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STX Mortgages

Pathfinder
May 02, 2017 08:35AM

Registered: 10 months ago
Posts: 2

Anyone have recent experience getting a home mortgage in STX, that could recommend a company/bank or any pearls of wisdom welcome.

Re: STX Mortgages

daveb722
May 02, 2017 09:17AM

Registered: 2 years ago
Posts: 442

PM'd you

Re: STX Mortgages

Alana33
May 02, 2017 10:48AM

Registered: 5 years ago
Posts: 11,605

First Liberty.

Re: STX Mortgages

COLDER
May 02, 2017 05:04PM

Registered: 9 years ago
Posts: 180

Stay away from 1ST BANK.
Still trying to get my deed from paying off the mortgage 2 years ago
Plus dealing with PR is a pain if you do not speak Spanish

Re: STX Mortgages

Pathfinder
May 02, 2017 05:09PM

Registered: 10 months ago
Posts: 2

Thanks, will heed your advise.

Re: STX Mortgages

Alana33
May 03, 2017 06:06AM

Registered: 5 years ago
Posts: 11,605

Quote
COLDER
Stay away from 1ST BANK.
Still trying to get my deed from paying off the mortgage 2 years ago
Plus dealing with PR is a pain if you do not speak Spanish

Just out of curiosity, why would the bank have your deed?
Can't you get a copy at the Lt. Governor's Office at Recorder of Deeds?
Or is it that they haven't released your mortgage.
Possibly a letter to the bank from your attorney may be in order.
Also, if bank has been responsible for submitting property taxes, you'll want copies of those for proof of payment.

Re: STX Mortgages

COLDER
May 03, 2017 07:34AM

Registered: 9 years ago
Posts: 180

The mortgage was paid in full in June but the bank would not release the deed or refund the escrow.
After many calls & emails to 1St Bank I filed a complain with the Feds and the Lt Governors office and got the release in February but not the deed.
When I asked about the original deed the Recorder of Deeds told me that the bank should have returned it to me after the loan was paid in full.
After 2 years of threats, calls and complaints I paid for a certified copy of the deed from the Recorders of deeds.
I have been told that I will need the deed when I sell my home.

Re: STX Mortgages

Alana33
May 03, 2017 10:48AM

Registered: 5 years ago
Posts: 11,605

Absolutely.
Glad you got it resolved at long last.
You'll need copies of your property tax bills, too.

Re: STX Mortgages

COLDER
May 03, 2017 10:55AM

Registered: 9 years ago
Posts: 180

That was another issue with 1 First Bank.
They gave the IRB a PO box number in C'sted as my new address for the tax bills to be sent.
I have never had a PO box and my mailing address has not changed in 25 years.
And yes, I did have to pay a late penalty because of these guys.

Re: STX Mortgages

Donnasculpts
May 03, 2017 01:22PM

Registered: 3 years ago
Posts: 40

We used Flagstar Bank in the states and got stateside interest rates and terms as well. Used a mortgage broker on STT but I bet there is one using them on STX as well.

Re: STX Mortgages

caribbean345
May 03, 2017 08:42PM

Registered: 10 months ago
Posts: 20

We used Flagstar bank. No complaints...went smoothly

Re: STX Mortgages

Alana33
May 04, 2017 09:37AM

Registered: 5 years ago
Posts: 11,605

Both First Liberty and Flagstar have good reputations.

Re: STX Mortgages

reydavila
May 07, 2017 11:32AM

Registered: 11 months ago
Posts: 18

I'm using Rick. Process has been very smooth and I got a great rate on 30yr conventional.

Rick O'Bymachow, President
First Liberty Mortgage Company, LLC

Re: STX Mortgages

RevFD
May 07, 2017 02:17PM

Registered: 3 years ago
Posts: 65

+1 for Rick, very helpful for first time island buyer.

Note that First Liberty is a broker and not the underwriter. We ended up with Flagstar through First Liberty. I suppose you could reach out to them directly.

Loan ultimately got sold to Greentree which was acquired by Ditech which is where we are now.



Quote
reydavila
I'm using Rick. Process has been very smooth and I got a great rate on 30yr conventional.

Rick O'Bymachow, President
First Liberty Mortgage Company, LLC

Re: STX Mortgages
avatar

rotorhead
May 07, 2017 04:36PM

Registered: 12 years ago
Posts: 2,445

One thing to check on is that not all lenders require windstorm coverage. When I was shopping scotia bank an merrill lynch did not require it. Big savings.

Re: STX Mortgages

Alana33
May 07, 2017 05:30PM

Registered: 5 years ago
Posts: 11,605

Merrill Lynch did require it for me but I chose my insurer and pay, directly to insurer and not through my mortgage. I believe both First Liberty and Flagstar allow that as well as paying property taxes, directly and not through them.

Honestly, after being in 2 Cat 5 hurricanes here in islands and many smaller ones, as a homeowner, I wouldn't want to not have insurance.

Yes. It's expensive but unless you're wealthy enough to rebuild and replace everything, ya best have it.

Re: STX Mortgages
avatar

rotorhead
May 07, 2017 05:38PM

Registered: 12 years ago
Posts: 2,445

I have never had windstorm coverage. My mortgage is through Merrill Lynch. I got quotes for windstorm coverage of $15,000 per year. Two houses and several out buildings on the property.

In 18 years I have had about $5000 worth of damage from hurricanes.

Whatever suits your needs.

Re: STX Mortgages

Alana33
May 07, 2017 07:59PM

Registered: 5 years ago
Posts: 11,605

I don't know how you got away with that but mortgages require homeowners insurance..

Re: STX Mortgages
avatar

rotorhead
May 07, 2017 08:12PM

Registered: 12 years ago
Posts: 2,445

Quote
Alana33
I don't know how you got away with that but mortgages require homeowners insurance..

Homeowner's insurance yes. Windstorm coverage no.

As I said, at the time that I was shopping in 1998 neither Merrill lynch nor scotia bank were requiring windstorm coverage, both required homeowners coverage.

Re: STX Mortgages

Scubadoo
May 07, 2017 10:00PM

Registered: 3 years ago
Posts: 1,785

I'm surprised the banks don't require windstorm/earthquake insurance for the mortgage to cover their investment.

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