Refinancing help!
 

Has anyone refinanced lately? I know the interest rates are down, and I would love to refinance my existing loan with Citizens while the interest rates are at a all time low. I am now at a 4.6% with Citizens, and they are offering a 3.6% fixed for 30 years, but I was wondering if anyone has used a different bank that had a better interest rate than Citizens? Surely, these other banks would love to beat Citizens rate, and when I asked Citizens about matching a bank with a 3.5%, and they said they could not. I know that there are some other banks in the area that would love to get more of the Villagers money. Any comments would be appreciated.

There is a string of them on 441 with branches on 466 and 301. Wells Fargo, Suntrust, BB&T are just a few.

Call Quicken Loans or go to Quickenloans.com

They refinance lots of loans in the Villages. Everything can be done on line and they send a notary to your house to sign the final papers.

Not answering your question, exactly, but . . .

I closed this morning on a refi with Citizens at 3.75%. That'll result in an almost $300 less monthly payment from my original (dating from Jan '05).

Everything went as smoothly as it did almost eight years at my original closing. I just had to sign a "gazillion" papers (sure hope that the progressively deteriorating signature doesn't cause any problems :D).

That $300 savings will contribute nicely to my on-board cruise bar bills!

SWR
:beer3:

Go ANYWHERE but Citizens! Not only will you be virtually assured of getting a lower rate, but likely you will not get the kind of run-around I got from Citizens.

When I was refinancing recently I was quoted a rate for title insurance which was several hundred dollars higher than it should have been. When the third "Good Faith Estimate" did not correct the figure, I had to ask for a bank manager, explain that title insurance premiums are regulated and uniform in Florida, and threaten to bring an attorney to closing before the figure was corrected.

I agree. Anywhere but Citizens usually will have a lower rate, better closing costs, less arrogant, and helpful. Just based on my experiences and other's inquiries.

Loan Modification
 

Ask the bank for a loan modification.
You should pay a small fee (about $500)and keep the terms of your loan except they recalculate payments using the prevailing mortgage rate give 1/8% to 1/4%.

I would try Wells Fargo. I called their national number and was extremely impressed.

Ditto on w fargo and ditto on citizens!

Be sure to get the rates from Insight Credit Union (Across from Sam's on 441). You may find them lower.

Reverse Mortgage
 

Have you considered a Reverse Mortgage? I thought this was a scam until I heard a speaker at a POA meeting. Per the speaker, zip code 32162 is the second highest in the country for Reverse Mortgage. Not for everyone, but worth the look. :read:

I found Citizens to be the highest rate anywhere by approx .25 %.

Thanks to all of you for your responses. All I have to now is start calling and checking who might have the lowest interest rate for now.

Refinancing
 

Are you a veteran, use your va eligibility, low interest no money out of pocket, fast and easy. I used the VA Mortgage Ctr. found them online.

We spoke to Quicken yesterday and they told us there would be a $5200 closing fee. They claim these fees are higher in Florida.

How much were your closing costs? We have a 3/1 ARM, and Citizens won't do a refi until after the first adjustment. My company credit union has a better rate than Citizens, but the closing costs are $4000, so it's not worth it to refi just to get the monthly payment down a little.