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Being from the Northeast, this is a new for me. What are the pro's / cons's for using the devlopements finacial institution? Is it extremely difficult approvals? Some of the interest rates I saw were significantly below the going market, Ii saw one development offering a 4.875% over 30 years fixed...sounds too good to be true.
Thoughts?
If that's true, yes, it's a great deal. Please make sure you look at the whole picture -- the price of the house, closing costs, upgrade money, etc. Usually the builder makes that money up somewhere.
Being from the Northeast, this is a new for me. What are the pro's / cons's for using the devlopements finacial institution? Is it extremely difficult approvals? Some of the interest rates I saw were significantly below the going market, Ii saw one development offering a 4.875% over 30 years fixed...sounds too good to be true.
Thoughts?
Are you talking about Walden Park by Brentwood Homes? I've noticed those signs in our neighborhood. If you are, the owner of Brentwood also owns Sunshine Mortgage, so he's got pretty good flexibility on the rates he can offer. We financed through Sunshine and they were very good to deal with.
We are relocating to Tega Cay from houston this summer and came up the first week of February to look for a house. I believe Shea Homes is advertising 4.875%. We looked at them in Union County, and their sales rep told us they buy down the points... Like south.charlotte&union said, they make up the money somewhere...
We bought new from Pulte back in 2007. I found that the rates offered by their in-house financing were consistently higher than what I found independently (Countrywide, B of A, etc...) BUT the incentives that came with using them (stuff in the house, $$ against closing costs, etc..) were large enough to still make it worth while. That they couldn't, or wouldn't, give me a plausible explanation about why their rates were higher was a bit annoying...
Just know what type of loan you are getting (variable or interest only loans are big no nos for most of us common folk, and don't be suckered into pre-payment penalties). We got a piggyback mortgage and every mortgage person I spoke with tried to steer us into variable rate primaries and interest only secondaries. This was back in early 07 before the bust of course but still... know that it is up to you to protect yourself and your financial future. We got fixed 30 on both - I paid a little higher rate but my payment will never change and I can pay it off early.
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