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Has anyone used Countrywide, for a KB Home ? I have noticed that they add 1 discount point right off the top. The lady said that it's normal for this area to add the discount point.
We are using KBcountrywide and I did not notice that in the quote. Maybe it is something they are offering as a special right now?
We did not find them to be any less or any more expensive than the other two companies we checked out and we have excellent FICO scores (740)
At the time what made our decision that much easier was that KB was offering 50% off studio options up to $25k.
What we would benefit far out weighed any "extras" we might be paying for once we run the numbers.
Good luck (PS- we bought in Berewick ; where are you considering?)
I got the 1 discount point as well when I signed my contract 4 months ago. Contreras-21 look at your paperwork, it says it there. They never mentioned to us, but it is there. Good luck to all.
$400 is not unusual for an appraisal. Most I see are $350, but $400 is not at all abnormal.
Well maybe in NC that is the norm But where I come from its usually 300-350. They try to nickel and dime you on all their fees espically when you compare them to another lender.
I heard that the 1 point is the reps commision. I don't mind buying the rate down, but to add it at the top seems a little sneaky. I am buying in a community in Fort Mill, S.C.
Try Bank of America's "No Fee No Mortgage" mortgage loan for the full amount (purchase price w/out Country Wide) on the home you are building. You will get prequalified, be sure to get the officer you work with at BoA to email a "Purchase Loan Analysis" to you which you will use to compete with CW. All of this is free. I can almost guarantee the loan will be better than anything the builder's loan partner is offering you. CW (in this example) will then counter you a better deal. Well they should.
KB offered me 10k off if I financed thru CW, and even when I added that 10k back to the purchase price of the BoA loan, it was STILL a much much better deal..
Ignore any incentives given by the builder if trigger thru a partnered mortgage/loan company. Those are all smoke and mirrored. NOTHING is free. hehe
If anything the loan companies use that as a crutch. They know once you agree they got you - they take that incentive money and wrap it up into a crappy loan for you..
CW was able to move some numbers around, pretty much ignoring the 10k and they were finally able to offer me a better loan package than BoA's. BUT I had to instigate all this. Def don't sit around and wait or you will be forced to take whatever CW offers you (that's the catch 22 on the "incentive" - they WILL wait until the last minute to lock you in, and by then it's too late)
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