Questions on buying house in the Villages

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  #16  
Old 01-31-2020, 06:58 AM
Jlayton Jlayton is offline
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We did exactly what you did. We chose to go with a local lender back home. They didn't meet the deadline. We got hit with a hefty penalty. The Villages would not bend on the rule (it is in the fine print and you do sign to agree to it). I had no one to blame but myself. If I had to do it over again I would utilize Citizens First hands down without question. This would not have happened if I had chose them. They will meet the deadline.
  #17  
Old 01-31-2020, 07:03 AM
raney3099 raney3099 is offline
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Citizens
  #18  
Old 01-31-2020, 09:03 AM
Brwne Brwne is offline
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Default Buying and borrowing

Quote:
Originally Posted by Dean62 View Post
Hi everyone, I've been a long time lurker on here as my wife and I have been planning on where we will move when we retire. We just finished our second lifestyle visit this week. We found a house we like and are currently in the final decision process on if we want to buy now or wait to purchase after we retire. If we buy now we would not move down full time until we retire in January 2021. Since we are not selling our current home yet, we will need a mortgage which we will pay off once we sell our home in Ohio when we are retired. I know you have to close within 30 days or pay a penalty so selecting a mortgage company that can close within the 30-day timeframe is important. I saw some posts in prior threads that it is helpful to use a mortgage company/bank that has experience with working with the Villages. My wife can get a good rate with her credit union at work, but we are concerned with the 30 day close requirement. Does anyone have any suggestions on who to use to get a mortgage at a competitive rate with low closing costs that can close within 30 days? Thanks!
Citizen's First knows the homes and the market (and the Developer is a large investor) - they will be the easiest and fastest. Given that you plan to pay off the loan with the sale of your house in a year, a 1/4 point on your interest rate becomes inconsequential over the rest of your retirement. Get "pre-qualified", so when you find that perfect house, you can buy it and close in less than 30 days (ours closed in 3 weeks). Originally (last August) we bought and planned to rent it out for a few years. Now, it's rented for the first 10 weeks in 2020 and then we are moving into it full time - plans can evolve!!
  #19  
Old 01-31-2020, 09:33 AM
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Most of us love The Villages.
We are seasonal residents who purchased our home in 2007.
If we needed a mortgage, we'd use Citizens Bank.
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Last edited by Barefoot; 01-31-2020 at 09:41 AM.
  #20  
Old 01-31-2020, 11:02 AM
sanibel40 sanibel40 is offline
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Default Wait to do a cash deal, save a bundle

If you buy now you will have a big expense in closing costs (as much as 7 to 10%) on the loan and a year of carrying the cost of the house (maintenance, community fees, utilities, insurance taxes, etc) and the mortgage interest. Wait till you can pay cash and save on those closing and carrying costs. There will be more homes that will meet or exceed your criteria. If you want to buy now, try BBT I have found them to be good

Quote:
Originally Posted by Dean62 View Post
Hi everyone, I've been a long time lurker on here as my wife and I have been planning on where we will move when we retire. We just finished our second lifestyle visit this week. We found a house we like and are currently in the final decision process on if we want to buy now or wait to purchase after we retire. If we buy now we would not move down full time until we retire in January 2021. Since we are not selling our current home yet, we will need a mortgage which we will pay off once we sell our home in Ohio when we are retired. I know you have to close within 30 days or pay a penalty so selecting a mortgage company that can close within the 30-day timeframe is important. I saw some posts in prior threads that it is helpful to use a mortgage company/bank that has experience with working with the Villages. My wife can get a good rate with her credit union at work, but we are concerned with the 30 day close requirement. Does anyone have any suggestions on who to use to get a mortgage at a competitive rate with low closing costs that can close within 30 days? Thanks!
  #21  
Old 01-31-2020, 11:32 AM
OhioBuckeye OhioBuckeye is offline
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Not knowing how your doing as far as finances & any debt you have & if you buy now can you afford to buy a home now & keep up with all the Utility Bills & property taxes. We moved from Ohio too & property taxes in TV are higher. If there's a home in TV that you just got to have buy now if not next yr. they'll still be 40 or 50,000 home still on the market there. But if you found a home in a certain subdivision that you like you better buy it within a couple of weeks because it might be gone in a 2 weeks. If you're looking to buy a new home wait. But just your one bill will have,aminties, water, sewer & garbage on it & you can expect to pay $200+ dollars a month just on that bill. But like I said, nobody knows how financially your doing. Good luck & you'll love TV!
  #22  
Old 01-31-2020, 11:37 AM
brianherlihy brianherlihy is offline
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buy a privet sale
  #23  
Old 02-01-2020, 08:46 AM
Chatbrat Chatbrat is offline
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Don't wait to fulfill your dreams-on the online news -a couple who were to close on a property Fri-can't , the gentleman found his wife deceased on a chair in the Lanai--you can't put a $$ on time-she was 67
  #24  
Old 02-01-2020, 09:09 AM
CoachKandSportsguy CoachKandSportsguy is offline
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Default Type of mortgage - Variable rate best for rates if delay in moving down.

If you are buying a house with the intent of selling your "old" home and paying off the TV home in the future, please consider a 5 year or less variable rate mortgage, you will get a much better rate and you will have the house paid off well before any rates change.

we have one from citizens first, and are renting the home out until we move down within the next 3-4 years.

sportsguy
  #25  
Old 02-01-2020, 09:46 AM
paulat585 paulat585 is offline
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Quote:
Originally Posted by Dean62 View Post
Hi everyone, I've been a long time lurker on here as my wife and I have been planning on where we will move when we retire. We just finished our second lifestyle visit this week. We found a house we like and are currently in the final decision process on if we want to buy now or wait to purchase after we retire. If we buy now we would not move down full time until we retire in January 2021. Since we are not selling our current home yet, we will need a mortgage which we will pay off once we sell our home in Ohio when we are retired. I know you have to close within 30 days or pay a penalty so selecting a mortgage company that can close within the 30-day timeframe is important. I saw some posts in prior threads that it is helpful to use a mortgage company/bank that has experience with working with the Villages. My wife can get a good rate with her credit union at work, but we are concerned with the 30 day close requirement. Does anyone have any suggestions on who to use to get a mortgage at a competitive rate with low closing costs that can close within 30 days? Thanks!
Whereabouts in Ohio? I'm from Akron.
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Northeast Ohio, Northern California, including Santa Cruz, Oakland Hills, East Bay, Stockton and Merced and now The Villages
  #26  
Old 02-02-2020, 12:47 PM
Dean62 Dean62 is offline
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Quote:
Originally Posted by paulat585 View Post
Whereabouts in Ohio? I'm from Akron.
We are in Painesville Ohio which is about 30 miles east of Cleveland.
  #27  
Old 02-08-2020, 07:51 AM
Jimok Jimok is offline
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Default Third Federal

Third Federal was highly recommended. I am not finding it nearby or in the Villages. Any phone number and or an address would be very helpful. Thank you.
  #28  
Old 02-09-2020, 12:54 PM
bassfish bassfish is offline
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Don't move here. Way too many people here now and way too many snowbirds. We've been here 3 years and I'm tired of all the traffic, people and long lines at restaurants.
  #29  
Old 02-09-2020, 01:13 PM
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mrdarcy mrdarcy is offline
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For my first home in The Villages (TV) I used Citizens First Bank. For my second home in TV I used BB&T, now called Truist since the merger with SunTrust bank. The local BB&T mortgage loan officer is Justin Holloway, 352-314-3306. jholloway@bbandt.com. Justin knows the Villages closing department personnel very well and is able to expedite getting a loan completed to meet TV deadlines. His rates are better than Citizens.
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