Skip to main content

Delay closing for builder preferred lender?

I'm under contract and am to close this Friday the 2nd on a new build. This is my second home.

I hired a friend who is a realtor of 2 yrs. and he pressured me to use his lender, Loan Pronto.

The builder has been very kind, they are doing all necessary repairs. That's the upside. I love the house and want to buy it. The builder offered preferred lenders but we decided to use my agents lender.

The lender my agent pushed me to has provided me with the final disclosure.

Conv 30 yr, $70k down on $440k sale price, 780 credit, $120k salary

Builder is providing a $10k incentive, can be used toward anything like a 2/1 buy down

  1. Rate is locked at 6.999% at current down, can go to 6.5% if I put down another $5k
  2. This may have been an error but I pointed it out and the loan officer said it would be corrected at closing, my agent was listed as double agent on final disclosure (6% comm, not 3)
  3. The loan is to be sold to United Wholesale Mortgage (mixed reviews)
  4. TIP is 140%
  5. Builder to provide a 2/1 buydown - the loan officer keeps diverting the rate negotiation conversation to this and telling me that this is exclusive to him. The buydown was not listed on the final disclosure.

I am trying to get the best rate possible.

The builders preferred lender reached out to me and he came back with a counter at 6.5% at $70k down and the 2/1 temp. buy down. But I would have to delay close to next week the 9th.

But the builders lender will service it with Chase bank.

I am weighing heavily delaying closing to get the better rate and not have my loan be sold to some company with mixed reputation. LP won't budge on the rate unless I put more down.

What would you do? What additional questions should I ask? Am I being too picky or am I doing it right by looking around? Thanks.

submitted by /u/triple4k
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/z6ssig/delay_closing_for_builder_preferred_lender/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more