Quote:
Originally Posted by The Bad Guy
Yeah, I tried to send him a PM and it didn't go through for some reason.
Once I agree on a builder, I'll ask them who they use for financing. I'll talk to them and a ton of local banks.
Hopefully Lundberg checks this thread.
I'm located in PA.
|
That's weird, I replied to you on 2/22/2011. Anywho, here was my response.
Quote:
First piece of advice would be to get at least two quotes. One from a bank and one from a reputable Mortgage Broker. The latter is a dying breed, but a good broker will save you thousands in comparison to a bank. I would ask your Realtor if you are working with one for a referral on the broker. If you're going in without an agent then you may ask a financial planner if they have a good referral to a mortgage broker.
I find if you ask for a referral from someone you do business with you will usually get a good one. Most people are smart enough to not refer business to idiots at the risk of losing a customer.
Most pre-approvals can be done over the phone, so once you find a number just call and tell them what you need. It shouldn't take more than 24-48 hours for them to get back to you with some numbers.
Hope this helps!
|
As for my reign as Planet mortgage guy, it's over. I closed my last loan yesterday and am officially out of the mortgage business. Things have changed so much that I don't care to be involved with it another day after 12 years. It's a bittersweet end. I used to take great pride in helping people save money or buy the home they've always wanted. Banks and the government have made it such a ****ing pain in the ass that customers don't appreciate the lengths we have to go to in order to get a loan completed these days and quite frankly I don't blame them.
If I were in your situation I would ask the builder to carry the construction loan and just take care of the end loan once the house is completed. It may be hard to do in today's market, but it will protect you from someone walking in the middle of a build job. Most reputable builders have access to a line of credit that will allow them to carry the note until completion.