[nancijohnson]

Please help us...we will be purchasing in TV, looking for court yard villa in Virginia Trace (if anyone knows of anyone going to be selling please let us know) Here is my question, I talked to my local bank in WI and they said they could do the financing for us, but the agent working with us in the Villages wants us to talk to Citizens First Mortgage Co. We have dealt with our local bank for 30 years and they have all of our information making it much easier for us. We will be investing and renting the property and using it on and off ourselves. Can someone let us know any pro's and cons of either? Thanks Nanci

[BettyCrocked]

The agent wants you to use CF because it is owned by the Developer. Stick with your bank. You will pay less.

[billethkid]

definitely stay with your bank and you will have a lower rate for sure.
They will continue to promote their bank until you tell them you have your own.
They may even try to tell you their bank knows what TV expects and are much more efficient at the closing....BS!! Our home bank 9++ years ago was a full 1.5% less on interest rates!!!!!!!!! I told the sales people as well as their bank, match the rate and I would be happy to use them as a lender. They of course declined.

Your bank that you are established with may even waive the bank origination fee (mine did) TV bank definitely will not.

In this banking/sales office arrangement I personally feel TV has a conflict of interest!! They do not like to hear that either.

btk

[Mallory Voice]

Originally Posted by nancijohnson

Please help us...we will be purchasing in TV, looking for court yard villa in Virginia Trace (if anyone knows of anyone going to be selling please let us know) Here is my question, I talked to my local bank in WI and they said they could do the financing for us, but the agent working with us in the Villages wants us to talk to Citizens First Mortgage Co. We have dealt with our local bank for 30 years and they have all of our information making it much easier for us. We will be investing and renting the property and using it on and off ourselves. Can someone let us know any pro's and cons of either? Thanks Nanci

YES - we have 5 homes here and none of them are with Citizens First Mortgage Co. Why? Because their fees are outrageous!! Money is money, a sale is a sale - use your local company and stick to you guns.
p.s. did you know who Citizens Mortgage is owned by? Take a guess.....
MV

[maddie101]

Same song and dance about Citizens knowing Florida law, etc. We used our own banker, too. Rates are different for rental property vs a home you are living in. Also keep in mind there are rules about how many weeks you can use your own place if it is truly rental property and listed with an agency. Either way, use your own bank back home.

[Cedwards38]

Compare rates and terms, factor in how much you love your local bank, and do what's best for you.

[TraceyMooreRN]

Your bank 100% agreed. TV will also try to tell you that if your bank can't close on time (30 days) there are penalities. True they can do that because of the contract wording if you use a contract from the TV-however I am not sure that isn't changed with pre-owned homes.

Either way communicate effectively with your bank. Have all needed documents with employer info, retirement, bank statements--etc ready to give to the bank to help speed up the process.

Good luck!!

[nancijohnson]

Thank you everyone! That is exactly what i thought, everyone is so helpful! So excited to buy!!!! Please let me know if you hear of a court yard villa, ranch home, patio villa walking distance to Sumter Landing, Village of Virginia Trace, Caroline or something in edgewater bungalows, etc.

[TheCollierCpl]

Originally Posted by nancijohnson

Please help us...we will be purchasing in TV, looking for court yard villa in Virginia Trace (if anyone knows of anyone going to be selling please let us know) Here is my question, I talked to my local bank in WI and they said they could do the financing for us, but the agent working with us in the Villages wants us to talk to Citizens First Mortgage Co. We have dealt with our local bank for 30 years and they have all of our information making it much easier for us. We will be investing and renting the property and using it on and off ourselves. Can someone let us know any pro's and cons of either? Thanks Nanci

We have a great " in" with wells fargo. We still went with citizens in TV. We have found that virtually everything with The Villages trade mark (or in partnership with them) works most excellently. (and i am a CPA and ,an aging partner skeptical. Call citizens mortgage and ask or steve Koller. (I get no kixkbacks, he is great.)

[Whit53]

The problem we had with an outside mortgage company was getting it done by closing date. We ended up going with Citizens. We close Oct 7

[janieb]

We used our Wells Fargo guy in Minnesota when purchasing both our Michigan home and our home in The Villages, everything worked well and we got an unbelievable interest rate for a 5 year arm, even the Wells Fargo guy was shocked.

[Kirsten Lee]

Ask a Villages sales rep for a blank copy of the offer to purchase. It is longer than most I have seen. (I have worked in lending for 27 years.) Read it carefully. It says if you do not close in The Villages, Mclin and Burnsled (The villages attorney firm) basically control the closing. Their attorney's prepare the settlement statement. Also, the title company will require a survey ($200) or they will not issue title. This is a pure money maker as I am sure the lot lines are well known. Most lender's do not require a survey unless there is an unusual item like a shared driveway. We paid a closing fee here in Wisconsin and a closing fee to Mclin and Burnsled. Our Village Sales rep was very concerned that the independent appraiser would not appraise the property correctly. He even showed up at the house and gave the appraiser a list of other homes in the area for him to compare our house to. Totally illegal. This was after I told him and his boss (he claimed he would retrain the sales rep) that he was not allowed to have any contact with the appraiser.
That being said, use your outside lender, the rate is much better and with the slowdown of refi's, I am sure your lending can get the deal done quickly.

[OldManTime]

Originally Posted by nancijohnson

Please help us...we will be purchasing in TV, looking for court yard villa in Virginia Trace (if anyone knows of anyone going to be selling please let us know) Here is my question, I talked to my local bank in WI and they said they could do the financing for us, but the agent working with us in the Villages wants us to talk to Citizens First Mortgage Co. We have dealt with our local bank for 30 years and they have all of our information making it much easier for us. We will be investing and renting the property and using it on and off ourselves. Can someone let us know any pro's and cons of either? Thanks Nanci

I have the Citizens Mortgage, no problems, you would expect them to refer to Citizens, they all have the same boss up the ladder.

[Bavarian]

We used our local Bank. No problems and better rate. As Mortgage Officer said, the rate is set by area originating it. MD much cheaper than FL.

Don't let any sales Rep push you into using a specific bank, to me that is a red flag of a kick-back.

[graciegirl]

Originally Posted by Bavarian

We used our local Bank. No problems and better rate. As Mortgage Officer said, the rate is set by area originating it. MD much cheaper than FL.

Don't let any sales Rep push you into using a specific bank, to me that is a red flag of a kick-back.

If you are the builder and own the bank, how can that be a kick back. It would be a side kick.

Nanci...you will probably be buying a resale, there aren't any new homes in walking distance of Lake Sumter Landing, and if you do you may be using an MLS realtor not a Villages one. Then none of this is a concern at all. I will be a sale like any sale you are used to on a resale and you can use any bank you want.

Here is a link to Lyle Gant who advertises on this forum. http://lylesellsfla.com/