STX Mortgages  

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Pathfinder
(@Pathfinder)
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Joined: 2 years ago
Posts: 2
May 2, 2017 11:35 am  

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


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daveb722
(@daveb722)
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Joined: 4 years ago
Posts: 492
May 2, 2017 12:17 pm  

PM'd you


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Alana33
(@Alana33)
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Joined: 7 years ago
Posts: 12132
May 2, 2017 1:48 pm  

First Liberty.


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COLDER
(@COLDER)
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Joined: 10 years ago
Posts: 206
May 2, 2017 8:04 pm  

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


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Pathfinder
(@Pathfinder)
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Posts: 2
May 2, 2017 8:09 pm  

Thanks, will heed your advise.


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Alana33
(@Alana33)
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Joined: 7 years ago
Posts: 12132
May 3, 2017 9:06 am  

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.


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COLDER
(@COLDER)
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Joined: 10 years ago
Posts: 206
May 3, 2017 10:34 am  

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.


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Alana33
(@Alana33)
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Joined: 7 years ago
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May 3, 2017 1:48 pm  

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


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COLDER
(@COLDER)
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Joined: 10 years ago
Posts: 206
May 3, 2017 1:55 pm  

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.


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Donnasculpts
(@Donnasculpts)
Advanced Member
Joined: 5 years ago
Posts: 44
May 3, 2017 4:22 pm  

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.


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caribbean345
(@caribbean345)
Advanced Member
Joined: 2 years ago
Posts: 20
May 3, 2017 11:42 pm  

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


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Alana33
(@Alana33)
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Joined: 7 years ago
Posts: 12132
May 4, 2017 12:37 pm  

Both First Liberty and Flagstar have good reputations.


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reydavila
(@reydavila)
Active Member
Joined: 2 years ago
Posts: 17
May 7, 2017 2:32 pm  

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


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RevFD
(@RevFD)
Advanced Member
Joined: 5 years ago
Posts: 96
May 7, 2017 5:17 pm  

+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.

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


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rotorhead
(@rotorhead)
Trusted Member
Joined: 13 years ago
Posts: 2449
May 7, 2017 7:36 pm  

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.

---------------------------------------------------------------------------
They say there's a heaven for those who will wait
Some say it's better but I say it ain't
I'd rather laugh with the sinners than cry with the saints
the sinners are much more fun...
You know that only the good die young.
BJ


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Alana33
(@Alana33)
Expert
Joined: 7 years ago
Posts: 12132
May 7, 2017 8:30 pm  

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.


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rotorhead
(@rotorhead)
Trusted Member
Joined: 13 years ago
Posts: 2449
May 7, 2017 8:38 pm  

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.

---------------------------------------------------------------------------
They say there's a heaven for those who will wait
Some say it's better but I say it ain't
I'd rather laugh with the sinners than cry with the saints
the sinners are much more fun...
You know that only the good die young.
BJ


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Alana33
(@Alana33)
Expert
Joined: 7 years ago
Posts: 12132
May 7, 2017 10:59 pm  

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


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rotorhead
(@rotorhead)
Trusted Member
Joined: 13 years ago
Posts: 2449
May 7, 2017 11:12 pm  

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.

---------------------------------------------------------------------------
They say there's a heaven for those who will wait
Some say it's better but I say it ain't
I'd rather laugh with the sinners than cry with the saints
the sinners are much more fun...
You know that only the good die young.
BJ


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Scubadoo
(@Scubadoo)
Trusted Member
Joined: 5 years ago
Posts: 2182
May 8, 2017 1:00 am  

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


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