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Guys,
I am building a home in Fulshear TX. Home price is about $377k and I am doing 20% down. I am getting some outregeous interest rate from my builder who I was initially thinking to go with. But after making one call to an outside lender just opened my eyes. There was a significant difference. My credit score is average (701).
Now I need your help with suggesting some names of the recommended lenders who can offer competitive rates.My builder's lender is not ready to budge and therefore I have no other choice but to go with an outside lender. You input will be greatly appericiated.
Not all of the lenders they'll show you are great to work with, but it will at least give you an idea of what's out there. Texas 30 year fixed average looks like it's 3.82% right now.
What is the rate you were being quoted? What are the fees from one lender to another? Remember, the builder will often cover a lot of the closing costs and title policies. You need to take all these into account when making a decision. Curious what builder you are working with in the Houston area too. Cross Creek Ranch?
Also, if you are building new, no lender will lock this far out without charging you. That interest rate can change between now and closing. At best, these are estimates. 30 - 45 days from close is when you need to aggressively shop your rates. The fees shouldn't change though, so at least you can compare those.
Are you going with a bank or with an independent lender? You can often get better rates with independent lenders. I am in the Houston area as well. I am not that familiar with the rates, but the banks are a PITA compared to independents, IMO. Their requirements are really tough now and sometimes the independents have more wiggle room with the rates. Your agent (if you have one) might suggest a few to you. Also, amount of down payment makes a big difference.
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