VA Loan Refinance Hassles: A Reader Question
A reader asks, “My husband and I are in process of a VA refinance. The company we used came from a flyer in the mail promoting VA refi…but I don’t think they know whats going on. They tried adding 6 thousand dollars of extra charges. I informed them of fees we’re not responsible for. Today the lady said she talked to VA and totally had to revamp our loan..but now they’re trying to say we’ll owe interest fees out of pocket. I never heard of this nor thought we’d have to pay out of pocket. Can you please give us some advice?”
When questions like this come up, the first thing that’s important for all readers–and VA loan applicants–to know is that it’s impossible to know the true nature of a situation like this based on a few sentences. We can’t (and won’t) make a judgment call on whether a particular lender is behaving inappropriately, is reputable or trustworthy.
Situations like these, as described in a reader comment or question, are not those which should be navigated alone. A borrower’s very first step with a scenario as described above should be to contact the Department of Veterans Affairs immediately to request official help and guidance. Call them at 1-800 827-1000.
Sometimes these circumstances are not what they seem; there can be a miscommunication, poor understanding (by either lender or borrower) of the VA loan program and its terminology, etc. There may be a breakdown in communication that makes a borrower feel as though they are getting a bad deal, possibly being scammed, etc.
Sometimes these issues can be cleared up in a matter of minutes with a simple explanation of the rules of the VA loan program. Other times the Department of Veterans Affairs may need to become more directly involved.
Any time a VA loan applicant has questions or concerns, a call to the VA could be the best way to proceed. In the event that a borrower IS being scammed or unfairly treated, VA needs to hear about this directly from those who are receiving such treatment. Sometimes that’s the only way the VA knows to deal with a situation that isn’t going according to VA loan program regulations.