Mortgage refinance rates in the VI

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.

@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.

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

There just couldn't be a worse bank.

@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.

@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.

Does Quicken Loans work in the USVI?

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

@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.

@islandjoan

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

www.revoult.com

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:

• Schaffer Mortgage Corporation
• First Liberty Mortgage Co
• Capital Mortgage Services
• Cliffco Mortgage Bankers

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.

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:

• Schaffer Mortgage Corporation
• First Liberty Mortgage Co
• Capital Mortgage Services
• Cliffco Mortgage Bankers

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. 

@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.

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

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

@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

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!

Refinanced my place on STT in June.  15-year fixed rate @ 2.75% and no points.  This was a conforming loan and vacation home classification. 

I used Rick at First Liberty Mortgage / Flagstar Bank.  The process was all online and painless and I was quite pleased with the rate.  I'm guessing rates have dropped a bit since I closed, but anything in the 2's seems almost like free money.   

https://www.firstlib.com/

VIpirate, did you have to get an appraisal?

I was quoted a rate of 3.5% with closing costs of $5640 including appraisal at $950!

I would have to pay points to get below 3%.

This for a condo that I live in, and I have credit of 797!

I guess I could have shopped around but I decided it wasn't worth the hassle.

@islandjoan

Yes, I did need to get an appraisal and it was also $950.  This was a single family detached home and I do not have any escrows, so I pay my property tax and insurance annually direct. 

Really happy with my rate as I was coming out of a 30-year fixed at 5.375% and going to a 15-year fixed @ 2.75%, so huge interest savings by refinancing.   

@VIpirate

ah ok, thanks for the info. If a sale closes in my complex, then my appraisal will be higher due to a higher comp. Before that unit went under contract, I was pretty sure my unit would not appraise as high as I would like it to. Now it probably will.

How do you think the situation with voynov will affect the current market and loans? I hope that nothing will change.

@erictaylor55 what is "voynov"? I Googled it but nothing relevant to your post popped up.

Locked in my interest rate last week at 4.85%. Considered excellent today. Would have been crap 3 months ago. How things have changed. Will certainly be refinancing later down the road when the rates drop. 

@knowlesstak Was this a 30-year fixed rate mortgage?  Points?  Yes, rates have really shot up so glad that I refinanced in the 2's a couple of years back.  Your rate actually sounds pretty decent as stateside fixed rates are a point higher than you quoted.