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Redfin Real Estate Forums :
Orange County :
Buying new construction
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Buying new construction
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NZU
Regular Visitor
Posts: 4
Registered: 02-26-2008
Message 1 of 6
Viewed 331 times
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We went to see a new townhome today and the sales people told us we need to get pre-qualified from the builder's lender to make sure that we have a good credit and so & so. They know we are pre-qualified from our own lender and we are unlikely to use the builder's lender. (It's not a smart idea to use the builder's lender, right?) Do we really need to do this?
We're hoping we can get some advice. Thank you.
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11-07-2009 11:41 PM
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Re: Buying new construction
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RE_Guy
Regular Contributor
Posts: 138
Registered: 12-08-2008
Message 2 of 6
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Nzu, They can require you to qualify through their lender. Of course this is just my opinion
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11-08-2009 07:48 AM
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Re: Buying new construction
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PaloAlto
Regular Contributor
Posts: 66
Registered: 06-29-2008
Message 3 of 6
Viewed 284 times
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Yes, you really need to do this. A seller can require you to get pre-qualified through a lender of their choosing but they cannot force you to get a loan from any particular lender. If the builder's lender offers better terms what is the downside of using them? As long as they can deliver on the deal I would certainly consider using them.
Richard
Kelly Mortgage
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11-08-2009 11:52 AM
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Re: Buying new construction
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Lostchild
Contributor
Posts: 38
Registered: 10-05-2009
Message 6 of 6
Viewed 138 times
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It is not just new construction. When we were house hunting or REO houses, we had to pre-qual with 6 different sellers' preferred lenders. I think that if we kept going for a few more months, we would be pre-qual with every major lenders operating in that city.  The good thing is the some of them offers really good terms. One if them would pay $30,000 toward closing cost and buy down the interest rate! Too bad they didn't choose our offer.
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11-11-2009 10:58 AM
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