find a custom home builder

find a custom home builder
Many new homes builders have their own lending arms now. Not only will they build your house, but they offer the comfort of your loan through them.

The advantages

This reduces the number of players trying to secure your loan is made, which in theory allows the process smoother. The builder of the lending arm should be able to better deal with the client, so you do not at the last minute hold ups on your loan. Some builders will purchase if your loans are not in time. This can really hurt when you purchase a property to build and the price has in the period before it was finished. It can be a lot of money lost.

Many builders offer "thousands" in upgrades as an incentive to use their lender. Some of these incentives can be valuable - like a whole series of devices updated kitchen. Many of these extensions, as the value of "thousands" are heavily influenced, and as such are not so valuable. Examples include $ 500 grout sealing options for kitchen tiles, what can you do a lot less.

Prequalification

Many lenders will require that you pre-qualified by them to ensure that you are creditworthy and able to actually buy the home, not just signing contracts. Some are pre-written or pre-qualification approvals from third parties. They usually try to as much of the credit as possible. This preselection allows them to sell you on their loan offers.

At the end, some people and their spouses can not resist the builder incentives. This is an emotional and not a financial decision.

Disadvantages

For starters, the builder of the lending arm can not be the full range of loan products from there. Every month, new loans are financed by other donors.

Your builder may not be able to offer you the type of loan you want, such as a loan option. Some builders may be any type of credit, but they should do this for you. Your definition of "everything" is only the loan types that they normally use or know.

The builder of the phrase may also be higher, or their fees may be higher. Your offer to cover fully or partially closing costs is something that you can use an external lender.

There is usually a good idea to outside offers on your mortgage. If for nothing else, you can use this for leverage to see if a better treatment of the builder.