Refinancing
 

Looking to refinance...any advice...lenders...pros and cons...would love some ideas...Citizens First vs. other lenders

Did you get rate from where you originally got your mortgage?

Try a credit union for good rate.

This will take some math.

We got 15 year mortgage in August a month before we closed in Sept 2019. 2.875% for 15-year mortgage, after 20% down on a new home. Simple and quick process at Citizens First, and rate was discounted after providing proof of military service.

Last month, looked at refinancing with 15-year rates just above 2%. Was not worthwhile since closing costs were high and reduction in monthly rate was negligible.

You'll need to sit down with a calculator or mortgage broker to check the numbers to see if it makes sense for you.

Yes, rates are lower, but you need to see how it affects you.

Since it is a refi I would start with an online source that doesn’t require personal information. Two choices are Aimloan.com and Lenderfi. Both take just a few minutes to get a rate quote and closing costs. The closing costs are important because some lenders will quote you a low rate but charge you points for that lower rate which are added to the closing costs.

After you check the online sources you can check local banks and credit unions, national lenders (Wells Fargo, BofA, Chase, etc). Finally you can find a local mortgage broker that can check rates and closing costs at multiple lenders. If you do the above you will know who has the best rate and closing costs combination.

A couple of warnings, be careful of online sites that ask for a phone number. If you give them your number you will be bombarded with calls for the next month or longer. Also, do not allow anyone to pull your credit until you decide on applying with a specific lender. Your credit score can be impacted from too many credit inquiries.

Finally, there is something called a no cost refinance. That is where you don’t pay closing costs in exchange for a higher rate. You have to ask for it specifically and can determine if it works for you. The online sources mentioned above will give you multiple rate quotes and you can see your closing costs being reduced for the higher rate.

This is a new fee implemented 12/1/2020. Here'''s how the new mortgage refinance fee affects you | Fox Business

check bankrate.com - and be sure to check closing costs on any refi

Wasn't the old rule of thumb, must cut 1% to justify the fees?? I think so.

Try FL Credit Union loan office is in Gainesville, you don’t have to go all can be done over the phone

Since your loan is less than 2 years old, I would check with your lender to see if it has been sold or are they holding it in their portfolio. If in the portfolio, some but not all will go a simple rate reduction at a rate slightly above market rate without all the closing costs. The lender also doesn't have all of their processing costs. The lender probably hasn't broken even on holding your loan at this point. A simple rate reduction also doesn't reset your loan term.
IMO it's worth a call to ask.

Try Vystar Credit Union on 466A. They were offering no closing cost refi's. Only condition is you would have to pay the closing cost if you totally pay off the mortgage in the first 3 years.

After years of refusing to deal with Citizens bank for no reason other that I didn’t trust it because of its strong ties to the Villages, I finally broke down and used them for my refinance. I was sorry that I had not used them much sooner. The process was fast and easy, and the rates were highly competitive. Since then I have used Barbara from the bank near the Sharon Morse building a few more times. She is so friendly, but also, which is important, informative, helpful and thorough. I highly recommend her.

We’ve used Quicken Loans - Rocket Morgage, never had to leave our home. Everything is done on line. The closing is done at your home too. If you served in the military, I recommend getting a VA loan. Do not use Citizens rates are too high.

excluding origination fee, discount points, private mortgage insurance

We looked into it a few months ago. The closing costs at Citizens were too high to make it worthwhile.

It's not the Interest Rate, it's the Closing Cost that makes it make sense or not.

Depends upon how long you intend to remain in that property.

I would not use Citizens First Bank to refinance a dog house!

Refinancing......
 

I would highly recommend speaking with Patrick. Although he is my nephew and yes I am biased, he just did a refinance for my son and he was working with a friend in the Villages recently too. His rate to her was better than any she shopped locally.
Feel free to tell him Uncle Billy sent you.

Patrick Gibson
United Northern Mortgage Bankers
845-590-2839
914-268-9338

Refinance. Beware of the gotchas. We have our mortgage with Citizen's First. It is a 15 year mortgage and we've been paying for 8 years. First of all mortgage interest is paid first and then you pay more and more of the principle. Thus, if you refinance the actual interest you pay is far more than what was quoted on your original mortgage that you agreed to. Also, not a surprise, even though Citizens First has our current mortgage, we have top credit scores, they still will charge you closing costs. In the end, it just did not make sense to do it.
Just beware and after you get the numbers be sure to to consult with an accountant.
I foolishly expect sanity. With the average age here being 70, I will use that as my number. A bank cannot deny you, if, you are credit worthy a 30 year mortgage at age 70.
Chance of ever paying it off is about as close to zero as you can get.

Citizens is quick and efficient.
What is your present interest rate, 2% or more is worth it. Why refinance? For additional cash? I have refinanced my home twice. Once to lower my interest rate and payment. Second because i own land in another state and decided i wanted to build a house on it and needed cash. My principal and interest is now $419.00.
And do not forget the closeing costs.

Always had great service and low rates with Quick and Loan. With rates so low worth adding your closing cost to loan.

We used the new VyStar credit Union up by Lowe’s. Great rate and zero closing costs, providing you don’t pay off the mortgage within three years. And when they say zero, they mean zero, zip, nada.

We just refinanced 2 months ago and researched several prospects. Best was Guaranteed Rate @ 2.375 with no points! Citizens First told us that to "stop shopping and lock in that rate!"

Contact Kyla DeMarzio and tell her I referred you...
kyla@rate.com.

:icon_wink: I think dog houses are against the deed restrictions. :shrug:

I closed my refi in September at 2.75 for 30 years fixed. My total closing costs, which I rolled in to my refi were about $2,500. (refi amount around $200K)

I chose to do 30 yrs since 2.75% money is cheap. I could have gotten 2.5%, but the closing costs would have been about $3,000. higher (although payback would have bee only about 62 months).

I did it all on-line ending up using lower.com (Homeside Mortgage LLC) which I found through LendingTree. It was a bit painful, but no more so than having the local guy do it.

I would do it on line again.

JMHO