Have you ever experienced the feeling of going to the mailbox (yes, snail mail) and imagining something good waiting inside – like a check for a million dollars or something? Well, I have and for some strange reason still do from time to time. I’m guessing I’m not alone on this, otherwise why would companies still continue to advertise through the mail?
The reason snail mail advertising still exists is because to some degree it still works. This simple truth is the topic for this post. I’ll tell you right now that much of what you receive in the mail is plain garbage – especially when it relates to home mortgages.
If you have a VA guaranteed home loan, you have likely come across various advertisements in the mail since you signed on the dotted line. The advertisements purport to save you oodles of dollars through reduced interest rates and even suggest large “cash out” possibilities.
Interestingly enough, the companies sending out this junk coincidentally align their business name, letterhead and other features to appear as some sort of official document. The only thing official, however, is that it is plain garbage.
The very fact that these advertisements get sent through the mail is enough to make my stomach churn. After all, mortgage rates fluctuate DAILY and there is no possible way their claims hold any weight whatsoever. Even worse is the fact that they are purposefully disguised as some important document coming from the VA and, oh-so-conveniently, during the holiday season.
If that all isn't bad enough, the loan products they are suggesting are downright horrible!
If you’re going to have a mortgage, it should be a FIXED rate. This means the rate does not carry the possibility of changing at some point in time. Given our current economic state, it is even more ludicrous to have an adjustable rate mortgage (ARM) as rates are super low and have been for some time now. That is, they will go up!
So, if you receive these advertisements, get rid of them – immediately!
Seasoned mortgage professional, Eric Fowlston, agrees. “The majority of the VA advertisements being sent by lenders are misleading and prey on Vets that do not understand the specific terms being offered. For example, these advertisements will promote a ‘fixed rate’ however they fail to tell you that the ‘fixed’ period is only for three to seven years before the loan becomes adjustable.”
If you’re trying to figure out how to free up cash, make more money or invest properly, work with me. For as little as $99 per month, I’ll be continuously in your corner helping to protect you from this sort of stuff and applying my money nerdiness to YOUR particular situation. I’ll also act as a consumer advocate and team quarterback for you – ensuring you get connected to the right experts (like Eric) at the right times.
Eric and I aren't trying to beat up on you if you have taken these clowns up on their offers or have an ARM. We are simply here to help.
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Eric Fowlston is a veteran of the lending industry with over 15 years’ experience providing responsible residential purchase and refinance loans. Eric believes in living a debt free lifestyle and helps his clients pay off their largest debt, the home mortgage. Eric is a veteran of the USAF and currently serves in the 162nd Fighter Wing and is passionate about assisting military families obtain responsible homeownership with goal of helping veterans become 100% debt free. Eric may be contacted by phone at: 480.237.8174 or email him at: efowlston@peoplesmortgage.com
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