Help me find a lender!
March 29, 2012 1:58 PM Subscribe
Filtering through lenders for a mortgage in a home building situation.
posted by phox to Home & Garden (4 answers total)
We live in a market where real estate is abundant and cheap -- Texas. We were able to find a great deal on a build which was right in our range. We have great credit, 20% down, but our issue is how to find a lender when everything is so complicated with a build.
They have their preferred lender, and we have been in contact with other lenders trying to get our numbers straight. We have been quoted everything from 3.8 to 4.8%. We obviously want the lowest rate possible, but how soon do we need to lock in with a lender? We made a contract deposit last Saturday, and we are going in this Saturday with a list of our upgrades to add, depositing 50% down on those. So within 5 days of signing and putting down our deposit, we had to give them a completed loan application with a loan commitment approval letter. Does providing these lock us in with any particular lender? How does one shop around for a loan when all of these requirements are needed so early on -- 4 months before we actually close and ~3 until we can lock in a rate. Also, we don't to hurt our credit by having our credit ran too many times.
Thanks for any insight or advice!
I've purchased an existing home in the past and I don't remember it being this complicated.