In a year we plan on buying our first home, we will be using a VA loan

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  • #82217 Reply

      (I know it comes with its own stipulations). We also don’t like either of our banks.

      We are currently with SCU and WF. We plan on switching banks when we finally move to our (hopefully) forever town/home.

      Is it better to bank with who you get a loan through? And would who ever holds the loan get upset if you switch banks?

      I don’t want to get penalized but we really aren’t fans.

      #82218 Reply

        We have had 2 VA loans. First was with Wells Fargo bc we did it with my husband’s childhood BFF Vet Dad (who didn’t even live in same state as us but he got the commission).

        No issues, even refinanced with him. Never had a checking or savings acct with WF. Second one (forever custom home, that Dad friend has retired) was in 2018/19. With Guaranteed Rate who gave us way more kickbacks than any bank or credit union we work with, locked the rate for 90 days.

        They have since sold our mortgage to another bank (not unusual) and we don’t work with that bank either. No penalty or issues either way. No one gets upset.

        #82219 Reply

          We have purchased two homes using a VA loan. We went through USAA for both our mortgage loans, and both times within 30 days the loan was sold to a different lender. So I would just, bank with whomever you want to bank with and not worry about the mortgage loan.

          #82220 Reply

            We bought our home and refinanced with our local bank. Both times the mortgage was sold within 30 days. You honestly search for the bank with the best loan for you at purchase and have no control after that.

            I have an extreme dislike for Wells Fargo due to past events and yet that is who we had to send mortgage checks to for years because they bought our refinanced mortgage.

            I think that loan was sold 3-4 times over the years.

            #82221 Reply

              The first time, we used Chase (we had accounts with them). We bought a condo in a new development.

              Anybody who went with Chase but did not have any checking/savings accounts with them had their mortgage sold.

              When we sold the condo and bought a house, we went with a mortgage broker who found us a great mortgage through a lending company. After 2 years, the mortgage was sold to another lender.

              I think if you got with a broken, you have a chance at a better mortgage terms. But then many lenders that are not part of a bank have lots of negative reviews for poor customer service.

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