Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
If they are the "in house" lender for this builder stay away! Stay far far away! Supposed "in house" or "approved" lenders/mortgage companies will rob you blind! The builder gives you some BS incentive to use them because the builder gets a kick back from them. The mortgage company then overcharges you by so much money that any incentive you may have got was eaten up by thier HUGE junk fees, points, broker fees and high interest rates. Do yourself a major financial favor and find a good, reputable company that has NO attachment to the builder. Check with the BBB as well before commiting to anyone. What ever you do stay away from retail loan officers at banks as well. They are generally rookies with little or no mortgage experiance that would really mess you up.
I agree with the above response in most cases but I do have a couple of clients who have done business with Bonterra Mortgage. In addition, purchased in Taylor Glenn.
They were competitive and did not charge a lot of junk fees. The last one was earlier this year and they were very happy. In addition, the lender was at the closing which I always think is a good move on their part.
Has anyone in the Taylor Glenn Community used Bonterra Mortgage? If so, How was your experience? Where you able to negotiate a lower rate?
Using the builder's lender can be good, especially if they are offering good incentives. That being said, I would still shop around and compare rates taking into account how long you plan tol be in the home. Also, I have known some builder mortgage companies to lower their rate if you tell them you can get a lower rate elsewhere (get a good faith estimate from the other lender to make sure the comparisons are valid)
Using the builder's lender can be good, especially if they are offering good incentives. That being said, I would still shop around and compare rates taking into account how long you plan tol be in the home. Also, I have known some builder mortgage companies to lower their rate if you tell them you can get a lower rate elsewhere (get a good faith estimate from the other lender to make sure the comparisons are valid)
Can you get a good faith estitmate from them first without paying an application fee?
Builders are liars. Never use their mortgage companies and follow the builders work on any house from the foundation up to ensure no corners were cut.
I agree that you should absolutely have inspections done. But I think that sometimes it's not a bad thing to use the builder's mortgage company -- I just think you ought to shop around first.
Thank you for your comments. We close on July 18th, can anyone recommend a good mortgage broker? Bonterra is offering us 6.5% and $2,500 toward closing.
Thank you for your comments. We close on July 18th, can anyone recommend a good mortgage broker? Bonterra is offering us 6.5% and $2,500 toward closing.
I am currently the branch manager of a mortgage copmpany in South Florida and I am moving up there next weekend (Rock Hill). I will be doing finance for a motorcycle dealership when I get there but eventually I would like to do home finance in the Carolinas. I am currently looking into it.
Here is some advice for you to help you find the best deal out there.
You need to get a few good faith estimates. NEVER sign a good faith estimate unless you really look at it (even after you decide who your going to go with). Check the rate and the closing cost and ask a million questions.
Here are the most important factors you need to double check before you sign.
- the rate
- the program (30-50 year fixed with interest only is ok, just dont get an ARM unless you know what you are doing)
- ask about pre payment penalties (and check your closing package to see it matches up with what you were promised)
- ask the broker up front what he will be making in total fees. Then if you are going to be in the house longer than 5 years tell him you want the "par rate" That means he won't raise your rate and get paid from the lender by selling you a higher rate. (you will only see the YSP paid to the broker on the HUD. He does not have to disclose this on the GFE)
You can use this info to shop around for the best combination of the things listed above. There is so much more to a mortgage then just the rate. You should also check with that states banking department for any complaints with that broker just to be safe. There are a bunch of bad brokers out there and it makes it hard for everyone else. If you have any questions you can PM me if you want. I am not able to do your financing but I can give you more free advice.
Good luck
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
