Is the builder’s lenders ripping you off? The answer in most cases is YES!! To often people are feeling pressured to use the builder’s preferred lender or they are attracted to the incentives they offer, like closing cost credits. However those incentives come with great cost in the form of higher rates and paying points. It’s sort of a shell game. They’ll offer paid closing costs but give you a much higher rate so they make more money on your loan. The result is a much higher monthly payment to you while the builder’s lender hasn’t really given up anything.
How can you combat that? By working with a local Mortgage Broker or Lender. to see a local lender click this link: Local Lender. Often times they’re able to offer you the same incentives at a lower rate. Saving you tens of thousands over the life of your loan. As a buyer you’ve got nothing to loose. Take the offer the builder’s lender is giving and bring it to your local Mortgage Broker and ask them to beat it. They usually will. At the end of the day you will end up with a much better loan and a cheaper payment on your new home. If you have questions or would like to see how much we can save you, give Coastlend Mortgage a call today. 843-388-5763 www.coastlendmortgage.com
For this and other resources like how to get a NO CLOSING COST LOAN visit: Mortgage News