Their Service Entitles Them To Low-Cost Loans. But Veterans Often Pay More
A study finds that some lenders are overcharging military veterans, raising the cost of their home loans by thousands of dollars. Fair lending watchdogs say people need to shop around and negotiate.
At the start of the year, John Forr saw interest rates falling and figured it was a good time to refinance the mortgage on his house in Punta Gorda, Fla. Forr is a retired Marine Corps colonel. He served for 27 years.
He wanted to get a VA loan â backed by the U.S. Department of Veterans Affairs â because he knew he was supposed to be able to get a better deal on the interest rate and other terms. Those are perks offered to and servicemembers in honor of their service.
