Military Significant Others and Spouse Support - MilitarySOS.com
Results 1 to 3 of 3

Thread: JJ.. need your input....

  1. Banned
    gunsgirl's Avatar
    gunsgirl is offline
    Banned
    Join Date
    Jul 2007
    Location
    lost
    Posts
    17,275
    #1

    JJ.. need your input....

    Advertisements
    a few of my Coastie friends are being lured by a company called MIC- Mortgage Investors Corp.
    I have done alot of research and there is alot mixed info-

    can you give me the inside scoop?

    BTW- I do not have a traditional VA loan and therefore do not qualify, but I am afraid some of my freinds may be getting scammed!!
  2. Regular Member
    USAA_JJ's Avatar
    USAA_JJ is offline
    Regular Member
    Join Date
    Jul 2010
    Posts
    211
    #2
    Hey Dawn,
    I've never heard of them, but since I have a VA loan I do get tons of mailings and phone solicitations to refinance. Depending on the situation (how long you've been in and will own home, intererst rates current vs. what you have, etc.), it could certainly be a good time to refinance.

    In my mind, the biggest thing that folks can do to ensure they are getting a reasonable deal is to shop and compare...just don't take the first offer/solicitation (which might be the easy route), check with USAA or other trusted banks/providers and compare offers in a comprehensive way (costs, interest rates, etc.).

    When you're comparing, make sure it's "apples to apples." About two days ago I opened up a letter and it was touting a 2.75% mortgage--so I read further, checked out the fine print, and the reality was it was an adjustable loan rate--something I'm definitely not interested in! But, if I just saw the rate and compared it to 30-year fixed rates it might look attractive. Point is, you do have to be careful and go into this "eyes wide open."

    Hope that helps.
    J.J. Montanaro is a CERTIFIED FINANCIAL PLANNER practicioner with USAA Financial Planning Services one of the USAA family of companies.
  3. Banned
    gunsgirl's Avatar
    gunsgirl is offline
    Banned
    Join Date
    Jul 2007
    Location
    lost
    Posts
    17,275
    #3
    I am not concerned about the time to refi because it is ( we are actually starting the process next week)
    however this is a 3/1 ARM ( there is another word for the name but I did not write that down)
    what this company is saying is that they will refi at 3% with a 3.5 points fee. and that interest will not go up more than 1% a yr after the first three yrs.
    what concerned me is that they keep saying you only pay interest on the principal so therefor will pay off your home early- however- even in my limited knowledge isn;t that true will ALL mortgages????

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •