I have been contacted no less than 6 times by MIC offering to refinance my current VA home loan and save me 100.00 a month each time. I have politely asked them to stop calling me 4 times the last time I was not so polite. I have a current home loan at roughly 100k and a 4.25% interest rate. I am told over and over again by the specialest on the phone that they can reduce my rate to 3% and save me 99-100 dollars a month. Well anyone with access to a loan table or chart or google for pete sake can see that lowering your rate from 4.25 to 3% on 100k only lowers your P&I by 80.00 if they did nothing more that roll your loan over to a new rate. (they make no money) there is no way this can happen for people with current or newly financed VA home loans. What they are betting on is that your current loan is several years old and your have paid down on the Principle so they are able to refinance the loan add their fees adn have to over all amount you borrow to be lower that the original amount you borrow years ago. This would give them the room to show you a higher savings. I just refinanced my loan and have only made 3 payments now. So the only way they could actually save me money is to lower my rate from 4.25 to 3% and give me 6,144 dollars off my loan at the same time. If they are gonna do that then set me up for an appointment.
Please do not let them in your home until you have talked to your local banker, or call the VA.
My opinion this is a scam.
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