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Old 09-21-2015, 04:18 PM
 
34 posts, read 53,939 times
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We are moving to Lewes area within the next year and are looking for a good lender to purchase our new house. Can anyone recommend one? Or who to avoid?
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Old 09-26-2015, 09:02 PM
 
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I'm in the process of buying new construction in lewes. We are using county bank. They are good and know how to handle not so straight forward situations
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Old 09-26-2015, 10:36 PM
 
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Thanks for the reply. Did your builder offer any incentives to go with their bank?
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Old 09-28-2015, 01:23 PM
 
Location: Lewes, DE
373 posts, read 514,963 times
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We used Wells Fargo Home Mortgage for our home in Lewes, but we picked them because we had two previous home mortgages with them and also do our banking with Wells Fargo. They only have one bank near us (on Route 1), but it is convenient to where we live.

WFHM was fine, but I have no compelling reason to recommend them (or not recommend them) over other mortgage companies. Since the financial mortgage collapse, all lenders have greatly increased lending requirements and I am amazed at how much documentation/paperwork is needed now vs. 15 years ago.

Best of luck to you!
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Old 09-28-2015, 03:02 PM
 
34 posts, read 53,939 times
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Thanks for the reply and yes we are going thru the process right now, and definitely seems a lot more work on documentation. We are not fans of Wells Fargo - actually prefer, and have used credit unions here in the midwest. Looks like if we go with a new home we are forced to use the builder's lender if we want the incentives.
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Old 10-11-2015, 06:33 AM
 
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You don't have to use their lender, I'm using who I want. I would recommend to us a local lender because they know about the area better and you get more of a personal experience as opposed to the big national banks. If the incentives are great using the builders lender than go with them but I would do it if they were giving you a huge cash back on the mortgage.
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Old 10-11-2015, 11:26 AM
 
Location: Lewes, DE
373 posts, read 514,963 times
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Quote:
Originally Posted by MnMan2015 View Post
Thanks for the reply and yes we are going thru the process right now, and definitely seems a lot more work on documentation. We are not fans of Wells Fargo - actually prefer, and have used credit unions here in the midwest. Looks like if we go with a new home we are forced to use the builder's lender if we want the incentives.
That's what we've always found, and often they make the incentives attractive enough to use the builder's lender.

I certainly don't disagree with using local banks as I am a small town guy, but I've never found the service aspect to be very differentiating. Perhaps during the actual closing there is some benefit, but once the deal is done, it's just sending in the check every month. And the actual folks who work in the "national" mortgage companies are locals, too.

Having gone through 5 home purchases in the last 12 years, I will say that the documentation requirements have tripled or quadrupled since the meltdown in 2007 or so. Maybe local banks or credit unions are better with that?
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Old 10-17-2015, 09:31 AM
 
8,594 posts, read 9,092,534 times
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I used Caliber Home Loans, and got everything we were looking for. If Caliber didn't work out I was going to use a Credit Union. I had very serious issues a few years ago with Wells Fargo.
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