[Roaddog53]

What are the best mortgage companies to deal with in or near The Villages? The Sales/Design staff "warn" you about being late for a closing. Even in the contract. Another sales plow I call it. They obviously suggest Citizens since they will "close" on time". When calling Citizens their rates are at least 0.50% higher than most with 0 points. They claim they get 8 of 10 mortgages. My guess is they get more due to the scare tactics of missing the date and the penalties. Are there other banks out there that are pretty good at hitting their closings? I have called around to BB&T, Wells Fargo, Chase, and a couple more and their rates are much more competitive and closing costs about the same. Just looking for who had the least problems and best service.

[ijusluvit]

I had terrible problems with Citizens when I purchased in 2004. When all was done some VP called me "to apologize."

Silly me, I thought refinancing would be easy last year, so I went back to Citizens. I had to fight with them to reduce what should have been standard fees and a it was a very difficult experience.

I will not publicly air the gory details but you can pm me if you want more information.

[Avista]

Be sure to get rates from Insite Credit Union across from SAMs 441

[janmcn]

Don't let Citizens coerce you into paying that higher rate for the next 30 years. I used Sun Trust for my first new house and Countrywide for the second, and both went off without a hitch. The way closings are handled nowadays, all the documents are transmitted electronically so there should be no delays in closing. Shop around for the best rates and best terms.

[asianthree]

Use our own bank BOA and due to citizens fault we closed a day late. and the charge was $422.05 Our bank paid the up charge even though it was not there fault. Yes you close late its very costly. But I was not going to give them an extra $3842 just in closing cost, and not to include the extra 1% in interest. Get your own bank its worth it

[saratogaman]

Try Trustco...famous for quick closings.

[Pturner]

Hi Roaddog,
Do you have enough of a time window to schedule a closing with a competitive lender for earlier than TV's required closing date? That would give you some margin of error in case something happened to cause a day or two delay.

Look at it this way too. If the penalty for not closing on time is less than the premium you would pay via higher interest by using Citizen's, then you are better off taking the risk anyway. In other words, if you close on time, no penalty and a lower interest rate. If you don't, the penalty is still cheaper than the higher interest rate with Citizens would have cost you.

Best wishes. Please let us know what you decide and how it works out.

Oh... and

[jimbo2012]

can someone tell me how this penalty becomes a mandatory dollar amount?

Are you forced to agree to it the contract of sale????

[Roaddog53]

Thank you all for your help and incite. I do have about 60 days so I should have plenty of time to close. I also agree that if the penalties are less than the interest rates and closing costs, I am still better off in the long run. I will call the companies that were mentioned here. Funny I used to be a Vice-Chairman of a good size credit union, and have built and sold numerous homes in the past and have never had to worry about the closing process like here. For that matter even have it put in writing! The last house I sold the buying bank was late though and they did pay me monies for the inconvenience when I asked them. It was not in writing though.
However, I think it is OUTRAGEOUS that The Villages and Citizens decides to coerce people by putting a statement in the purchase agreement to NOT close late or else pay penalties... to get them to lean toward the "no hassle" closing deal. Their logic I assume is they have no time to miss appointments with all their "closings" lined up and redo the documents either by the closing company or the mortgage company. Oh, and it sounds based on some of the statements that when they are at fault, even though THAT is in writing too that they will pay, they STILL make the buyer pay! Hmmm

[Roaddog53]

Originally Posted by Pturner

Hi Roaddog,
Do you have enough of a time window to schedule a closing with a competitive lender for earlier than TV's required closing date? That would give you some margin of error in case something happened to cause a day or two delay.

Look at it this way too. If the penalty for not closing on time is less than the premium you would pay via higher interest by using Citizen's, then you are better off taking the risk anyway. In other words, if you close on time, no penalty and a lower interest rate. If you don't, the penalty is still cheaper than the higher interest rate with Citizens would have cost you.

Best wishes. Please let us know what you decide and how it works out.

Oh... and

Well I decided to go with BB&T. I called all around to the suggested companies and others and found their rates, closing costs, and a lock time of 60 days were all very competitive or the lowest. (Justin) was very courteous, helpful, patient, and claims he has never missed a closing date in 10 years. They also have numerous other services other than your standard banking such as all insurances (even for sinkhole coverage), and investments. Holding a mortgage there provides for other added services at discounted rates too.
We shall see in time and will let all know how it goes. Thanks again for your help