Citizen's First Mortgage Question

[junebug7]

We were just wanting to know if anyone has gotten a mortgage from Citizen's First to purchase their TV home and then paid it off early after receiving the proceeds from the sale of their home up north. Is there a pre-payment penalty to pay the loan off early? Any insight on this matter would be so helpful.

Thanks!

[The Great Fumar]

You know , normally i would say no , theres no prepay penalty ..but if you think about it a minute , there are a lot of strange rules here and most for good reason but i have a feeling that because it is so common here , they just might have a penalty ,
if they didn't , they would just shuffle a lot of paper.....all it takes is a phone call and i think i would do just that.....

Curious fumar

[Bogie Shooter]

I just do not understand. In the time it took to log in, type the message, come back here numerous times looking for a reply, you could have just called the bank and received the correct answer to your question. What am I missing here?

[pwdasher]

The point of this web site..we're here to help one another..be patient..

[junebug7]

I am sorry for wasting your time or board space. We just assumed that the bank would not be open at this late hour and we were going over some questions and paperwork. Thought there might be a helpful person who might have experienced this or might have knowledge to answer our question.

I apologize.

[pwdasher]

Junebug..I was not addressing you..I am so sorry if it sounded that way.. my message was for the poster before my post..
I hope you find your answer, sorry if your feelings were hurt.

Good Luck..Pam

[Boomer]

We were just wanting to know if anyone has gotten a mortgage from Citizen's First to purchase their TV home and then paid it off early after receiving the proceeds from the sale of their home up north. Is there a pre-payment penalty to pay the loan off early? Any insight on this matter would be so helpful.

Thanks!

Hi Junebug7,

I do not know if a prepayment penalty is standard with Citizen's. I would hope not.

Please get together a list of all the mortgage questions you can think of and then get on the phone and shop that mortgage.

When I was very young and first starting into the world of home ownership, for some reason, a light bulb went off over my head one day and I thought, "Hey, I am the customer."

We have not bought yet in TV. And I have had no direct dealing with their bank. Their sales rep for houses though told a friend of mine that I was "extremely thorough."

I am always nice about it, but I ask lots of questions, especially when a chunk of change is involved.

Always ask questions until you are sure you completely understand exactly what you need to know. --even if you do sometimes make salespeople run off into the sunset screaming and tearing their hair out.

Make sure you have your ducks all in a row. Some things were a little different about real estate deals in TV than what I was used to.

I wish you the best.

Boomer

[Boomer]

I am sorry for wasting your time or board space. We just assumed that the bank would not be open at this late hour and we were going over some questions and paperwork. Thought there might be a helpful person who might have experienced this or might have knowledge to answer our question.

I apologize.

Hi again, Junebug,

I just saw this post after I posted my post.

You are doing something I would do it sounds like. Getting together those questions and getting all ready to ask them as soon as the bank is open.

And if I found myself wanting to know something that I could not find out directly because it is Saturday night, I would have done just what you did by asking here where somebody might have recent experience with Citizen's.

I wish I could answer your question. I do know that a prepayment penalty would sure aggravate me.

I have asked many questions on TOTV, and I think you will find that people generally are helpful.

Good luck with your new adventure. I know there is a lot to think about. And I wish I had a real answer for you. But it is good to know you ask questions.

Boomer

[Indy-Guy]

We were just wanting to know if anyone has gotten a mortgage from Citizen's First to purchase their TV home and then paid it off early after receiving the proceeds from the sale of their home up north. Is there a pre-payment penalty to pay the loan off early? Any insight on this matter would be so helpful.

Thanks!

I did what you described and there was no penalty. This was about 2 years ago.

[Helene2008]

Junebug....we just closed by mail on 10/1, I asked about any pre-payment penalties and was told there is none.

[Bogie Shooter]

I still would not make a decision based on advice received on a blog. The call to the bank still has to be made!

[movinsoon]

I just do not understand. In the time it took to log in, type the message, come back here numerous times looking for a reply, you could have just called the bank and received the correct answer to your question. What am I missing here?

I have been lurking at this site for some time and for the second time in two days I have been a bit shocked by the tone of a reply. I was under the assumption that the reason for this site is to ask questions etc without the threat of being insulted by a reply. I certainly hope this is not a sign of the times.

[SteveFromNY]

I have been lurking at this site for some time and for the second time in two days I have been a bit shocked by the tone of a reply. I was under the assumption that the reason for this site is to ask questions etc without the threat of being insulted by a reply. I certainly hope this is not a sign of the times.

Some folks are just cranky I guess, just like in real life! Ask away, and ignore that kind of behavior. I was taken aback by that tone as well, but that shouldn't mean you stop asking!!!! Someone will give you a serious reply.

[cologal]

I asked and so told that I could pay down the mortage at anytime with no fees.

[KathieI]

June, please ignore some nasty remarks, some people get up on the wrong side of the bed, for sure.

I just closed on my house in August and my experience with Citizens was that they were very helpful and allowed my mortgage to go through even though I hadn't sold my house in Los Angeles as yet, but they were very quick to advise that once I did, I could put more down to reduce the monthly payment and it would only require a $75 fee for administrative stuff, and no need to qualify for a new loan. It would just be handled as a transaction.

My suggestion is to discuss your personal situation with them, I found my loan rep and the underwriter to be extremely helpful with my circumstance. If you would like names, PM me and I'll be happy to share them with you.

Good Luck and ignore nasty comments. We're not all like that.

[Boomer]

I have been lurking at this site for some time and for the second time in two days I have been a bit shocked by the tone of a reply. I was under the assumption that the reason for this site is to ask questions etc without the threat of being insulted by a reply. I certainly hope this is not a sign of the times.

Hi movinsoon,

I was in this thread trying to help answer the question when I saw that post, too. I, too, was "taken aback" as someone else just said.

Like you, I watched this board for awhile before I ventured in. That was almost a year ago, and overall the tone has been really nice. Had it not been, I would not have stayed around. Who needs that kind of aggravation, huh.

A couple of times I have seen some things here that have made me wonder, "What's that about?" But that does not happen often.

And I will say that rude and nasty behavior has not been tolerated by the admins here. They keep a pretty good watch. I understand that there are boards where anything goes. Not this one. If TOTV were that way, I would simply choose to leave.

I hope you will stay around, movinsoon, and I think you will find that it is really a pretty nice place.

Boomer