[Finallyfree]

My husband has a question. Did any of you that have a mortgage use the local bank owned by TV? If so what was the compelling reason, i.e. rates, points, etc. We are trying to decide if that would be the best way to go or look elsewhere for financing. Please let me know your thoughts.

[KathyW]

There were a couple threads on this exact topic a couple months ago, listing the pros and cons to go with Citizens Bank. Try doing a search to see what comes up. I think people said it was more convenient to go with Citizens, but others got better rates elsewhere.

[jane032657]

We have not sold our home yet (nor have we put it up for sale). We went initially to Citizen's and they changed the rate the first fifteen minutes we were there because they said they had gone up in that timeframe. I was astounded. I have bought and sold all my life and that had never happened. I did not feel welcomed or important there either.

We went with our own mortgage company and got a rate that was significantly lower and there was no problem with closing the deal on time.

I was disappointed with Citizen's, we felt like a "number"

[BostonCelt]

Originally Posted by jane032657

.... I did not feel welcomed or important there either......I was disappointed with Citizen's, we felt like a "number"

Perhaps some things are just a matter of timing, 'cause I had just the opposite experience....even though I didn't finance through them.

From when I first reserved a lot (Nov '11) through closing (3 wks ago) I had several contacts with Citizens' mortgage people. Always found them helpful, professional, willing to help, no pressure. I finally went with USAA....slightly better rate, plus 'bout 40 yrs of other experience with them. Also, I knew that even though I was going "elsewhere" for my mortgage, I'd learned that Citizens would gladly help me at closing time in any way they could. And they did.

Bottom line: I'd recommend you shop far and wide for whatever deal suits you best for whatever reason....and realize Citizens will help you with anything you ask (wire transfers, fund transfers, etc).

Good luck!

[Finallyfree]

Originally Posted by BostonCelt

Perhaps some things are just a matter of timing, 'cause I had just the opposite experience....even though I didn't finance through them.

From when I first reserved a lot (Nov '11) through closing (3 wks ago) I had several contacts with Citizens' mortgage people. Always found them helpful, professional, willing to help, no pressure. I finally went with USAA....slightly better rate, plus 'bout 40 yrs of other experience with them. Also, I knew that even though I was going "elsewhere" for my mortgage, I'd learned that Citizens would gladly help me at closing time in any way they could. And they did.

Bottom line: I'd recommend you shop far and wide for whatever deal suits you best for whatever reason....and realize Citizens will help you with anything you ask (wire transfers, fund transfers, etc).

Good luck!

Thanks, you sound like us 40+ years with USAA. Ware beginning the research now and really appreciate the help.

[784caroline]

I was helping someone move to the Villages at they were about to buy a resale listed by the The Villages. My friend was checking out loan information and The Vilages real estate people were really piushing for her to use The Citizens bank IF they wanted to meet a specific closing date. In short the lady decided to go with USAA (she had a pre-approval and rates were comparable)and all was going well until the appraisal came in on the resale property...it was $10-15K less than what the agreed to price was. The lady ended up backing out of the contract and buying something else...BUT I can almmost guarantee you that if her bank were Citizens Bank...the appraisal would have come in at selling price and the contract would have gone forward and my friend would have been out probably a minimum of $10K. Logistically Citizens will ALWAYS make it work, and they are very friendly people to work with, but the question is do they always have YOUR best interest in mind!!

[Challenger]

Originally Posted by 784caroline

I was helping someone move to the Villages at they were about to buy a resale listed by the The Villages. My friend was checking out loan information and The Vilages real estate people were really piushing for her to use The Citizens bank IF they wanted to meet a specific closing date. In short the lady decided to go with USAA (she had a pre-approval and rates were comparable)and all was going well until the appraisal came in on the resale property...it was $10-15K less than what the agreed to price was. The lady ended up backing out of the contract and buying something else...BUT I can almmost guarantee you that if her bank were Citizens Bank...the appraisal would have come in at selling price and the contract would have gone forward and my friend would have been out probably a minimum of $10K. Logistically Citizens will ALWAYS make it work, and they are very friendly people to work with, but the question is do they always have YOUR best interest in mind!!

Citizens originates and sells in national markets that require independent appraisals . I find it highly unlikely that they would influence the outcome of the appraisal, especially in the case of a resale.It would be helpful if you can provide some facts to back up your rather serious accusation.Whether any business venture has it's customers best interest in mind is a totally different question.(Disclaimer) I was a community banker for more than 40 years dealing with 1000's of mortgage transactions .I do not have any relationship to the Developer or any of their business ventures.

[aljetmet]

I just went through pre-aproval with Citizens and Everbank.

If we buy before we sell we'll have to get some kind of mortgage.

Just keeping all financial options open.

Good luck!

[REDCART]

Originally Posted by 784caroline

I was helping someone move to the Villages at they were about to buy a resale listed by the The Villages. My friend was checking out loan information and The Vilages real estate people were really piushing for her to use The Citizens bank IF they wanted to meet a specific closing date. In short the lady decided to go with USAA (she had a pre-approval and rates were comparable)and all was going well until the appraisal came in on the resale property...it was $10-15K less than what the agreed to price was. The lady ended up backing out of the contract and buying something else...BUT I can almmost guarantee you that if her bank were Citizens Bank...the appraisal would have come in at selling price and the contract would have gone forward and my friend would have been out probably a minimum of $10K. Logistically Citizens will ALWAYS make it work, and they are very friendly people to work with, but the question is do they always have YOUR best interest in mind!!

It's also quite likely that the USAA appraiser may not have been from this area and therefore was unfamiliar with the Villages housing market. We recently sold a home in Rockland County, NY. The appraiser came from Long Island and had no idea that the community encompassed four different school districts each commanding its own added value. In the case of TV, comparable sales could be anywhere in TV. Whereas we know that locations within the golden mile of each town square tend to be more attractive and command a premium.

[784caroline]

Challlenger

I dont know what kind of facts you are looking for I am just telling you what happened. YOu can not tell me that there are ceratin appraisers that "appraise" the company way (bank and RE agent working together) where others donot..AND I am fairly certiain that is what happened in the case I was part of. All I can say is that the Villages, after initially fighting the issue, backed down and returned the persons escrow money. Serious....you bet especially for the lady who would have been out $10K.

[Challenger]

Originally Posted by 784caroline

Challlenger

I dont know what kind of facts you are looking for I am just telling you what happened. YOu can not tell me that there are ceratin appraisers that "appraise" the company way (bank and RE agent working together) where others donot..AND I am fairly certiain that is what happened in the case I was part of. All I can say is that the Villages, after initially fighting the issue, backed down and returned the persons escrow money. Serious....you bet especially for the lady who would have been out $10K.

Facts that indicate that Citizens inappropriately and therefore illegally influences appraisals.