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We are looking to buy a home from a specific national builder. One of our negotiation tactics is to tell them we can't afford to go above a specific amount. We are also considering using their in-house lender to get some closing cost incentives. Can the builder ask the lender for details on our loan application, in order to see how much we can truly afford?
Technically, they aren't supposed to share your personal information without your written consent. It happens all the time though. Also, don't feel like you have to use their lender or title company to get the incentives. If you have a good realtor, you will be able to get them regardless of who the have an ABA with.
Right. They are not supposed to but they do. We are in the process of building and using the builder's lender. Their offices are together. They don't even try to pretend they are seperate. I should add though, that the lender has been competitive and responsive, so for us it has been okay. Just be diligent and compare rates and fees so you will have a bargaining chip, if you need it.
I used to work for a "preferred lender" of a builder.
The builder offers a lot of incentives but the in house broker will likely charge you a higher rate or up front point for the loan.
Also, in this market, builders are wanting their houses sold, period. I can't say this in every scenario but I can tell you it is likely if you get financing through an outside lender, they will still let you enjoy the closing cost assistance and other incentives.
You just have to hold your ground
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The secret they won't tell you...
