Why are Veterans Paying a Higher Rate Than They Deserve?

Transcript

“Veterans. There’s a very important thing you need to know. You should get a much lower rate than a conventional loan. Most of you don’t, and that’s because the extra margin made by the lenders, which is common practice in America on your loans. So with that insurance, which I talked about in other videos, there’s insurance placed on your loan and that makes your loan more valuable.

So there should be a lower. For the same profit margin. For example, I ran the rates today at six 80 FCO score, 20% down $500,000 purchase. The VA rate was 1.4 points, lower in interest, almost one and a half points lower in interest rate. Now you don’t see that on the retail side. Why is that? Profit margins.

Most of the lenders move their profit margins up on the VA people, and as a result, that hard earned lower interest rate you paid for with your service and some of you with their lives is taken by the lender and put in their pocket. This is something we don’t do, and that’s some way you can check to see if the lender is being honest to veterans.

You look at the conventional. Versus the VA rate, and if it’s not significantly lower with the VA loan, then you know there’s a difference in profit margin. So they’re making more profit on you as a veteran as opposed to a regular person off the street. Not only is this unethical. Technically it could be construed as against the law.

I’m not a lawyer, but I know with my lending courses and with fair lending, we’re supposed to make the same on every product and every lender is supposed to be consistent across the board. So if you don’t see this, I’m not gonna say whether they are breaking a law law or not, but you can sure as bet that they are making more money on you.

And that’s. So keep your eyes out. If you wanna go into detail, look at my other videos on the same exact topic and we can touch base.”