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 — backed by the U.S. Department of Veterans Affairs — 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 vets and servicemembers in honor of their service.
But a new study finds that the rates charged on VA loans vary widely and that veterans like Forr often pay more than they should for their mortgages. That can end up costing them tens of thousands more over the life of the loan.
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