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Mortgage refinance rates in the VI  

 

islandjoan
(@islandjoan)
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September 28, 2020 11:25 am  

Does anyone know if it is still the case that refinance rates in the VI are generally +1% more than the current stateside rates? Used to be the case, not sure if it still is.

 

I'm trying to decide if it's worth the hassle and short term set back in principal owed (due to closing costs) to lock into the historically low rates. I've already read about the .5% refinancing fee that kicks in December 1, 2020.


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jaldeborgh
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September 28, 2020 11:54 am  

While I don't have any knowledge about current rates in the islands, I can say that todays rates on the mainland are truly at historic lows.  Take advantage of cheap money while you can.  The probability is high that the rates are near the bottom.  As the economy continues to recover and as the national debt continues to balloon, there will be increasing pressures to increase interest rates.


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islandjoan
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September 28, 2020 1:39 pm  

@jaldeborgh

Yeh I know! I have a fixed rate mortgage so I don't have to worry about my interest rate increasing but it is tempting to refinance. However, it is a lengthy process...I did it once in 2012. 

 

Just curious to know if that +1% for the VI still applies.


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vicanuck
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September 28, 2020 4:15 pm  

All I can say is stay away from Scotia/Oriental where I have my mortgage.

There just couldn't be a worse bank.


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islandjoan
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September 28, 2020 4:30 pm  

@vicanuck

 

oh yeh for sure I would avoid them! A friend is having major problems with them, just for regular banking stuff.

Another friend referred me to Schaffer Mortgage.

I know the process is a pain because I did a refinance back in 2012.


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Stxdreaming1
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September 30, 2020 11:06 am  

@islandjoan

Do you have to use them? With everything now digital could you use an app bank like Revoult? The way technology is today, there is no need to use companies that think and operate like it's 1985.


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jaldeborgh
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September 30, 2020 11:14 am  

Does Quicken Loans work in the USVI?

 


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jaldeborgh
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September 30, 2020 11:18 am  

I just tried and the zip code gave an error so I'm guessing not.


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islandjoan
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September 30, 2020 11:58 am  

@stxdreaming1

I think that with banking, as with insurance, there are only a few choices in the VI due to local regulations...but I could be wrong about that.


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Stxdreaming1
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September 30, 2020 12:02 pm  

@islandjoan

 

Revoult operate globally, so doubt you will have issues. Try and sign up via their app, see what happens...

 

www.revoult.com


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Alana33
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September 30, 2020 12:16 pm  

Quicken loans does not do business in USVI.

Banco Popular - 

1st Bank -

and 

http://www.american-virgin-islands.com/lenders.html

The following links are here for your convenience and comparison:

Stateside rate for Refinance is 3.25% unless you pay points to get lower rate.

Be sure to ask what you're paying for and what's included, originations fee, appraisal, closing costs, tittle insurance, etc.

Ask for all costs/payments at closing.

Do not get stuck paying PMI.

 


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Gator's Mom
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September 30, 2020 12:31 pm  
Posted by: @Alana33

Quicken loans does not do business in USVI.

Banco Popular - 

1st Bank -

and 

http://www.american-virgin-islands.com/lenders.html

The following links are here for your convenience and comparison:

Stateside rate for Refinance is 3.25% unless you pay points to get lower rate.

Be sure to ask what you're paying for and what's included, originations fee, appraisal, closing costs, tittle insurance, etc.

Ask for all costs/payments at closing.

Do not get stuck paying PMI.

 

Bank of St. Croix/United Fidelity also refi and originate mortgages in the US Virgin Islands. 


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daveb722
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September 30, 2020 3:03 pm  

@gators_mom I did my mortgage with chris p from Cliffco, was 5 years ago, but highly recommended.  He's on STT, but basically took a bad situation with a shitty company  on STX and save me 1000's on closing costs and got it all done in record time.  If you need his contact info pm me.


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STTsailor
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October 1, 2020 6:23 am  

Cliffco Chris did a great job for me 6 years ago. 


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islandjoan
(@islandjoan)
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October 1, 2020 4:21 pm  

Thanks all, for the info and advice! Still trying to decide if I want to go thru the hassle!


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rewired
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October 1, 2020 6:34 pm  

@islandjoan

We bought our house with a mortgage through United Fidelity (Bank of St Croix) last year.

You can check their mortgage rates on United Fidelity's site at

https://unitedfidelity.mortgagewebcenter.com/CheckRates

 


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Alana33
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October 2, 2020 10:10 am  

It's definitely worth the hassle to bring down your monthly payments by a significant amount.

I'm in the process of doing this myself. 

By refinancing my loan, my payments would be reduced by around $6,000 a year which will cover the cost of homeowners insurance in VI.

Do it before the new .5% refinancing fee kicks in Dec. 1.

Good luck!


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