Current Mortgage Loan Market

[gmcneill]

Wifey and I are about to put down our 20% “Get started building our TV home now!” deposit. :smiley:

We will be applying for a mortgage to cover the balance.

I have researched previous TOTV threads on this topic but most of them might be a bit dated at this time.

I am now requesting any information, guidance, input from you all on matters such as:
Your experiences with local lenders…who did OR did not do right by you before, during, and after;

what should we expect…fees, lender’s concerns, overall process, etc.

what should we watch out for…unforeseen or hidden surprises, whether good or bad.

Please and Thank you!

George

[billybye]

We purchased a resale here last September. We were pre-approved by bank of america, but when we signed a contract, we took it to Citizens first morgage (tv company) and they actually gave us a lower rate with no points. they were easy to deal with and we closed in less than 30 days.
Very happy with Citizens afterwards also - no problems

[sands]

Wifey and I are about to put down our 20% “Get started building our TV home now!” deposit. :smiley:

We will be applying for a mortgage to cover the balance.

I have researched previous TOTV threads on this topic but most of them might be a bit dated at this time.

I am now requesting any information, guidance, input from you all on matters such as:
Your experiences with local lenders…who did OR did not do right by you before, during, and after;

what should we expect…fees, lender’s concerns, overall process, etc.

what should we watch out for…unforeseen or hidden surprises, whether good or bad.

Please and Thank you!

George

Congratulations and welcome to Paradise!

We also went through Citizens. My mother is buying down here, too, though, and got a better deal elsewhere -- but I think another benefit of using Citizens is that they close on time. That's really important -- check your contract, there are penalties and fees if you don't close on time. I'm told that with lenders being so skittish, as well as having reduced staffs, etc., the industry statistic is that about 50% of deals these days don't close on time. Don't know if that's accurate or not. Just be sure whoever you go with knows the importance of closing on time.

[billmar]

We are working with Citizen's First. Our villages sales person had a loan officer contact us. The loan officer took all our info over the phone and immediately emailed us a preapproval certificate. They also email you a list of documents you need to provide (basically proof of everything you told them on the phone interview). They also emailed a document w/expected closing costs. We have been told our loan is approved (with 20% down) as long as the information we provided is verified by our documentation.

The rates are competitive, and like most mortgage companies, the best rates are based on your credit rating.

I also think Citizen's works so closely w/the villages there shouldn't be a problem w/ the closing date. The villages documentation even advises if you use a different lender, you need to make sure they will meet your closing date.

[l2ridehd]

Citizens. Easy to work with, almost competitive, but worth the difference. They close on time, usually lower closing costs, no prepayment fees, very accommodating with last minute screw ups. I have 3 mortgages with them and all have gone like a well oiled clock. I have done partial pay offs, modify terms, adjust schedules, change closings, and all worked flawlessly.

I always found a lower rate, usually 1/4 %, but would still go back and use them again. They are worth the difference.

[ilovetv]

My vote is Citizens, too. They close on time and worked fast and efficiently. We were told 30 days, and 30 days it was. Having them right there beside the Closing Dept./McLin & Burnsed is a big plus. They do this all day long. We're appalled to hear that in northeastern states, it takes 60 or 90 days.

[ladydoc]

ANOTHER big thumbs up for Citizens. They were wonderful..our guy was so sweet and helpful throughout the process. Made it as easy as it could possibly have been.

[TommyT]

Citizens.... Everytime nuff-said

:bowdown: :agree: :BigApplause: :thumbup: :thumbup: :thumbup:

[cometgirl]

Citizens was GREAT, but I will never use McLin & Burnsed again. Very bad experience with an out of town closing. Even had we been in TV, it was the drama that let up to the closing. Nothing to do with us qualifying, all in their paperwork issues.

[linda_sears]

Citizens is excellent and give great service. However, Met Life is giving the best rates and their closing cost are about half of what everyone else charges. And, their mortgage consultant is SUPER!

[JohnN]

Citizen's was great in our closing

[LEWIS]

where is the Met life office. I have heard they have good rates and would like to talk to them