Moves to limit rapid refinances, especially those where the borrower’s expected savings vanish in the fine print, are underway on multiple fronts. But those pushes, targeting what’s become known as ‘churn,’ won’t save your mailbox from overcrowding.
Part bond market, part junk mail -- how refinancing can mess with the loan market.
Here are some options to battle the clutter on your own:
1. Find a list. The National Do Not Call Registry can remove your number from many telemarketing rolls; any calls you get after registering are more likely to be scams. You can also opt out of direct-mail and email marketing via the Data & Marketing Association.
2. Credit opt-out. Applying for a mortgage may put your contact details into the hands of other credit-related agencies, and you could see an increase in mail and phone offers. OptOutPrescreen.com allows users to opt out of these offers either for five years or permanently. Need to shop for a new financial product and wish you had more offers? You can go back to the site and opt in again.
3. Complaint department. If you’ve received solicitations after requesting them to stop, or you believe the sales pitches are misleading or fraudulent, run up red flags via the Federal Trade Commission, the Consumer Financial Protection Bureau, or both. The FTC has a dedicated link for solicitors who imply they’re representing the government or backed by a federal agency, which may come in handy in some VA loan-related situations.
Ready to look at a serious refinance, or just seeking more details on the VA loan system? Visit our VA Loan Center.