the loan amount as gross profit. This is the fundamental business model of the residential mortgage industry.The investor buys the loan for a specific yield. They calculate that yield based on the assumption that the statistical time-to-live for a residential mortgage is around 5–7 years. They are willing to accept a lower yield than the “note rate” (the interest rate you pay) because the process of investigation called “underwriting” removes most of the uncertainty—also know as risk—for that loan.There are some important facts to know about mortgages and the way they are sold. Lenders set their rates every day based on what the investors are buying mortgage backed securities for at any time. The price of the MBS changes constantly. Recently, as fears of inflation has grown among investors, fixed-income MBS are less attractive, so there has been a consistent sell-off over the past month or so. This selling causes prices to drop. Here’s what has happened to MBS prices since the beginning of the year:The red bars indicate a day where the price dropped. Largely because of the inflation fears—the number one enemy of mortgage rates—MBS prices have dropped consistently by 1.75. This represents a rate increase of about .5%.The reason rates go up when MBS prices go down is that lenders set their rates according to the price they will be able to get when they sell your mortgage to the investor. Lenders expect to earn a certain margin when they sell their loans on what is called the “secondary mortgage market.” They don’t make the loan and hope to get the highest price they can. This is important for consumers to know. Every lender will get the price for each loan they sell based on the market for that day. No one gets a special deal that enables them to offer lower rates than anyone else. If one lender offers a lower rate, it is because they are operating on a lower margin. Call center companies often can do this, since their loan officers sit in cubicles and never see clients. They don’t receive commissions—but they also don’t have the experience that an in-person loan officer has to navigate an often complex path to get a loan funded on time.Very few residential loans carry prepayment penalties any more. One of the reasons for this is that investors already assume that a certain percentage of the loans they buy will be paid off early.But thanks for your concern!I hope this is helpful.
What is the best financial advice you would give someone at the very bottom?
(US context)This is a long post, so here is the short-and-sweet version:Lean on family to split burdensFocus on increasing your income: make more per hour and/or work more hours per dayIgnore advice that has the following phrases: “passive income,” “make your money work for you,” “Warren Buffet says,” and anything similarDon't feel bad about being poor; don't sacrifice your quality of life on some guilt-tripRead on for details.Of all financial advice out there:50% is geared towards the higher classes (stock investments, real estate, etc)45% is empty platitudes and guilt-tripping (“spend below your means” and “if you’re poor its your fault”)5% is helpful to the poorSo right off the bat you have to recognize that most of what you see and hear as regards personal finance is either not applicable to you, or just straight-up propaganda.As a poor person you are going to pay more for goods and services than anyone else.While a person of means can get a home equity loan at 6.25% interest, you will get a credit card at 20–25% interest. You won’t qualify for anything else -a common joke at my bank job was “the people who can get loans don’t need them; the people who need loans can’t get them.”While a person of means can buy a new car for $30,000, you will get a used car for $15,000 -along with thousands more in repairs and maintenance, and an earlier “expiry” date.While a person of means can afford quality food that will keep them healthy, you will eat heavily preserved “food” that will explode your wasteline and destroy your heath.God forbid you get sucked into the court system, where you will get buried by fees and fines and hounded by the government.And on and on.Level 1 Challenge: your bank account is in overdraft and your car is nearly out of gas.Of course you, poor person, know what you’re up against -though you may not know the depths of it. You see yourself surrounded by anti-poor propaganda, bad advice, con artists who prey on the ignorant impoverished, an uncaring government, and high expenses that threaten to drown you at any moment.You’re ready to fight, but don’t know how. One mistake can set you back for years… at best.Here is the worst-kept secret to surviving while being poor:Family.I am going to use a very liberal definition of family, to include good friends and significant others (married or not).As a poor person you are going to be shut out of most of the usual ways to make money:You will likely not have any professional networks that can help you land a good job (a significant percentage of jobs go to those who “know the right people”)You likely don’t have the education credentials to land a good job (we all know how rampant credentialism is in America today)You likely live in an area that just doesn’t have a good job market, periodSo, stuck with mostly “shit jobs,” there is going to be a ceiling as to how much income you can bring in, initially. Having worked several shit jobs that paid me peanuts and expected the world, I speak from experience. I still get angry over the $0.10 raises I’ve gotten from these places.However, if you have a solid familial network you can disperse the burdens of poverty around:You can live with your family members, splitting expensesYou and your family can share the burdens of childrearing (your kids or theirs), freeing up time for workSpeaking personally, one of the greatest financial decisions of my life was living with my boyfriend, as we split expenses and can thus afford a greater quality of life than either of us could afford alone. That $0.10 went a lot further than it would have otherwise, lol.So if you look at personal finance as an annual equation like this example:Income ($20,000/year) - Expenses ($18,000/year) = Your Net income ($2,000/year)By doing something as simple as living with your family member and splitting costs, you can change the equation to this:Income (20,000) - Expenses/2 (9000) = Your Net income (11,000)Or maybe instead of splitting costs, your family member offers to babysit your kids, allowing you to work more, which would turn the equation to this:Income x1.2 (24,000) - Expenses (18,000) = Your Net income (6,000)Both would be preferable, but any way your family can help you out works.Of course, this presumes you have a good family. Being poor with a bad family is one of the worst starting hands possible, and being poor with a bad family and kids is probably the worst of all.Should you have that hand, I honestly can’t help you much.But if you do have a good family (remember, including friends and significant others), use them. You don’t want to be that “I can do it all on my own” person; poor people can’t afford to be lone wolves. Lean on them -but don’t be a parasite. It’s about sharing burdens for the benefit of all, not offloading your burdens on others.So let’s say you’ve wisely decided to live at home while you built your resources up, or you rent an apartment with your sibling. You have now dispersed the costs of poverty, and you have people you can lean on when emergencies pop up (and they will, frequently). Car breaks down? Brother can drive you to work. Kid gets sick? Grandma can pick her up from school while you’re at work.You now have to work on your income.I won’t sugarcoat it: Most jobs available to poor people are complete garbage.The hallmarks of a shit job are:Low payLittle upwards mobilityLow skilled (you can’t learn any in-demand skills to take somewhere else)Low prestige (this means: having it on your resume for too long will make hiring managers look down on you, making it difficult to move out of the field)High turnoverThis would generally include but is not limited to: retail and customer service, warehouse workers, shelf-stockers, fast-food workers, maid services, and so on.Now, you can survive in these jobs and have a decent enough life, especially if you are sharing burdens with family. But having seen how bad these employers treat their workers and how precarious a lot of these industries are, I would not recommend it -at least not permanently.An example: the department store I worked at waited until January (and the end of the holiday season) to fire nearly all of the store’s managers -many of whom had worked for the company for decades.No warning, no time to prepare. Just poof, gone, thanks for the labor and don’t let the door hit ya.So while you are working at your shit job, you should always be planning your way out. To be blunt: if you are planning at staying at your shit job for 30–40 years until you retire with your pension/401k, you’re an idiot. This is 2020 not 1975.You need to find a way to either 1) diversify your income, 2) get a better job, or 3) both.Now, here is where you are going to run into the “bad financial advice” I mentioned at the start.In looking for ways to make more money, you are going to run into a lot of well-intentioned idiots and straight-up con artists, who are going to give you advice like this:Overall, 56 percent assume they don’t have enough money to become investors themselves.It’s simply not true. There are plenty of ways to get into the market with as little as $1, including contributing to an employer-sponsored 401(k) plan, opening a Roth IRA or using a robo-advisor such as Betterment, Wealthsimple or Ellevest, which offer $0 account minimums.The earlier you’re able to start investing, the better, even if you can’t contribute a lot just yet. That’s because compound interest allows any interest earned to then accrue interest on itself, so over time a small amount of money invested earlier will earn more than a large amount of money invested later.Krawcheck shares an example of why it’s important to start early on the Ellevest blog. She writes:Say you invest $100 today and earn 10 percent on it in the coming year; that’s $10, which means you then have $110. If you earn that same 10 percent return the next year, you earn it on the $110. So you earn $11, not $10. Do it again, and the same 10 percent return earns you $12. And so on and so on. And over time, it adds up to a lot.If you can only contribute $50 or $100, or even $5 per month, that’s OK! Start there. “Even if you’re thinking, ‘I don’t have a lot of money right now,’ you need to save for future you,” Krawcheck says.-46 percent of millennials think it takes $1,000 to start investing—here's how much you actually needSo let’s talk about this. You have an article full of advertisements for investment services (which I bolded), along with quotes from an investment advisor (Krawcheck), all talking about how easy and cheap it is to invest.Hmmmm. Wonder if they actually have your best interests at heart, of if they have ulterior motives?Luckily we have the internet, so we can check those numbers and see what they actually mean. Let’s go to Compound Interest Calculator and plug in those numbers from the article.In the interest of fairness I used only the best numbers the article provided, even though a permanent 10% annual return is absolutely batshit insane and it’s probably a stretch that a poor person has an extra $100/month to lock away for 30 years.Still, with those numbers, here would be your return:Looks great, right? $200,000 in your pocket is nothing to sneeze at.But let’s think about that.That’s $200,000 after 30 years.Assume you retire at 65 with the $200K, and will live for another 20 years.$200K / 20 = $10K year.With the way most 401ks are structured, you can’t access any of that money until you’re in your 60s. Your car break down tomorrow and you need that money back to repair it? Enjoy paying the huge fees and waiting days to get it back.So you would be putting away $1200/year for 30 years, money you can’t touch without incurring huge penalties, in order to enjoy an extra $10,000/year in retirement for 20 years. And of course this assumes that your investment will always go up, and at the enormous rate of 10% a year at that.Is there anything better you can do with that $1200?What if you put that $1200 towards a job certification or college course that allowed you to make $10,000/year more than you do now?In that case, you’d be looking at spending $1200 to earn an:Extra $10,000 a year, in 30 years and not a moment soonerExtra $10,000 a year, right nowThe choice is obvious, no?What makes bad financial advice bad is that it preys on the desire of the poor to 1) work less and 2) get out of poverty immediately. So you get a lot of “make your money work for you” and “do what Warren Buffet does” bullshit -and that’s what it is, bullshit.Remember this: Passive income is for the rich. You, poor person, need to work long and hard for your meals.Your goal should not be investing and “making your money work for you.” You should be figuring out how to make more money per hour. You want to go from $7.25/hour to $10/hour, then from there to $13/hour, to $17/hour, and on and on. You want to start the side-hustle that will increase your working hours from 5 or 6-per-day (part time)to 9-or-more-per-day.Basically: ignore any advice that starts with “Warren Buffet says,” “no risk,” “you can start investing with just $100 dollars a month,” or “all you need to do is recruit five people.” It’s not for you, and they just want your money.This doesn’t mean you shouldn’t invest, but that you should ask yourself first “is there anything better I can do with this money?” The answer will almost definitely be yes.Practically any sort of job certification or side hustle is going to bring you more income than financial investments will. Especially if you are “trading” (buying and selling short-term).Let’s say you are the next stock trading genius. You buy a stock for $1000 and it shoots up to $5000 in a year, after which you sell. Congrats! You just made $4000.If you had put that $1000 into a job certification and bumped your income up by $10,000, you’d have made $9000.Ooops!And it actually gets worse, because that stock trade was a one-time thing, while you could be making an extra $10,000 every year for as long as you have that job. So while you essentially lost $5,000 by picking the stock over the certification in the first year, that gap grows to a loss of $15,000 by the second year, $25,000 the third year, and so on.This is called Opportunity cost: by picking one option (stocks), you’ve “lost” the gains from the other option (certification).As a poor person, almost any option you pick is going to be better than financial instruments. Even buying a shitty car that will take you to your shitty job -shaving an hour off of your commute since now you don't have to ride the shitty bus- is probably going to be better for you than buying stocks.If you are poor, I would suggest traditional investing only in the following scenarios:your job is giving you free money to do so (a 401k company match)And that's it. Free money is free money. Otherwise, be cautious, and always keep alternatives in mind. Don’t say “no,” say “hmm, what are my other options?” The markets are not the be-all, end-all of personal finance.Just a normal day being poor in America.Okay poor person, let's say you've taken my advice so far.You started out like this:Income ($20,000) - Expenses ($18,000) = Net income ($2,000, or $166/month). At this point you're barely hanging on. You can't even build a savings with this. A flat tire will cripple you.But you decided to lean on your family and start a side-hustle. You ignored the con artists and wealthy worshipers, and decided to be realistic about earning; in addition to working your shit job, you now tutor kids/work a second part-time job/ have an OnlyFans account.Hey, if it's legal and you're not picky…So your annual equation is looking like this:Income x1.2 ($24,000) - Expenses/2 ($9,000) = Net income ($21,000, or $1,250/month).Now, with that spare $1,250/month, you can now afford to save. You are going to want to have 3–6 months of expenses saved up in a savings account, so that when shit hits the fan you're prepared.How much you save every month depends on your own personal circumstance. I personally save aggressively when I can, at around 50% of my net monthly income, but my expenses are especially low. Let's say you copy me and save about $600/month, and look at your new monthly situation:Income per month ($2,000) - Expenses per month, plus savings ($750 + $600 savings = $1350) = Net income per month ($650).At an aggressive savings rate of $600/month, it will take you about eight months to build a 6-month emergency savings account, which is enough to handle most of life's small emergencies. You might be able to save faster, you might have to save slower, but regardless, you want to save up to this point, at least.Alright. Eight months pass, and you take stock of your financial situation. Before you started this, here was your situation:Monthly income: $1,666Monthly expenses: $1,500Net monthly income: $166Savings account: $0.00After months of boosting your income, leaning on family to share burdens, and saving, here is your new situation:Monthly income: $2,000Monthly expenses: $750Net monthly income: $1,250Savings Account: $4,800Can you not breathe easier now?Flat tire? You can pay for it.Sudden funeral expenses? You can pitch in.Get fired from your shit job? You can pay your bills while you look for work.You can even look at “moving out” or otherwise reducing your dependency on your family, and still be financially secure -if you so choose. I do recommend moving in with a significant other though, the savings are insane.And speaking of that shit job, you now have the resources to plow into skill-building in order to ditch that job forever, and get yourself on more solid career ground.$30,000 a year baby! Still got my OnlyFans though.Now, you’re still poor, but you are on solid ground. The goal here is not to get rich or even get out of being poor necessarily; the goal is to stabilize your situation so you can breathe.Once you are stabilized, which I would define as “able to save while still having substantial funds left over,” you can actually live.When you are existing hand-to-mouth, you likely don’t have enough free time or funds to really live your life. But once you have some breathing room, it’s time to enjoy life. Vacations, five-dollar lattes, avocado toast, sword-canes, whatever.You enjoy that latte!As I said at start, around 45% of advice to the poor is a combination of guilt-tripping and empty platitudes. The basic idea of it is “you’re poor, and since you’re poor you should do nothing but save money and eat ramen until you are rich.”Let me be clear: fuck that advice and the people who spout it.If you’re a poor person, you probably work very hard at a thankless job(s) for little money. Like everyone else, you deserve to have fun and enjoy your life, when you can.If you can afford it, do it.If you’ve taken care of your bills, put aside some money for saving, and you have some left over that you don’t need, well that’s your fun money. Do whatever you want with your fun money, without remorse.If you make $2,000 a month and blow it all on Yu-Gi-Oh cards every month, that’s not good.If you make $2000 a month, save $1950, and only use the rest for ramen and spam so you don’t starve, well, that’s not good either.The goal of personal finance is not to watch your networth go up. The goal is to properly utilize the resources at your disposal in order to lead a good life. If you are not getting to that “good life” part, you’re doing something wrong -regardless of what your networth is in the end.This is a birthday food pic I took last year. My boyfriend and I had a tradition of going out to a “fancy restaurant” on our birthday (which we celebrate at the same time, since they’re only a few days apart). We don’t make a lot of money, but we can afford such things, in moderation, without regret.Had we listened to the “don’t buy lattes!” crowd, we’d spend our birthdays eating Kraft at home and reading the Bible for entertainment.This is just as fun as going out, and it saves so much money! Billionaire status here I come!EDIT: At this point, you can reasonably look at investing, starting a business, etc. Meaning: you can now start taking more risks for larger returns.EDIT 2: Cleaned up some math.