Originally Posted by justjim (Post 663322)

As I mentioned in a related Thread, we decided on getting a mortgage Because of the current low interest rates----bottom line---- we saved many $$$$ by going with our bank in Illinois. If you don't shop around, you will be "throwing" money away. The easy way is not always the best way!

Originally Posted by gmcneill (Post 663207)

We have a mortgage with Citizen’s First Wholesale Mortgage (CFWM). That mortgage will be satisfied with the sale of our home next month.

We started the mortgage loan process for our new Villages home this past January. At the time, we asked our loan officer if CFWM would match local lender’s rates, points, and closing costs. He confirmed yes.

Two weeks ago our loan officer contacted us to tell us that rates had dropped. Consequently, we began the formal mortgage loan process. We again asked our loan officer if CFWM would match local lender’s rates, points, and closing costs. He again confirmed yes.

This past week, I advised our loan officer that four local lenders had publicized rates lower than the CFWM rate he quoted to us (3.50% vs 3.75% all with no points) and considerably lower closing costs. He stated that his manager would require us to provide a written “apples-to-apples” closing cost estimate sheet before CFWM would consider the match. That made sense to me (but I was concerned about his use of the word “consider”) so I provided him with the first closing cost estimate sheet that I received.

The next day the loan officer emailed me back the manager’s response: CFWM would lower the loan rate to 3.625%, with no points, and reduce their closing costs by $1100. I replied that it’s a start, but not a match. I told the loan officer to tell the manager that I expected the match as I was told I would receive.

A short time after receiving my email, the loan officer emailed me the manager’s response: CFWM would give me the 3.5% rate but that they would have to charge me an additional .625 points to do so. ([I]have to[I]; Really?) And the closing costs amount would not be reduced.

I was incredulous but not angry. It is just business, right?

I told the loan officer that the manager is risking the loss of hundreds of thousands of dollars in interest revenue alone for about $23/month (the monthly payment difference between 3.625 rate vs 3.5). And by charging me the additional points, the manager was trying to jab me ~$2000 to get the same rate that other lenders would provide for no points.

Note: the total interest revenue for a 30 yr fixed note for my loan amount at 3.5% would be a little over $184K. It is very unlikely that I (or my beneficiaries) would hold the note for the full term; a more likely scenario is that the note would be satisfied in 10 years, thus generating ~$104K in interest revenue.

I reminded the loan officer- who was MOST professional throughout the ordeal- that we were loyal CFWM customers with excellent credit and a proven track record of making timely payments who were willing to give CFWM hundreds of thousands of dollars of business. I asked him to check with his manager once more, before I closed the book on them and moved on.

The manager’s response was that CFWM “cannot do any better for our business than what I have offered you.” (cannot; Really?) I have moved on to a local lender who is experienced with the villages closing process and who quoted a 3.5% rate with no points and $2300 less in closing costs. The lender stated that they are usually able to close 30 calendar days out from the date of application.

Once the dust settles, I intend to write a letter to the president of CFWM to inform him of the professionalism and diligence of our loan officer, and also of one of his managers’ business decision that cost his company in excess of one hundred thousand dollars. In my former life as a senior manager, I welcomed responsible input about the agency’s personnel and business delivery operations. I presume that the CFWM president is of like mind.

Originally Posted by gomoho (Post 663309)

I believe too many folks fall into the trap of doing business with a Village connected business for what ever reason - maybe it's the easy way??? Not only is the mortgage company making out like a bandit so are The Village Golf Cart stores. Their product doesn't come close to what Carts and Clubs offers. " But they are right in TV and will pick up my cart for service and return it" - well Carts and Clubs comes to your driveway and does the service. I don't have anything to do with any of these companies, just saying that sometimes you need to look outside the bubble for your best deal.

Originally Posted by 57ChevyFI (Post 663561)

For some reason, the trust issue issue is in question. We wanted to get the biggest garage I could in a designer home. We went over this with our real estate agent and he assured, with no question or doubt, that the biggest garage we could get was in the Lantana with a stretch. The BIGGEST garage we could get was 26' deep. No way no how could we get one bigger. He was 100% positive "I've been selling houses in the Villages for 10 years and that is it, nothing bigger". We were walking around our neighborhood yesterday and saw a garage door open in a house being built. The garage was 28' deep. We looked at the blueprints, and it was a Lantana.

Originally Posted by 57ChevyFI (Post 663561)

For some reason, the trust issue issue is in question. We wanted to get the biggest garage I could in a designer home. We went over this with our real estate agent and he assured, with no question or doubt, that the biggest garage we could get was in the Lantana with a stretch. The BIGGEST garage we could get was 26' deep. No way no how could we get one bigger. He was 100% positive "I've been selling houses in the Villages for 10 years and that is it, nothing bigger". We were walking around our neighborhood yesterday and saw a garage door open in a house being built. The garage was 28' deep. We looked at the blueprints, and it was a Lantana.

Originally Posted by graciegirl (Post 663576)

Sometimes the size of the lot dictates too how big a garage can be. AND one week they will do something and next week it will change. We wanted a bigger garage on our house and they weren't doing that kind of customization just 20 months ago. After we signed, the next week, our neighbors were able to add things not available to us, including the very customization we wanted and we had the room.

We had Jim McLaughlin and sometimes he didn't know everything, but I will always bet my best putter he was and is an honest person..

Originally Posted by Karen33 (Post 664124)

What are the names of the banks or mortgage companies that have been used to close on houses in The Villages? We want to make sure they close on time. We will be there this Friday to start building and want to compare different cost.
Thanks,
Karen

Originally Posted by mickey100 (Post 663459)

My hat is off to you. You are a good consumer. When we originally got our mortgage, we had the same issue - higher interest rates and higher closing costs. We got our mortgage through another lender. I think Citizens feels they have a captive audience here, and can get away with charging higher prices. Many I have spoken to were worried about the time frame of the closing and went with Citizens for that reason.

Originally Posted by TraceyMooreRN (Post 664017)

That would be believable but this house was already built--and on the market--shame on our realtor! New construction in the same subdivision as us--. I know it depends on lot size--but we were told IT COULD NOT BE DONE. Not--"It depends on the lot size" The stretched Lantana--is all you can get...He was Not honest- or doesn't know his buisness and did a very poor transaction. Never again....:boxing2::boxing2::boxing2::boxing2::boxi ng2:

Originally Posted by gmcneill (Post 663207)

We have a mortgage with Citizen’s First Wholesale Mortgage (CFWM). That mortgage will be satisfied with the sale of our home next month.

We started the mortgage loan process for our new Villages home this past January. At the time, we asked our loan officer if CFWM would match local lender’s rates, points, and closing costs. He confirmed yes.

Two weeks ago our loan officer contacted us to tell us that rates had dropped. Consequently, we began the formal mortgage loan process. We again asked our loan officer if CFWM would match local lender’s rates, points, and closing costs. He again confirmed yes.

This past week, I advised our loan officer that four local lenders had publicized rates lower than the CFWM rate he quoted to us (3.50% vs 3.75% all with no points) and considerably lower closing costs. He stated that his manager would require us to provide a written “apples-to-apples” closing cost estimate sheet before CFWM would consider the match. That made sense to me (but I was concerned about his use of the word “consider”) so I provided him with the first closing cost estimate sheet that I received.

The next day the loan officer emailed me back the manager’s response: CFWM would lower the loan rate to 3.625%, with no points, and reduce their closing costs by $1100. I replied that it’s a start, but not a match. I told the loan officer to tell the manager that I expected the match as I was told I would receive.

A short time after receiving my email, the loan officer emailed me the manager’s response: CFWM would give me the 3.5% rate but that they would have to charge me an additional .625 points to do so. (have to? Really?) And the closing costs amount would not be reduced.

I was incredulous but not angry. It is just business, right?

I told the loan officer that the manager is risking the loss of hundreds of thousands of dollars in interest revenue alone for about $23/month (the monthly payment difference between 3.625 rate vs 3.5). And by charging me the additional points, the manager was trying to jab me ~$2000 to get the same rate that other lenders would provide for no points.

Note: the total interest revenue for a 30 yr fixed note for my loan amount at 3.5% would be a little over $184K. It is very unlikely that I (or my beneficiaries) would hold the note for the full term; a more likely scenario is that the note would be satisfied in 10 years, thus generating ~$104K in interest revenue.

I reminded the loan officer- who was MOST professional throughout the ordeal- that we were loyal CFWM customers with excellent credit and a proven track record of making timely payments who were willing to give CFWM hundreds of thousands of dollars of business. I asked him to check with his manager once more, before I closed the book on them and moved on.

The manager’s response was that CFWM “cannot do any better for our business than what I have offered you.” (cannot?Really?) I have moved on to a local lender who is experienced with the villages closing process and who quoted a 3.5% rate with no points and $2300 less in closing costs. The lender stated that they are usually able to close 30 calendar days out from the date of application.

Once the dust settles, I intend to write a letter to the president of CFWM to inform him of the professionalism and diligence of our loan officer, and also of one of his managers’ business decision that cost his company in excess of one hundred thousand dollars. In my former life as a senior manager, I welcomed responsible input about the agency’s personnel and business delivery operations. I presume that the CFWM president is of like mind.

Originally Posted by Heartnsoul (Post 664857)

GOOD for you for acting professional and sticking to your guns. They have so much money losing you as a customer is just a needle in a haystack to them. Good decision. Congratulations