I have had the same thing to a degree, but I fully expect to have some loose skin in certain places. I can say that, weirdly, my the skin on my breasts loosened up quite a bit a couple months ago, but they've now tightened back up to where they look normal. The same goes for on my stomach. I do have these itty bitty little rolls above my belly button on either side (it's really weird), and while the skin on my stomach has tightened up a little bit, I never expect my belly button to look like one of those very pretty belly buttons. My lower stomach has grown tighter again, but I imagine it won't look very pretty in the end. I've also noticed that there's some loose places under my arms (still with fat under it, like yourself) that hasn't become the typical sagging, wrinkled loose skin, but I imagine that it might.
So, to answer your question, in my experience while I've been losing weight, I have become deflated in certain areas, especially after a whoosh. This has tightened up, loosened, and tightened up again to a degree, but I expect that I might have loose skin in these areas as I get closer to goal. I guess we'll see after that how much it will tighten.
ETA: I was in the 220's for most of my teens and first couple years of my twenties. Hit my all-time high of 245 and stayed there for a couple months a little over a year ago.
Mini-Goal #1: 220 - Achieved 09.17.12
Mini-Goal #2: 210 - Achieved 01.03.13
Mini-Goal #3: Onederland!! - Achieved 03.26.13
Mini-Goal #4: 189 - Achieved 07.25.13
Mini-Goal #5: 179
Mini-Goal #6: 169
Last edited by Song of Surly; 05-14-2013 at 10:09 AM.