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We were already pre-approved with Wells Fargo during our house-hunting (and we were going with them because Relo co. paid our closing costs direct to them--so it benefitted us), but now we've decided to build. We're going to do a "construction perm" loan (1 set of closing costs). Wells Fargo said their applic. for that type took about 2 months, and so I've been looking locally (1 month turn-around) for this.
Other than closing costs, etc., anything to consider between say SunTrust versus BB&T? Anyone with experience shopping between these 2 for mortgages, etc.? Other thoughts/ideas I should be considering?
Hi Tabbycats - my husband and I are in a similar situation. Relocation and WellsFargo with the costs paid - make sure the closing is included, as ours only includes loan origination, application and appraisal. Either way, we are buying new construction and WellsFargo only needs 21 calendar days to close. Good luck!
Hi snowapefamily. Congrats! We'd hoped to find something already built that we liked, but it never came together in the right combination (we're too picky). It's wonderful to have some closing costs paid isn't it? We'd have gone with Wells Fargo for a plain mortgage, but when I wanted to switch to a construction perm loan, they said it takes up to 2 months to close. So, I'm shopping........
Just curious, why is the 2 month closing for the loan bad (other than being slower).
There is a fair chance the land seller will agree to a two month wait (after you sign).
Also, it takes a while to get everything picked out for a new home. You could use the extra month to plan.
As for BBT and Suntrust. I had a lot loan (haven't done construction yet...) through BBT and everything went smoothly. I expect you will not have any major issues with either.
Thanks for the replies! When using BB&T, did you shop around first?
We'd like to get started sooner rather than later (tired of apartment living!) is why I don't care for the thought of a 2-month wait. I've "lived" with this house in my head for awhile now.....picking stuff out hopefully won't take too long (so says an indecisive procrastinator!).
Good luck, TabbyCats! Try to negotiate some of your items in the price - we were able to do that since the builders really want to sell. Good luck with it all!!
Thanks for the replies! When using BB&T, did you shop around first?
We'd like to get started sooner rather than later (tired of apartment living!) is why I don't care for the thought of a 2-month wait. I've "lived" with this house in my head for awhile now.....picking stuff out hopefully won't take too long (so says an indecisive procrastinator!).
I had Coastal before and I hated them. If I had any problems I could never get in touch with them. I went with BB&T out of recommendations.
I don't know how much "negotiating" there is on a "custom" build (builder has never built this plan before). Perhaps there's negotiating with what types of finishes (or whatever) he customarily offers?
T|K: With the BB&T recommendations that you received, I'm assuming they have to be competitive with rates? With a construction / perm loan, we don't know what the mortgage rate will be up-front (except for a potential cap)--can lock in whatever the current rate is once we're 60 days from completion. No way we can compare in that case.
Harrington Bank and Capital Bank are two you may want to consider. The first is very open, while the second has some good rates. I have a working relationship with Harrington, and feel they are one of the least known, but willing to work with you banks around here. They are locally owned and operated. North Raleigh and Chapel Hill branch.
Even on a custom build, remember, you are the driver here. Make sure the overall price per square foot is in line with the neighborhood you are building, and finishes match up/ are comparable as well.
Good luck!
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