Mortgage/equity loan

» Site Navigation
Home Page The Villages Maps The Villages Activities The Villages Clubs The Villages Book Healthcare Rentals Real Estate Section Classified Section The Villages Directory Home Improvement Site Guidelines Advertising Info Register Now Video Tutorials Frequently Asked Questions
» Newsletter Signup
» Premium Tower
» Advertisements
» Trending News
» Tower Sponsors




















» Premium Sponsors
» Banner Sponsors
» Advertisements
Closed Thread
Thread Tools
  #1  
Old 01-19-2020, 10:10 AM
starflyte1 starflyte1 is offline
Platinum member
Join Date: Jul 2008
Location: Villas de la Mesa
Posts: 1,668
Thanks: 283
Thanked 261 Times in 69 Posts
Default Mortgage/equity loan

I have a high interest line of credit loan. 6.+. I have excellent credit score, so I need to fix that error in financing.

Has anyone had any recent dealing with online lenders? I would want low start up fees because I plan to pay it off if I sell my house(of coarse) or pay principal and interest monthly, but would pay off within a year.

Online borrowing would be new to me, so any suggestions would be appreciated. TIA
__________________
Village of Hacienda East
  #2  
Old 01-19-2020, 10:24 AM
buzzy buzzy is offline
Gold member
Join Date: Jan 2011
Posts: 1,090
Thanks: 0
Thanked 15 Times in 6 Posts
Default

Quote:
Originally Posted by starflyte1 View Post
I have a high interest line of credit loan. 6.+. I have excellent credit score, so I need to fix that error in financing.

Has anyone had any recent dealing with online lenders? I would want low start up fees because I plan to pay it off if I sell my house(of coarse) or pay principal and interest monthly, but would pay off within a year.

Online borrowing would be new to me, so any suggestions would be appreciated. TIA
In 2018 I was planning to refinance to lock in a fixed rate. The on-line lenders are predatory. As soon as you click "OK" you are deluged by lenders who assume you are stupid or desperate or have poor credit. The rates and closing costs were horrible. Much worse than the local name-brand banks. I eventually got a good deal at my old employer credit union.

I am using them now for a home equity line of credit. Could have locked in a 3.99% but needed larger loan-to-value, so I took 5.25%. A little less than Wells Fargo.

Last edited by buzzy; 01-19-2020 at 10:30 AM.
  #3  
Old 01-19-2020, 10:28 AM
starflyte1 starflyte1 is offline
Platinum member
Join Date: Jul 2008
Location: Villas de la Mesa
Posts: 1,668
Thanks: 283
Thanked 261 Times in 69 Posts
Default

Thanks for the information. I had been reading good reviews.
__________________
Village of Hacienda East
  #4  
Old 01-19-2020, 10:39 AM
under55 under55 is offline
Senior Member
Join Date: Jan 2008
Location: Village of Hemingway
Posts: 356
Thanks: 2
Thanked 26 Times in 11 Posts
Default

Citizens Interest only payments unless you want to pay more. If you agree to keep loan for 3 years at a fee of $99 per year there are NO Closing Costs.
  #5  
Old 01-19-2020, 03:39 PM
LuvtheVillages LuvtheVillages is offline
Senior Member
Join Date: Jan 2014
Posts: 270
Thanks: 59
Thanked 325 Times in 101 Posts
Default

We just refinanced with VyStar credit union on 466A. Great rate, and no closing costs. In return, we had to agree to keep a savings account there, and to keep the loan for minimum 3 years.

Excellent service, very happy.

This was not one of those deals where they roll the closing costs into the loan. VyStar actually paid the closing costs.
  #6  
Old 01-19-2020, 07:26 PM
villagetinker's Avatar
villagetinker villagetinker is offline
Sage
Join Date: Sep 2013
Location: Village of Pinellas
Posts: 6,713
Thanks: 0
Thanked 1,552 Times in 662 Posts
Default

Went to take out a home equity line of credit, went to the local banks as well as Chase, ended up with CBT, at the time they offered the 'best' option. now this was an adjustable rate loan and when the interest rates went up, i decided to pay off, right after the 3 year time limit to avoid the above mentioned costs. I would always deal locally for home equity lines of credit.
On a side note, i think I had to provide MORE documentation for this loan than I did for the original mortgage! Also, Chase was really annoying, even tough I had a long term Chase charge account, I was treated as if they never heard of me.
__________________
Pennsylvania, for 60+ years, most recently, Allentown, now TV.
  #7  
Old 01-19-2020, 10:51 PM
Nucky's Avatar
Nucky Nucky is offline
Sage
Join Date: Apr 2015
Posts: 10,233
Thanks: 2,945
Thanked 2,531 Times in 1,430 Posts
Default

Quote:
Originally Posted by villagetinker View Post
Went to take out a home equity line of credit, went to the local banks as well as Chase, ended up with CBT, at the time they offered the 'best' option. now this was an adjustable rate loan and when the interest rates went up, i decided to pay off, right after the 3 year time limit to avoid the above mentioned costs. I would always deal locally for home equity lines of credit.
On a side note, i think I had to provide MORE documentation for this loan than I did for the original mortgage! Also, Chase was really annoying, even tough I had a long term Chase charge account, I was treated as if they never heard of me.
Chase is tough to deal with in many ways. They love rules more than any bank I ever dealt with. I'm disappointed in them but it works best when we travel up north so what are you gonna do?

They even make you bring your own plastic bag to take home the Cash. (See Publix Thread About Plastic Bags)

To the OP try giving Rocket Loans a call. I've heard they a quick but haven't checked their rates. Good Luck.
  #8  
Old 01-19-2020, 11:55 PM
Toymeister's Avatar
Toymeister Toymeister is offline
Gold member
Join Date: Sep 2016
Posts: 1,069
Thanks: 37
Thanked 950 Times in 321 Posts
Default

I would use one of the top 10 credit unions. You qualify in membership with these two by making a donation to a selected charity.

Navy Federal CU, the world's largest.

And

Pentagon Federal CU.

Both have a large on line presence. Navy has branches in Florida. Their mortgage office is here as well.

The rates are good the fees are minimal.

I would stay away from banks including USAA. I found the developer owned bank non-competitive. The fees were above credit union rates with no exceptions.

Last edited by Toymeister; 01-19-2020 at 11:57 PM. Reason: .
  #9  
Old 01-20-2020, 07:12 AM
Annie66 Annie66 is offline
Senior Member
Join Date: May 2016
Posts: 187
Thanks: 45
Thanked 259 Times in 84 Posts
Default

If you have a financial account, look to see if you can obtain an equity loan against the account. We did one with Wells Fargo Advisors several years ago. It was easy, hardly any paperwork and a very reasonable loan rate.
  #10  
Old 01-20-2020, 08:34 AM
villagetinker's Avatar
villagetinker villagetinker is offline
Sage
Join Date: Sep 2013
Location: Village of Pinellas
Posts: 6,713
Thanks: 0
Thanked 1,552 Times in 662 Posts
Default

Quote:
Originally Posted by Annie66 View Post
If you have a financial account, look to see if you can obtain an equity loan against the account. We did one with Wells Fargo Advisors several years ago. It was easy, hardly any paperwork and a very reasonable loan rate.
To OP, the above suggestion may be a good one, as you would be paying yourself any interest. To Annie66, I should have thought of this, as I was considering the same option when I took out the home equity loan.
__________________
Pennsylvania, for 60+ years, most recently, Allentown, now TV.
  #11  
Old 01-20-2020, 10:03 AM
Hplaw Hplaw is offline
Junior Member
Join Date: Apr 2019
Posts: 26
Thanks: 75
Thanked 50 Times in 15 Posts
Wink On Line Lenders, Predatory when you click OK

Going off topic to your comment on when searching on line and clicking OK the sites are predatory.

I just found out how to by pass on my iMac and prevent cookies from being deposited. This eliminates the predatory sites filling your email with ads.

At the top bar - far left side see: "Safari" .....File...... Click on "FILE" - and you see "NEW PRIVATE WINDOW". Click here; this changes the browser line to gray. Now you can scan the internet all you want with no cookies, and you are doing it behind the scenes. Incognito it is called. I know the same thing exists for other devices, I just don't know the name in each devise. Hope that helps some with surfing under the radar!
  #12  
Old 01-20-2020, 12:01 PM
jnieman jnieman is offline
Sage
Join Date: Jun 2008
Posts: 3,260
Thanks: 2
Thanked 10 Times in 8 Posts
Default

SunTrust on 466 near the high school does them.
  #13  
Old 01-20-2020, 01:44 PM
drpepper drpepper is offline
Member
Join Date: Feb 2015
Posts: 61
Thanks: 72
Thanked 48 Times in 12 Posts
Default

We just did a home equity through Third Federal on line.(Ohio) By far the lowest rates that we could find. The bummer is that we had to pay Sumter county 1100 bucks in order to get it.
  #14  
Old 01-20-2020, 02:16 PM
DeafDeaf's Avatar
DeafDeaf DeafDeaf is offline
Senior Member
Join Date: Oct 2009
Posts: 117
Thanks: 0
Thanked 12 Times in 10 Posts
Default

Nothing is free! Once you do either home equity or refinancing, figure out the total matured cost to determine whether it is COST-EFFECTIVE or not.
  #15  
Old 01-20-2020, 05:18 PM
HIgolfers HIgolfers is offline
Senior Member
Join Date: Nov 2016
Posts: 202
Thanks: 124
Thanked 91 Times in 43 Posts
Default Some online lenders good

Quote:
Originally Posted by buzzy View Post
In 2018 I was planning to refinance to lock in a fixed rate. The on-line lenders are predatory. As soon as you click "OK" you are deluged by lenders who assume you are stupid or desperate or have poor credit. The rates and closing costs were horrible. Much worse than the local name-brand banks. I eventually got a good deal at my old employer credit union.

I am using them now for a home equity line of credit. Could have locked in a 3.99% but needed larger loan-to-value, so I took 5.25%. A little less than Wells Fargo.
I disagree with Buzzy. We refinanced on a previous home before moving to TV. Used Quicken Loans- excellent rate, no closing costs and good service for the 6 years we had that mortgage before selling house to move here.
Closed Thread

Tags
pay, online, credit, loan, interest

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 04:23 AM.