[oldtimes]

If you have recently researched mortgages in The Villages who did you find to offer the best rates?

[petsetc]

I found best rate on line, for new construction or need quick close, Citizens First Bank. Their main downside was I found the Title Insurance a bit high.

FWIW

[biggamefish1]

Title Insurance is an unnecessary option if you buy directly through the Villages.

[Toymeister]

There are two things in play, the RATE and the FEEs.


The bank with the lowest cost in both are credit unions. Navy Federal and Pentagon Federal. With a donation to charity you qualify for membership to PenFed and you might already qualify for Navy Federal.

[CarlR33]

Originally Posted by oldtimes

If you have recently researched mortgages in The Villages who did you find to offer the best rates?

NOT an easy answer with to many variables involved. You can try Citizens but don’t drink the cool aid per se. Try your credit card company or a company you’re associated with already. Get at least three estimates.

[vintageogauge]

Originally Posted by biggamefish1

Title Insurance is an unnecessary option if you buy directly through the Villages.

On new homes but not resales

[oldtimes]

Thanks for these replies, they are most helpful.

[oldtimes]

Originally Posted by vintageogauge

On new homes but not resales

This is resale

[Rocksnap]

Yes, fees are the variable. But another variable, if you hope to refinance down the road.
Since TV, for some unknown reason simply will not accept a VA backed loan on new construction. All they need to do is fill out a 1 page paper about the builder, seems simple enough.
VA backed loans have a substantially lower APR. So I will be doing a refinance soon enough, within 1-3 years I hope. When I do, I want to minimize those fees.
I went with a mortgage broker that slashes their fees for future business with them, VA backed loan or not. So for me, that’s a win win. As I will be doing a VA backed loan hopefully after the election when things settle down, as those rates are a good half point lower.
Bank of America, whom a hate to do ANY business with, has a refi program with reduced fees. But you must have, on paper, $250,000 in assets tied with them.
My broker slashes their fees for future business. Paired with a VA loan, that will yield me substantial benefits for closing costs and the lower APR.

[bowlingal]

credit unions always have better rates than banks

[dcammel]

Originally Posted by Rocksnap

Yes, fees are the variable. But another variable, if you hope to refinance down the road.
Since TV, for some unknown reason simply will not accept a VA backed loan on new construction. All they need to do is fill out a 1 page paper about the builder, seems simple enough.
VA backed loans have a substantially lower APR. So I will be doing a refinance soon enough, within 1-3 years I hope. When I do, I want to minimize those fees.
I went with a mortgage broker that slashes their fees for future business with them, VA backed loan or not. So for me, that’s a win win. As I will be doing a VA backed loan hopefully after the election when things settle down, as those rates are a good half point lower.
Bank of America, whom a hate to do ANY business with, has a refi program with reduced fees. But you must have, on paper, $250,000 in assets tied with them.
My broker slashes their fees for future business. Paired with a VA loan, that will yield me substantial benefits for closing costs and the lower APR.

The reason TV will not accept VA loans for new construction is that during the building process, the VA requires progress inspections that would slow down the machine. Also, the cost per sq.ft. in TV includes the "added value" of The Villages, which is not in line with normal cost per sq. ft. of new construction. Refinancing with ALL fees paid is offered by RP Funding and they will send a closing agent to you to sign all the documents for a re-fi or resale. Rates were competitive before COVID, no idea of their programs now, but very easy to get started on-line. They have a large office complex in Maitland if you want to go in person.

[RoboVil]

Originally Posted by oldtimes

If you have recently researched mortgages in The Villages who did you find to offer the best rates?

The credit unions, Mid-Florida and Suncoast, have some excellent "teaser rates". You can lock in a lower rate for up to 3 years with an ARM, but the catch is it will not decrease when interest rates decrease which they are expected to do. Just make sure you get all the details because the criteria changes. So, if there is a steep drop in interest rates over the next few years as expected then you should plan on refinancing at that time. Also, if you have a brokerage account they sometimes offer you a better deal than market.

[Marine1974]

Originally Posted by Rocksnap

Yes, fees are the variable. But another variable, if you hope to refinance down the road.
Since TV, for some unknown reason simply will not accept a VA backed loan on new construction. All they need to do is fill out a 1 page paper about the builder, seems simple enough.
VA backed loans have a substantially lower APR. So I will be doing a refinance soon enough, within 1-3 years I hope. When I do, I want to minimize those fees.
I went with a mortgage broker that slashes their fees for future business with them, VA backed loan or not. So for me, that’s a win win. As I will be doing a VA backed loan hopefully after the election when things settle down, as those rates are a good half point lower.
Bank of America, whom a hate to do ANY business with, has a refi program with reduced fees. But you must have, on paper, $250,000 in assets tied with them.
My broker slashes their fees for future business. Paired with a VA loan, that will yield me substantial benefits for closing costs and the lower APR.

Are you doing a VA streamline refinance or a first time VA loan ?
I have done both . On the original VA loan I had to pay a $15,000 funding fee which is refundable when the loan would be paid off $0 percent down payment, in additional the normal closing costs . In 2021 I did a VA streamline refinance at 2.399 % 30 year fixed . Approximately $4000 closing costs . Minimal if any documents were required .
Like free money

[BlueStarAirlines]

If you want a fast painless close with the rate and fees not being a concern then Citizens should be your choice.

If rate and fees are something you care about, we went with Navy Federal credit union.

Most credit unions will rise near the top over a bank.

[KendallW]

I started with citizen then to a mortgage broker..the fees were very high and ended up using a online mortgage company affiliated with a out of state bank..lowest rate with .little or no fees