Anthony Sciacchitano.
Went with a large national bank with our first house because of the rate. Our credit was outstanding. Local office up north assured us 45 days was a slam dunk. We had to keep calling about the status and it turned out final documents had to be faxed as we walked into the closing meeting. A nightmare. National banks don't understand the value of a home in the Villages and don't care. You are a statistic. Your friendly, helpful, local banker sends your stuff to a big city where analysts do all they can to find a reason why they shouldn't give you a loan (eg: You are financially strong, but co-signed on your kid's car loan).
I'm guessing we pay 1/4% more at Citizen's, and have just bought a house. I think that translates to $30 a month on $200k, but we'll pay the 30 yr loan off in 5-6 yrs. We're actually better off than with a lower interest 15 year loan (1% diff) -> IF we put the difference in mortgage payment into a 401k. (Assumption: We are currently in a pretty high tax bracket.)
Citizens has been no pressure and they've been helpful walking us through everything. Thanks Anthony!
Last edited by Carpe Diem; 06-29-2014 at 11:49 AM.
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