Profile picture for mrs ryca

Using the builders lender...

Using the builders lender and getting 4% closing cost and prepaids...Going USDA...called this guy twice and no response...I was told that they are very busy with all the sales within their many developments.  I am signing tomorrow and was already preapproved by another lender, who was responsive and timely.  Can I use my original lender and still get closing costs covered by the builder?  Should I bring this up tomorrow at the meeting? I'm not a patient person and expect to be called back within 2 days...

  • March 29 2012 - Orlando
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (11)

Profile picture for metrodcexpert
Beware...builders want you to use their lenders so they can control all aspects of the sale. I would tell the builder that you want to shop lenders...
  • March 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ofe Polack
Your buyer agent is better equipped than us to answer your question, since he/she has the contract for reference.  It all depends the way the contract was written.  Certainly, bring up the issue at the meeting.  Good luck!!!  
  • March 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for mrs ryca
lol...wetdawgs
  • March 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for mrs ryca
So I just did research on DHI mortgage..."waking nightmare, beware of them, 0/4 stars, you have been warned" 

Well I take this to heart considering they haven't returned my calls in 2 days..
  • March 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It would depend how the contracts are written but in most cases when new home builders give incentives for using their lenders you do have to use their lenders to get the incentives. This is not ALWAYS the case but majority of the time this will hold true.
  • March 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be very careful in signing when they require you to use their lender. I hope you have a real estate agent that is helping to advise you and if not, I would hire a real estate attorney to at least look over your contract before signing.

Nan
  • March 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for mrs ryca
yes we have a buyers agent
  • March 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Matt Hiatt
Look at the contract, most new builders will only give you the closing costs if you use their lender, and usually put it in writing. I found also that lenders outside the builder sometimes have better rates and less fees. They may let you use your lender and still get your closing costs so they don't lose the sale. Hopefully you are represented by your Realtor (the Realtor in the sales office usually ONLY represents the builder).
  • March 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
None of us know what is in your contract, so it is impossible to know if closing costs of up to 4% would still fly with a different lender.     

If you are signing tomorrow, review the contract carefully to identify all these items to discuss.

And, I hope you have only very nice neighbors.
  • March 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You should have an agent to answer these questions.
  • March 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If he is paying 4% of your closing and prepaids, that should be on your purchase contract.  If it is, it will be the case no matter who the lender is.  Definitely shop it and use the one that gives you the best deal.  The seller can not choose your lender.

  • March 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.