AFDB_Director Posted June 11, 2015 Report Posted June 11, 2015 Is it old or new construction? Usually real estate broker will suggest lenders yep, but they get commissions and 'favors' for recommendations. personally i would shop around, also consider reconmendations from realtor and compare which is best .
Silent_Boy Posted June 11, 2015 Report Posted June 11, 2015 Is it old or new construction? Usually real estate broker will suggest lenders If it is new then you don't really need preapproval.... the builder will suggest to take his or their preferred mortgage and the process will be very easy while closing.
AFDB_Director Posted June 11, 2015 Report Posted June 11, 2015 If it is new then you don't really need preapproval.... the builder will suggest to take his or their preferred mortgage and the process will be very easy while closing. builder will suggest preferred mortgage lender for builder, not preferred for us/buyer Always hire a buyers agent(realtor), interview a lot of realtors and choose wisely basing on referrals, reviews, their recent sales etc., shop around for mortgages, choose best interest rates, consider builders or agent's references, but dont go with them blindly, you might get lesser interest rate with more reputable lender elsewhere. Always hire a real estate attorney to take care of closing stuff, house title stuff, etc. Same advice here, search for good attorneys with referrals or good reviews, dont just blindly go with what realtor/builders/lenders suggest Even new construction houses have thousands of dollars of repairs if over looked, like foundation issues, faulty wiring and cheap materials used find a realtor --> search for a good lender --> get pre approval --> search for houses --> get inspection --> get appraisal --> find a good attorney --> closing --> enjoy your new house I always say Research research and research. Just to buy a car worth $20-$30k we research a lot, house is 10 times more. so think, how much research you should do you should be familiar with all the processes, all the terms before even thinking about buying a house
Silent_Boy Posted June 11, 2015 Report Posted June 11, 2015 builder will suggest preferred mortgage lender for builder, not preferred for us/buyer Always hire a buyers agent(realtor), interview a lot of realtors and choose wisely basing on referrals, reviews, their recent sales etc., shop around for mortgages, choose best interest rates, consider builders or agent's references, but dont go with them blindly, you might get lesser interest rate with more reputable lender elsewhere. Always hire a real estate attorney to take care of closing stuff, house title stuff, etc. Same advice here, search for good attorneys with referrals or good reviews, dont just blindly go with what realtor/builders/lenders suggest Even new construction houses have thousands of dollars of repairs if over looked, like foundation issues, faulty wiring and cheap materials used find a realtor --> search for a good lender --> get pre approval --> search for houses --> get inspection --> get appraisal --> find a good attorney --> closing --> enjoy your new house I always say Research research and research. Just to buy a car worth $20-$30k we research a lot, house is 10 times more. so think, how much research you should do you should be familiar with all the processes, all the terms before even thinking about buying a house if it is new construction... do not think much bro... you get one year full warranty... and 10 years structural warranty... just select a best builder near your area.
AFDB_Director Posted June 11, 2015 Report Posted June 11, 2015 if it is new construction... do not think much bro... you get one year full warranty... and 10 years structural warranty... just select a best builder near your area. All I can say is best of luck if you completely trust the builder and builder provided warranty. I trust 'prevention is better than cure'. so I advice on researching and getting inspections etc, but YMMV
tom bhayya Posted June 11, 2015 Report Posted June 11, 2015 All I can say is best of luck if you completely trust the builder and builder provided warranty. I trust 'prevention is better than cure'. so I advice on researching and getting inspections etc, but YMMV for ex in CA new builder doesn't allow brokers, you have to buy from them. Mortgage your choice you can shop around and go with a pre approval but generally they will beat those rates. That is how they make money :)
AFDB_Director Posted June 11, 2015 Report Posted June 11, 2015 for ex in CA new builder doesn't allow brokers, you have to buy from them. Mortgage your choice you can shop around and go with a pre approval but generally they will beat those rates. That is how they make money :) I dont think this is legal, not allowing buyers to be represented by their agent. here is a post explaining why builders want to work directly with buyers http://www.grisak.com/Articles/Buyer_Articles/Who_Needs_a_Realtor_My_Builder_just_cut_me_a_great_deal_Tom_Grisak_Estate_Homes_Realtors.htm if the builder lender gives very good interest rate, that's good. but what if they sell your loan to worst loan servicing companies? I am not saying that builder will always provide bad lenders etc, but I am saying we have to do our due diligence before making the first biggest purchase
macha Posted June 11, 2015 Report Posted June 11, 2015 builder will suggest preferred mortgage lender for builder, not preferred for us/buyer Always hire a buyers agent(realtor), interview a lot of realtors and choose wisely basing on referrals, reviews, their recent sales etc., shop around for mortgages, choose best interest rates, consider builders or agent's references, but dont go with them blindly, you might get lesser interest rate with more reputable lender elsewhere. Always hire a real estate attorney to take care of closing stuff, house title stuff, etc. Same advice here, search for good attorneys with referrals or good reviews, dont just blindly go with what realtor/builders/lenders suggest Even new construction houses have thousands of dollars of repairs if over looked, like foundation issues, faulty wiring and cheap materials used find a realtor --> search for a good lender --> get pre approval --> search for houses --> get inspection --> get appraisal --> find a good attorney --> closing --> enjoy your new house I always say Research research and research. Just to buy a car worth $20-$30k we research a lot, house is 10 times more. so think, how much research you should do you should be familiar with all the processes, all the terms before even thinking about buying a house find a realtor --> search for a good lender --> get pre approval --> search for houses --> find a good attorney (get the contingencies under aggrement )->get inspection --> get appraisal --> closing --> enjoy your new house
AFDB_Director Posted June 11, 2015 Report Posted June 11, 2015 find a realtor --> search for a good lender --> get pre approval --> search for houses --> find a good attorney (get the contingencies under aggrement )->get inspection --> get appraisal --> closing --> enjoy your new house right on Django I ommitted that part as it will be too much realtor terms in one post On a completely different topic @django you interested in getting realtor license ?
Silent_Boy Posted June 11, 2015 Report Posted June 11, 2015 All I can say is best of luck if you completely trust the builder and builder provided warranty. I trust 'prevention is better than cure'. so I advice on researching and getting inspections etc, but YMMV Bought a new home last year... Hired a guy to inspect just before my one year warranty expires. The builder fixed all things(minor of course) I got benefited almost $8000 towards closing cost when i went with builder suggested mortgage.
AFDB_Director Posted June 11, 2015 Report Posted June 11, 2015 Bought a new home last year... Hired a guy to inspect just before my one year warranty expires. The builder fixed all things(minor of course) I got benefited almost $8000 towards closing cost when i went with builder suggested mortgage. cool mama, congrats on your new house but can you say for sure that the good experience you had with your builder will be the same with all builders out there? what's wrong in getting inspections and shopping around for mortgage lenders and attorneys?
macha Posted June 11, 2015 Report Posted June 11, 2015 right on Django I ommitted that part as it will be too much realtor terms in one post On a completely different topic @django you interested in getting realtor license ? just saying man... :) licence aaa enduku mama??
AFDB_Director Posted June 11, 2015 Report Posted June 11, 2015 just saying man... :) licence aaa enduku mama?? GC vachaka part time realtor laga work cheyyachu man on weekends not sure about NJ if there are any desis in real estate business, but in CT they are significantly lesser desi realtors
macha Posted June 11, 2015 Report Posted June 11, 2015 GC vachaka part time realtor laga work cheyyachu man on weekends not sure about NJ if there are any desis in real estate business, but in CT they are significantly lesser desi realtors vmoooo.... gc kii nakuu challaa gap undii mama... not planned yet that far...
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