[TidalWalkers]

Pre-owned home purchase in The Villages. Seeking advice on interest rates or banks to contact? Any experiences here in January? All suggestions welcome!

[JoMar]

No difference from purchasing anywhere else. Shop, shop, shop plus online. We all have our preferences but there are plenty of outlets and competition here if for some reason you want a local mortgage. If you don't care, see if the bank you like where you live can handle a mortgage here and include them in the mix. Drivers are best rates, lowest costs, fastest turnaround. Where they are doesn't really matter.

[villagetinker]

Try Community Ban and Trust, Pinellas Plaza. While not a mortgage, we wanted a home equity load, and they were 4 weeks faster, and about 1% lower interest rate then banks I ALREADY HAD ACCOUNTS WITH!!!!

[goodtimesintv]

Originally Posted by villagetinker

Try Community Bank and Trust, Pinellas Plaza. While not a mortgage, we wanted a home equity loan, and they were 4 weeks faster, and about 1% lower interest rate then banks I ALREADY HAD ACCOUNTS WITH!!!!

Good advice.

I would add, don't torture yourselves and your seller with an out of state bank. The market here in TV is totally different (healthier) than the rest of Florida as a whole, and local lenders here know TV is not "condos" with all the worries and added restrictions about condos' HOA's having underfunded reserves, too many units vacant, and with too few owners living in them (as opposed to a majority being rental units).

There are LOTS of misconceptions about TV in that regard. It is about 99% single-family homes on their own lot, owned by the homeowner.

[JoMar]

Originally Posted by goodtimesintv

Good advice.

I would add, don't torture yourselves and your seller with an out of state bank. The market here in TV is totally different (healthier) than the rest of Florida as a whole, and local lenders here know TV is not "condos" with all the worries and added restrictions about condos' HOA's having underfunded reserves, too many units vacant, and with too few owners living in them (as opposed to a majority being rental units).

There are LOTS of misconceptions about TV in that regard. It is about 99% single-family homes on their own lot, owned by the homeowner.

My mortgage is with Wells Fargo Mortgage, Minneapolis. No issues. They called the closing company, understood the rules and got it done in less than 30 days. All depends on the bank and the people you deal with. Communicate.

[Shadow8IA]

Get an estimated list of closing costs too.

[jblum315]

I found Quicken Loans very easy to deal with, but by all means shop around