[graciegirl]

Originally Posted by 57ChevyFI

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.

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..

[Sunshine Shelly]

We just settled on our home in the Village of Fernandina this past Thursday. We shopped four mortgage lenders and CFWM was the highest --in rate and in closing cost! I gave CFWM 'last look' and they did not improve their quote at all. Needless to say, we went with another lender.

[batman911]

We used CFWM because we know they are a stand up company. They are usually a few point higher on loan rates but are much more convenient for those not currently living in TV. I believe you need to compare the closing charges to see what you are getting for the money. For example, I got several quotes for home insurance but the least expensive was not the best coverage. Ensure you are comparing apples to apples not just the cost. We only plan to keep the mortage as long as it makes good financial sense. In the end, everyone is free to go with the company they like.

[SpicyCajunPugs]

We just closed last week and we found Citizens very, VERY cooperative in matching a rate as well as guaranteeing it through closing, even though it was over 60 days from application to closing. They also reduced closing costs. It is unfair to think they will lock in a matching rate for months but still be willing to reduce it more in the event of further decline, but not raise it at all if the rates increase...all business people would understand that and it could put them out of business in some markets. We should all feel VERY lucky that there are so many services that the Villages offer for our convenience. Let's not act unreasonable or spoiled...some just expect way too much from the Villages in my humble opinion.

[TraceyMooreRN]

Originally Posted by graciegirl

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..

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....:boxi ng2:

[Karen33]

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

[gjbl8114]

Ummmmmmmm!!! Distressing isn't it? One more thing to add to this. Since we are Brits, when we purchased our home, we were quoted an interest rate in excess of the normal rate in place during that time. When we inquired as to the increased rate, we were told that it was normal procedure for non-citizen processing. This was very suspicious to us and inquired further with no valid explanation provided. We refused to accept their rate and decided to have our UK bank finance our purchase. This certainly had nothing to do with our credit rating as it was impeccable. What do you suppose that was all about?

[gmcneill]

Originally Posted by Karen33

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

Karen: there are many local banks here in the villages/lady lake area.
You can google banks the villages florida to get names numbers; check their web-sites to get idea of rates and related costs.

We chose to go with United Southern Bank. Jeanne Lazo is our loan officer; complete professionalism to date. They wanted our business.
We submitted our loan application Thursday, the 18th. Our closing date is May 28. She assures me that USB will meet that deadline.

Loan officers at two other banks told me that their loan processing typically takes 30-45 calendar days.

It is my hope that describing my experience (in this topic) in a responsible, straight-forward manner will serve as an objective resource/reference for current and future villagers who will use mortgage financing to secure their villages dream.

I will provide a final update.

PS: perjojo, two other non-CFWM people have recently stated to me that CFWM sells off their loans. If that is the case- and I do sense that you are correct- then the three CFWM folks who told me differently are employees who either are unintentionally misinformed or deliberately mislead their customers. I am shocked- shocked!- by either possibility

[graciegirl]

Originally Posted by mickey100

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.

Whoa now.

Keep in mind that Citizens is a very small bank. It is VERY local, just here in this area.

If you don't like the rates go somewhere else.

It is a BUSINESS. please don't assign a criticism to a business for doing business. NOONE has to go to them for their loans. No one holds a gun to your head.

If you don't like that it is owned by the developer, don't throw the business his way.

[gomoho]

I don't agree with people wanting to waste their money - I think they deserve a little more credit than that.

[manaboutown]

As I view it Citizen's offers a concierge service for which one is going to pay extra. They have at present 46 convenient ATMs all over TV as well as eight branches in TV and one in Leesburg. This infrastructure is costly to maintain. Moreover, buyers of new homes need not worry they will meet your closing deadlines as they will get the deals done.

As I understand from what I have read, during the earliest years the developer was attempting to sell his homes for more than physically comparable homes would sell for in the surrounding areas. He could neither get appraisers to appraise nor lenders to lend at what he wanted for his product so it seems to solve this problem he started his own bank to lend money to his buyers.

[graciegirl]

Originally Posted by TraceyMooreRN

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....:boxi ng2:

I don't understand your post at all. Are you talking about the Lantana you recently purchased for over 300K that you told us about on the thread you started in which you told us that you were misled about the FHA loan? Was it not a spec home already built? How can you stretch a home already built and on the market? Or were you also trying to build a home and could not stretch it? Or were you not aware of the other homes for sale as spec homes and listed, or resales and listed???? I remember clearly that you told us you bought a spec Lantana and you were unhappy because the villages agent didn't tell you that you couldn't have a FHA loan and it caused you to have to sell the villa you owned here too quickly and not be able to see as much profit as you had hoped.

This thread;

New Homes can't close FHA

VA Lender?


I think I am not understanding your post. Would you further explain?

Aren't you a realtor?

[Heartnsoul]

Originally Posted by gmcneill

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.

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

[gomoho]

Originally Posted by Heartnsoul

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

I can't tell if your remark is snide or not - I certainly hope not 'cause if he got on and complained with no intent to follow up people would be beating him up for not reporting this to someone at the bank.