[dwbevan]

Originally Posted by l2ridehd

Is Citizens charging higher interest on new homes? I just closed on a resale and it was 4.5%. I could have gotten 4.0% from them except this is a rental property so had to pay the extra .5%. I closed in 30 days, but that was my choice, not a requirement. I also checked other banks and Citizens was a 1/4 % higher, but so far have been very happy with their service so stayed with them.

We just closed Dec. 6th and interest through Citizens was 4.375. My understanding is that interest rate is related to your credit score. There were no points involved. It was a 30 day closing.

[TednRobin]

Originally Posted by dwbevan

We just closed Dec. 6th and interest through Citizens was 4.375. My understanding is that interest rate is related to your credit score. There were no points involved. It was a 30 day closing.

Interest rates have jumped up the past two weeks.

[Hal :-)]

Originally Posted by dwbevan

We just closed Dec. 6th and interest through Citizens was 4.375. My understanding is that interest rate is related to your credit score. There were no points involved. It was a 30 day closing.

Congrats, I think you got about the best all time rate. We were here the 1st week of Oct and went through the pre-approval process. The rate a 4.62 at that time. You lock-in around Nov 7, rates have went back up recently. I'm hoping they drop back ad I get another shot. If it keeps moving up, we'll be cash customers. I really wanted to lock-in the low rate to cover taxable IRA withdrawals.

You're right, credit score is an important factor. That wasn't our problem, score was 800+.

[Hal :-)]

I wanted to end this thread, enough already. But I keep getting OMG revelations. I wanted to share one last post with you all. I've had free time to surf and I'm surprised I hadn't seen the IRA vs The Villages issue before. I assume most of you are familiar. Reading how the Developer mishandled your money and lined his pockets for hundreds of millions (tax-free) really shocks me. Given what I've been through I really shouldn't be surprised.

The POA site mentions the issue and says that residence don't get a vote. That was an Ah-ha moment. The purchase agreement spells out specifically that it's an "Amenity fee" and there's no Home Owners Association. With an HOA, residence would have a say.

Oh well, we're leaving tomorrow and I'll leave on a positive note. I got a call tonight from our sales rep. We can pick up a credit receipt in the morning. The $2500 deposit refund has already been processed. So, we'll head home and enjoy the holidays. Then we'll think about where we go from here.

Happy Holidays and best wishes to all here.

[Russ_Boston]

Originally Posted by TednRobin

Interest rates have jumped up the past two weeks.

True! We locked at 4.6 just a couple of weeks ago. Now at 5%.

Even www.bankrate.com has the current overnight rate nationally at 4.9%.

Who knows where it is headed but this will not let house prices rise if it continues.

[Tbugs]

Hey, we should all feel tremendously fortunate that we live in such a great place as The Villages. So what if the Morse family is super-wealthy? They put this place together and I am very happy.

I certainly feel that the Morse family is more deserving of the multi-millions than are the sports stars. Albert Haynesworth of the Washington Redskins on a $100 million contract and refusing to practice - gets benched - and still collects millions of dollars for doing nothing.

Hal did what he thought was right. Do not fault him at all. However, do not bad-mouth the Morse family. If it was not for their vision, we would not be living in this slice of Heaven.

[Taj44]

Originally Posted by Hal :-)

I wanted to end this thread, enough already. But I keep getting OMG revelations. I wanted to share one last post with you all. I've had free time to surf and I'm surprised I hadn't seen the IRA vs The Villages issue before. I assume most of you are familiar. Reading how the Developer mishandled your money and lined his pockets for hundreds of millions (tax-free) really shocks me. Given what I've been through I really shouldn't be surprised.

The POA site mentions the issue and says that residence don't get a vote. That was an Ah-ha moment. The purchase agreement spells out specifically that it's an "Amenity fee" and there's no Home Owners Association. With an HOA, residence would have a say.

Oh well, we're leaving tomorrow and I'll leave on a positive note. I got a call tonight from our sales rep. We can pick up a credit receipt in the morning. The $2500 deposit refund has already been processed. So, we'll head home and enjoy the holidays. Then we'll think about where we go from here.

Happy Holidays and best wishes to all here.

Yes that IRA thing has been nitpicked to death as well. You have those residents who think the Developer is a great business person who can do no wrong. Than there are those on the other side of the fence that say "yes, there is business, but you can take it too far and it turns into greed", and think the IRS thing falls into that category. Personally, I hope that if the IRS thing turns out to be an illegal maneuver, the Morses will be penalized, and the residents will not end up footing the bill. Either the Morses will make it right or the residents will file a class action lawsuit similiar to the other ones they have filed in the past, to force the Morses to make it right. In the end, the great majority of people love living here, and feel it was a good decision to make the move. I'm glad to hear you've gotten your refund - enjoy the holidays!

[duffysmom]

Originally Posted by Tbugs

Hey, we should all feel tremendously fortunate that we live in such a great place as The Villages. So what if the Morse family is super-wealthy? They put this place together and I am very happy.

I certainly feel that the Morse family is more deserving of the multi-millions than are the sports stars. Albert Haynesworth of the Washington Redskins on a $100 million contract and refusing to practice - gets benched - and still collects millions of dollars for doing nothing.

Hal did what he thought was right. Do not fault him at all. However, do not bad-mouth the Morse family. If it was not for their vision, we would not be living in this slice of Heaven.

As I've stated many time before, I love my life in TV and I thank Mr. Schwartz and the Morse family for the this beautiful community. BUT when someone points out that the Morse family has engaged in repugnant behavior they are chastised for bad mouthing the Morse family. What's up with that? We need to be vigilent about our investment and thats why some of us are active in the POA. Our developer needs to be watched and watched carefully.

[Barefoot]

Originally Posted by duffysmom

We need to be vigilent about our investment and thats why some of us are active in the POA. Our developer needs to be watched and watched carefully.

I agree that we need a "watchdog" organization. The POA has done some really good work in the past.

As far as New versus Resale, we've bought twice in TV, both times resale. Once through MLS and once through VLS. Both times we closed without being in attendance and the process was beautifully streamlined.

I agree with those who think you get "more bang for your buck" with resales. And usually a much lower bond.

[Hal :-)]

Originally Posted by duffysmom

As I've stated many time before, I love my life in TV and I thank Mr. Schwartz and the Morse family for the this beautiful community. BUT when someone points out that the Morse family has engaged in repugnant behavior they are chastised for bad mouthing the Morse family. What's up with that? We need to be vigilent about our investment and thats why some of us are active in the POA. Our developer needs to be watched and watched carefully.

We just got back home to Buffalo and a foot of snow in the driveway. Yuk.

I turned on the computer and the TOTV page was still is in the Browser. If you guys keep posting this thread will never end.

Good for you, Mom. When I get down there I'll be by your side. Strive for fair and reasonable.

Personally my view of the world is different from most, an inverted pyramid if you will. People are generally enamored by the rich and famous and quick to defend and forgive. The power elite always seem to get special considerations and a pass on misdeeds. The same people who are so supportive of the upper end can often be heard ranting about welfare cheats and such. In my world, the privileged are held to a higher standard. Those scrapping along the bottom may get the pass. It's just the liberal boomer in me.

[Taj44]

I'm with you Hal.

[Jane52]

[quote=ricthemic;315587]

Originally Posted by Hal :-)

We just got back home to Buffalo and a foot of snow in the driveway. Yuk. Personally my view of the world is different from most, an inverted pyramid if you will.....

Hal, You had me in all your post until this one. Being from Massachusetts I hope you are including liberals such as Ted Kennedy, John Kerry, Barney Frank, Mike Dukakis etc among your rich, enamored, power elite being quick to be forgiven.... cause they need it. Also, while I digress, regarding your quote " upper end ranting about welfare cheats". Guess what I don't know many upper end people but guess you may be right but please also include myself and most everyone I knew. I was a pipefitter for thirty plus years. The first ten sucking asbestos... never mind. We worked in tunnels and outside in 100 and 0 degree temps and guess what we also ranted about welfare cheats. Not sure where I would fit in your inverted pyramid.
Our main goal in a retirement place was to be able to walk to everything, dining,shopping,entertainment,etc. Then I found TV, found a ten year old amerillo, never thought about golf carts instead of walking... 7:00 PM, wife needs something, I am off to Publics in two minutes in my gas cart.. oops there goes the gas vs electric thing.
Regarding the Schwartz and Morris families. Thank you

BRAVO!!!

[Jane52]

Originally Posted by Hal :-)

We're down here now looking to purchase a discount new home in The Villages. We signed the agreement on Wed and closing is scheduled for Jan 7. We thought we'd like to interest rate shop and checked with a couple of banks and they were unable to close so quickly. It seems the closing window is so short deliberately to funnel activity to the Family bank, Citizens......I understand the 30 days is standard, but it seems particularly tight with the holidays.

Every time I see the title of this thread starting with "Perils", I think of how misleading this is to people up north who would LOVE to get out of the frozen tundra for good, and finally enjoy life year-round in TV. Our purchase of a home here could not have been easier and we used Citizens for our mortgage.

Going back to what started this, I think the problem is rooted in the writer signing a contract to purchase, and THEN going shopping for interest rates and then finding out when the banks could close.

We found the perfect place, and then we met with Citizens First Mortgage to get Pre-Qualified for the loan, and THEN we signed the contract to buy. We closed 30 days later by overnight mailing of the documents to us, and it's the best thing we've ever done.

I can't imagine signing a contract to buy something over $200,000 (or even over $2,000 for that matter) without making sure I had either the cash or a loan pre-qualification in place to pay for it.

[Barefoot]

Originally Posted by Jane52

Every time I see the title of this thread starting with "Perils", I think of how misleading this is to people up north who would LOVE to get out of the frozen tundra for good, and finally enjoy life year-round in TV.

I can't imagine signing a contract to buy something over $200,000 (or even over $2,000 for that matter) without making sure I had either the cash or a loan pre-qualification in place to pay for it.

I agree. If you need a mortgage, pre-qualify and have a loan negotiated ... then start shopping.

[Hal :-)]

Originally Posted by Jane52

.....I can't imagine signing a contract to buy something over $200,000 (or even over $2,000 for that matter) without making sure I had either the cash or a loan pre-qualification in place to pay for it.

I agree Jane. My experience was the same until it went off-track. I came down pre-qualified with Charles Schwab and found a home I loved. They insisted I talk with Citizens who pre-qualified me at that time too. They told me the story of Schwab failing to close on time and the customer lost the home.

In the two days while I waited for my wife to fly down I stopped at BofA on 466 and learned they couldn't close quickly either. At that point, I accepted I'd have to go with Citizens, although I did resented the conflict of interest, all the interlocking directorates, and the simply fact they'd be enriched from any delay, at my expense. It didn't help that I had plenty of time during those two days to read the agreement I signed. I suspect most people don't actually read it.

In the end, we rescinded because they refused to add one simple line that said "no penalties would be assessed in the event closing is delayed through no fault of the buyer".