LINDON, Utah, May 30, 2018 /PRNewswire/ -- After President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) into law on May 24, 2018, veterans lost out on one of their biggest VA benefits: the VA IRRRL.
Low VA Rates has long warned of the dangers of this legislation. When it was first announced, they published an article that outlined how it would ultimately be detrimental to veterans. This article built on two prior posts (here and here) that covered related topics
With the passing of S.2155, veterans are already feeling the effects foreshadowed months ago by Low VA Rates. When interest rates dropped on May 29th, thousands of veterans were unable to refinance because of the new law's restrictions.
Eric Kandell, Low VA Rates' CEO, said, "I think it is telling that two days after this bill became law, interest rates had one of their best rallies in months, yet veterans were not able to lock in these lower interest rates."
For both veterans and lenders, how to navigate these changes is uncertain. With a lack of guidance from Ginnie Mae on how to handle loans that were already in progress before the law was signed, many veteran homeowners are now unable to get the rates they were promised.
"This legislation is a major blow to veterans everywhere," Tim Lewis, the VP of Sales for Low VA Rates, said. "In my opinion, it is yet another example politicians can cause more harm than good when they try to change something they know nothing about."
If you want to truly protect our veterans and defend their freedom, Low VA Rates encourages everyone to contact their senators and representatives, especially those that sponsored the bill. For instructions on how to speak with them about getting the harmful parts of the law overturned, please visit VeteransDeserveAChoice.com.
About Low VA Rates
Low VA Rates is a leading lender for VA home loans. They help both active and prior members of the United States military get great rates on their mortgage so affordable homeownership is a reality for all servicemen and women.
For more details, please contact:
Low VA Rates
Tel: (866) 569-8272 ext. 219
Email: [email protected]
SOURCE Low VA Rates