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At Low VA Rates, we respect every veteran’s freedom to choose. We value the freedom you have to choose your mortgage lender as much as we value your freedom to decide whether you want to receive marketing regarding your VA home loan benefits or not. However, before you go, we just want to take a moment of your time to make sure your decision is well-informed.

Common Marketing Concerns

Recently, both the VA and CFPB issued a warning to veterans about solicitations that sound “official” or “too good to be true.” We make it very clear in all our mail solicitations that we are not a government agency and that we do not represent the Department of Veterans Affairs.

While it may seem that our marketing looks too good to be true, that’s only because some of your available benefits are so good, and we are passionate when it comes to educating you about them. So, before you opt out, take a look below. We hope to clear the air about some of our borrowers' most common marketing concerns:

  1. Extremely Low Interest Rates

    Interest rates change daily, so sometimes they'll seem extremely low and times they won't. How high or low a rate is will also depend on whether its fixed or a hybrid adjustable rate. Because we advertise both, our marketing will always which one we’re advertising. It's important that you don't just look at the rate advertised on the front of our flyers; you should also read the loan term details on the back.

  2. Cash Back Is Possible

    When you refinance, you can get cash back to use however you want. When doing a cash-out loan, the amount of cash back you can receive will depend on how much equity is in the home. More equity usually means more cash. On a VA IRRRL, the only way to get cash back is through a cash refund to your escrow balance from the lender you’re paying off.

    Any time you get cash back, from a cash-out loan or as an escrow refund, you will end up increasing the balance on your new loan, so you will have to pay interest on that money over the loan's lifetime. This can potentiall increase your loan payments, so consider cash back carefully.

  3. Skipped Mortgage Payments

    Low VA Rates DOES NOT promise skipped payments. For years the VA has warned lenders about advertising “skipped payments,” and we have always used words such as forego, postpone, or defer.

    All refinances—whether VA, FHA, Conventional, or other—will usually come with a minimum of one month where you do not make a mortgage payment. This is not a reason to refinance or a way to get cash out of a VA IRRRL or any other loan. Rather, it is a natural consequence of how mortgage interest functions in arrears.

  4. No Out-of-Pocket Costs

    Low VA Rates does advertise no out-of-pocket costs as this is truly a great benefit of VA loans. As a veteran, you have the ability to refinance and to roll your closing costs into the loan itself. However, any time you roll closing costs into your loan, your loan balance will increase, and you will pay interest on those costs for the life of the loan. It is your choice to do so, and you can always choose to pay your closing costs up front if you’d prefer to reduce the amount of your new loan.

We commend the CFPB and the VA for warning our veterans of the intricacies of refinancing. We've always believed it's important for veterans to shop around when they receive offers for a loan.

Low VA Rates Marketing Opt-Out Form

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