St. Petersburg, FL -- (ReleaseWire) -- 08/28/2013 --Contrary to the current trend in the American lending market, Mortgage Investors Corporation offers veterans reduced mortgage rates. The company, which is veteran owned, allows qualified veterans to refinance their mortgages at reduced rates. This may subsequently help veterans continue paying their mortgages without being affected by the recent rate increases.
Since 1938, MIC has refinanced more than 350,000 veteran loans through direct lending. This system of lending is facilitated by the Interest Rate Reduction Refinance Loan (IRRRL) program, which allows MIC to lend money at reduced rates. Through this program, the company has refinanced billions of dollars, with 43 billion dollars being refinanced within the last one and half decade.
The rise in rates offered by regular banks can be attributed to the indirect lending system which most banks use. Through this system, the ultimate lenders process the loans through regular banks. The borrowers are expected to apply for their mortgages through the banks. Once the mortgages are approved, the banks lend the money at a higher interest rate than previously borrowed from the ultimate lender. This subsequently results in higher interest rates than direct lending.
In addition to offering reduced mortgage rates, MIC Mortgage allows veterans to refinance their loans without any income verification. Additionally, veterans are not required to provide proof of equity, which makes the company a popular preference across the 24 states it operates. MIC does not rely on debt to income ratio or perfect credit in order for veteran customers to qualify for a reduced rate.
About Mortgage Investors Corporation
MIC was founded in the year 1938 with a primary objective of helping American military veterans refinance their mortgages. Over the 75 years in business, the veteran owned and operated company has assisted many veterans by reducing their mortgage rates and subsequently providing them many financial benefits. To find out more information about their refinance products and services, please visit MortgageInvestors.com or call 866-659-2477.