Mortgages in The Villages

[poromo]

My wife and I are purchasing a home in the Villages and our sales rep suggested we use Citizen Bank for a mortgage. He said almost everyone who gets a mortgage uses Citizen.
Has anyone used a bank/financial institution other than Citizen for their mortgage? Did you get a lower interest rate or lower closing costs? Any advantages to usein Citizen vs. another institution?
Any help you can give us would be appreciated.

[kgentile1010]

We're purchasing a new home. In our contract, there is no mortgage contingency. So if the mortgage is late and you have to move your closing date, you could have some issues. We did choose Citizens Mortgage. They have been excellent to work with so far. Our closing is 10/12. Our rate was higher than what I could have gotten somewhere else. The do 100's, if not 1000's of the closings in The Villages. If I was buying a resale or had a contract with a mortgage contingency, I would have gone for the lower rates and another bank. But peace of mind is worth the little xtra to me.

[spk7951]

If I remember correctly Citizens is part of The Villages operating company so no surprise that a sales rep is going to try to send you to them. We initially wanted a small mortgage but found the demands of Citizens for documents a bit too much and ended up going elsewhere. From what I hear from our friends that do have a mortgage my guess is that about half took out a mortgage with Citizens.

[janmcn]

I used SunTrust for my first new home in The Villages and Countrywide for my second new home. They both went off without a hitch. Don't be coerced into paying a higher rate for thirty years, amouting to thousands of extra dollars, because of the time constraints. Mortgage documents are transmitted electronically nowadays, so other banks can provide just as timely service as Citizens.

[aussiemom]

We used Bank of America which had the best deals around that we could find. We had initially wanted to use Third Federal from over in Pasco County but they can only loan in Sumter and Lake but not in Marion. They were great to work with and real quick. Unfortunately the house we purchased was in Marion County so had to go with Bank of America.

[Trayderjoe]

When we bought in 2006, we ended up with Citizen's due to time constraints, and I didn't have the "warm fuzzies" that the paperwork would get processed in time. I forgot what the penalty was at the time, but we were guaranteed on time closing with Citizen's so we took the "sure thing".

[mac9]

When we bought in 2006, Citizens was a full 1.25% higher than our bank up north. We chose to use our bank with the lower rate. We took a 25 year with the option of weekly payments taken directly from our checking which, in reality, makes it a 14.5 year mortgage.

[sueandskip]

When we bought in 2006, Citizens was a full 1.25% higher than our bank up north. We chose to use our bank with the lower rate. We took a 25 year with the option of weekly payments taken directly from our checking which, in reality, makes it a 14.5 year mortgage.

The Villages and Citizens are working together....The one thing Citizens has that is super convieniant for a part timer is you can go online and cut a check to another villager and they will cut it and send it absolutley free...:coolsmiley:

[jimbo2012]

They R quoting 3.5% now, closing cost about 4K

[PaPaLarry]

Citezens rate always runs a little higher. Get the bargain, because its for years!!:bigbow:

[aljetmet]

My wife and I are purchasing a home in the Villages and our sales rep suggested we use Citizen Bank for a mortgage. He said almost everyone who gets a mortgage uses Citizen.
Has anyone used a bank/financial institution other than Citizen for their mortgage? Did you get a lower interest rate or lower closing costs? Any advantages to usein Citizen vs. another institution?
Any help you can give us would be appreciated.

I found Everbank, Jacksonville, FL who do close on TV properties.(www.everbank.com)

Their rates are move competitive than Citizens i.e. on the website they are 3.375% this morning for a 30 yr. I have compared since Feb 2012 and they are consistently better than Citizens and the closing fees are less as I have the truth and lending statments from both. It always pays to do your homework. Ond good thing from Citizens, they sent my wife and my credit score to us.

[Geewiz]

I'm pre-approved for a Chase mortgage....3.625% and 1% back each year of mortgage/interest payments....I'm not sure if this is the best deal...but, pre-approved is pre-approved and it makes buying easier....see ya as of Monday! Wooo!

[ijusluvit]

Every time I see threads about Citizens I get a little riled. I for one took their higher rate because I could not be present at closing. I expected the bank to do a competent job. They did not. I had so many problems with their failures to get things right and on time that eventually one of their VPs called me and apologized.

That and a dollar may get you a cup of coffee.

[collie1228]

I was highly pleased with Citizens Mortgage. They gave me a great deal, and since the mortgage deal was so good, I also went with Citizens for my local checking and savings accounts. No regrets whatsoever. I suggest you talk to them before deciding. It never hurts to shop around.

[kgentile1010]

I used SunTrust for my first new home in The Villages and Countrywide for my second new home. They both went off without a hitch. Don't be coerced into paying a higher rate for thirty years, amouting to thousands of extra dollars, because of the time constraints. Mortgage documents are transmitted electronically nowadays, so other banks can provide just as timely service as Citizens.

Yup and they can mess it up too. I'm only taking out a 5 year mortgage, and probably will pay it off sooner. My husband works in the mortgage industry and I work for Bank of American and I have heard some horror stories for sure from the big banks. It's definitely a personal choice. Once you get to know me, you'll know I wasn't coerced. :)

[laceylady]

We were lured into Citizens by our Sales Rep. also. Our closing process (long distance) was horrendous. We plan to refi ASAP. Got hooked into the not closing on time and losing the discount business also. I did write a letter to the bank pres. Got a call back and a gift. He is an extremely nice man (new since April) and thanked me for my suggestions on streamlining their process and easing the frustration we had.

[drdodge]

citizens is owned by the morse family

drd

[USCGretired]

I closed last month on our home and we used UBS, much better rate at the time and no points...at closing the lady doing the closing said wow that's a great rate!

[gomoho]

We used ERA on a VA loan and closed in 30 days from contract date.

[Lbmb24101]

Our rep also pushed Citizens
WFargo did our close all electronically, in one month, .5 percent better ( whichadds up in yrs) and so we looked out for our money
Yes, citizens is part of the villages
The person at CItizens said
We are not as big as Wells Fargo so we can not compete w their rates
Look out for your money!

[asianthree]

BOA 1% lower rate and $2700 less in closing cost and no points saved $4000 over citizens, it was worth it

[Lbmb24101]

Ditto!

[justjim]

We got our mortgage through our local bank in Illinois. No problems with closing our loan or new home. Our salesperson only mentioned Citizens in a passing remark. I checked Citizens rates and several other TV banks. Saved a bunch of money by dealing with our Illinois bank because we got a lower interest rate than was offered by any area bank. Made sense to me.

[Lpierleo]

We also used Bank of America, once in 2008 and most recently this past July. The experience in 2008 was a bit trying because we were using a processor in California. However, our last processor was located in Orlando and she was excellent. We went directly to BAC in TV for pre approval and worked with Susan Davis, she was outstanding and very responsive. Would recommend them to anyone.

[texasfal]

We went with Citizens and at closing we had all this extra paperwork, when I asked what the extra paperwork was for, the closer told me they had already sold out note to WAells Fargo for $5,000. She said they sell about 10 notes a day (this was 8 years ago in the middle of the boom). Anyway, we went with Citiizens and in less than 5 minutes Wells Fargo held our note.

[tomimac]

My wife and I are purchasing a home in the Villages and our sales rep suggested we use Citizen Bank for a mortgage. He said almost everyone who gets a mortgage uses Citizen.
Has anyone used a bank/financial institution other than Citizen for their mortgage? Did you get a lower interest rate or lower closing costs? Any advantages to usein Citizen vs. another institution?
Any help you can give us would be appreciated.
I would suggest using citizens so much easier.

[SukiChu]

My wife and I are purchasing a home in the Villages and our sales rep suggested we use Citizen Bank for a mortgage. He said almost everyone who gets a mortgage uses Citizen.
Has anyone used a bank/financial institution other than Citizen for their mortgage? Did you get a lower interest rate or lower closing costs? Any advantages to usein Citizen vs. another institution?
Any help you can give us would be appreciated.

We really liked Everbank out of Jacksonville. We were working with them at the same time we were working with Citizens to see who would give us the best deal. However, even though Everbank's interest rate was lower, and they were more helpful, we ended up going with Citizens for fear something would happen and Everbank would miss the closing date. That would have cost us $20,000. Not worth the risk. Make sure you read the contract you signed at your design visit. I think it was page two that warned us of what would happen if we missed the closing date for ANY reason. Buying a house now is a lot more difficult than it was in '95. Our closing costs were really high.

[Challenger]

Went with Citizens for two houses over past three years. Charges were reasonable. Service was good . Felt confident we would meet all deadlines. Sold first house and recently paid off mtge on second. Contacted Citizens on several servicing issues, related to taxes, pay off etc. Because they retain servicing locally, I was able to talk directly to a human being and got quick accurate responses. I was in the banking business for more than 40 years and find Citizens to be very good at customer service. Continuing good service trumps s few dollars difference in my judgement ( if there is, in fact , a differencein costs).

[Sleeper]

We went with Citizen, close 10/16...so far smooth process. Competitive rate 3.625 locked months ago. Can't believe anyone can get a rate for 1% lower...2.6% for a 30 year fixed?? Wow! Will update after 16th!

[manaboutown]

Money is a commodity. Why pay Starbucks prices when Folgers or Maxwell House is what you are getting no matter what you are paying? Shop your loan, then shop some more.

Last year I re-fied a 5-7/8% 30 year fixed rate mortgage with a 4-5/8% 30 yr fixed. This year I found a 3-5/8% fixed rate 30 yr fixed. No points on any of these loans. To not shop and get the lowest possible rate is like not picking up cash on the ground in front of oneself.

[justjim]

Money is a commodity. Why pay Starbucks prices when Folgers or Maxwell House is what you are getting no matter what you are paying? Shop your loan, then shop some more.

Last year I re-fied a 5-7/8% 30 year fixed rate mortgage with a 4-5/8% 30 yr fixed. This year I found a 3-5/8% fixed rate 30 yr fixed. No points on any of these loans. To not shop and get the lowest possible rate is like not picking up cash on the ground in front of oneself.

:beer3: Man couldn't agree more. We saved a bunch of money by checking rates, points and closing costs. I know a number of people paying cash. With rates as low as 2.5% and no points, I personally question that ----but to each his own.

[aljetmet]

We went with Citizen, close 10/16...so far smooth process. Competitive rate 3.625 locked months ago. Can't believe anyone can get a rate for 1% lower...2.6% for a 30 year fixed?? Wow! Will update after 16th!

Wells Fargo is currently quoting 3.125% about $1,000 for processing appraisal and credit. Wonder if appraisal is necessary...

[CaptJohn]

Wells Fargo is currently quoting 3.125% about $1,000 for processing appraisal and credit. Wonder if appraisal is necessary...

If you currently have a WF loan then usually appraisal is not necessary on a refi unless you're drawing out money. It's their streamlined refinance. Almost no costs.

[swamp817]

I took a small mtg. with Wells Fargo with a much better rate.

[jackz]

A bit of a different scenario for me.

Wanted to buy our home outright but had $ tied up for 6 months after our close date.

Worked with Citizens and got a "bridge loan" for about 1/3 of the total cost of the home and lot for a decent rate for 6 months when my tied up annuity money becomes available. At that time will pay off the bridge loan and own the home outright.

Although I am a long term customer of USAA they did not offer any such program.

[CaptJohn]

Worked with Citizens and got a "bridge loan"

What interest rate? Any costs other than recording?

[jackz]

What interest rate? Any costs other than recording?

Sending you a PM

[goodgrief]

We're using another financial institution. Bought extra days mainly because we wanted the closing day later than the 30 days out. The bank said they could do 30 days but giving them the extra time was also a little more assurance they would make the closing date without issues. Use whatever bank you want. Shop around on rates. We did get a call from citizens offering to do the rates for us but since we had already made the deicision to move with who we were with we said no thanks.

[Foxmd]

Which local lender gave good service for a mortgage? Citizens rates are very high?

[jimbo2012]

What rate did they give you?

[tag460]

We used BB&T had a lower rate then Citizens and fees were lower and the service was excellent. We went 6 banks here in the Villages, for us it was between BB&T and Wells Fargo.

[buggyone]

citizens is owned by the morse family

drd

What difference does that make? You cannot find a friendlier bank anywhere. I took out a mortgage with them for closing. Everything went super smooth. A month later, I paid off the mortgage.

I love the ease of their bill payer feature of the online banking.

[Golfingnut]

Citizens is approx .5% higher than all others. That said, we used them for mortgage. They continue loan management for the life of the loan and have been very professional and easy to get in and out of for other financial needs.

[Bavarian]

I used SunTrust for my first new home in The Villages and Countrywide for my second new home. They both went off without a hitch. Don't be coerced into paying a higher rate for thirty years, amouting to thousands of extra dollars, because of the time constraints. Mortgage documents are transmitted electronically nowadays, so other banks can provide just as timely service as Citizens.

Ditto SunTrust. and got a much lower rate.

[Bavarian]

Shop around and don't limit yourself to FL bank branches. We got our mortgage through SunTrust up North. Much better rate, as rep said, "Rates are set where originated". The closing went through fine. I won't mention interest rate or cash back since lower than what I have seen.

My advise, shop around and do not be forced to use Citizens's.

Many banks have online bill paying to anyone, not just Citizens, (SunTrust)

[janmcn]

What difference does that make? You cannot find a friendlier bank anywhere. I took out a mortgage with them for closing. Everything went super smooth. A month later, I paid off the mortgage.

I love the ease of their bill payer feature of the online banking.

Wells Fargo local branches are also extremely friendly, have free checking, free checks, free online banking, and when I opened my checking they were offering a free safe deposit box, which I have had for five years.

[Mack184]

Buying a home in TV & dealing with Citizens is sort of like buying a car from your Ford dealer and financing it through Ford Credit. It's there, it's easy and convenient. Plus..because they are the finance arm of the company they are more motivated to get you approved. That's not a bad thing. The bigger question is what price is the convenience worth? They are an FDIC bank no different than Chase or BB&T. Choosing Citizens over another bank is not like dealing with Benny the Blowtorch collecting the vig each week back behind the factory when you get out of work.

[buggyone]

Wells Fargo local branches are also extremely friendly, have free checking, free checks, free online banking, and when I opened my checking they were offering a free safe deposit box, which I have had for five years.

Another thing I love about Citizens First are the magical money machines at the postal depots. Just put in a plastic card, hit a couple of buttons, and money appears! Works even better than the slot machines at the casinos.

[Down Sized]

What difference does that make? You cannot find a friendlier bank anywhere. I took out a mortgage with them for closing. Everything went super smooth. A month later, I paid off the mortgage.

I love the ease of their bill payer feature of the online banking.

There has to be a STORY behind this. Why would anyone pay the expenses to take out a mortgage for one monthand then pay it off?
Normally people just use a closing company. That is what they are for.:confused:

[justjim]

Another thing I love about Citizens First are the magical money machines at the postal depots. Just put in a plastic card, hit a couple of buttons, and money appears! Works even better than the slot machines at the casinos.

:pepper2: Buggy very funny. The only problem is the "magic machines" seem to be out of order more than the slots! As mentioned in a previous post, we saved a bunch of money by using our Illnois bank both in closing costs and a lower interest rate. We do have a checking account at Citizens and do like their "magic machines" when they are up and working.

[PaPaLarry]

What difference does that make? You cannot find a friendlier bank anywhere. I took out a mortgage with them for closing. Everything went super smooth. A month later, I paid off the mortgage.

I love the ease of their bill payer feature of the online banking.
Of course it was easy and comfortable, IF you paid the mortgage off the following month?? Most people are purchasing mortgages for a extended period of time. (Like years) They don't have the luxury like you, to pay off in a month. But you were happy, and thats all that counts. I personelly dealt with a lovely lady (Larraine Lencki) from First Eastern Mortgage Corp. They are a subsidiary of First Federal Savings Bank of Boston. They deal here in Florida and she is very personable to her clients and so very honest, plus her rates are a little bit lower, with no points, if wanted. 1-800-999-7788 x 28 Cell 603-867-8388

[daca55]

I checked out using Citizens but when I saw what their closing costs and rates were I shopped else where. The 30 day closing is tough and if you do use another bank you will have to make sure that they can accomodate your close in that time frame. I used Wells Fargo and they supported the close but not without lots of anxious moments. It comes down to your make up when handling money matters. If you are the type that takes charge and is not afraid to kick butt then because of the savings I would recommend another bank but if you want peace of mind then the higher rates and fees at Citizens may be worth it.

[PaPaLarry]

:agree:There has to be a STORY behind this. Why would anyone pay the expenses to take out a mortgage for one monthand then pay it off?
Normally people just use a closing company. That is what they are for.:confused: