Senior Loan Officer NMLS # 1001484
1511 N. Westshore Blvd. Suite 260
Tampa, FL 33607
Direct (813) 377-2226 Fax (813) 377-4071
Mobile (678) 296-2488
As far as lenders are concerned, it is best do your homework first and only have a couple pull your credit because each time your credit is pulled it lowers your credit score. Often a builder will pay closing costs if you use one of their preferred lenders. This can save you thousands of dollars up front. It is best to understand their terms, such as, interest rate, fixed vs. adjustable and if they charge points at the closing table.
It has been my experience that banks take longer to close than mortgage brokers.
In the end, the best deal is the one that, when all is said and done, costs you the least amount of money.
I hope this is helpful.
Lennar is a homebuilder that started in Florida in the mid 50s. The company has grown over the years and now builds homes across the nation.
A new home is an exciting venture. It can be advantegous to purchase a home with a new roof, air conditioner and built to current building codes.
When you select a new home, there are two different lending routes that can be taken. 1.) you apply for a construction to permanent loan. This requires that you carry the construction costs and then at Certificate of Occupancy (CO) you convert the construction loan (interest only) to a permanent fixed loan. 2.) You provide a pre approval letter or get pre approved by the builder's lender and at Certificate of Occupancy you go through the underwriting process and close on your new home with an "end" loan. Which is your typical FHA or Conventional loan.
When the project is in control of the developer, and the developer then you want to ask if the project is Fannie Mae qualified. This means that you can secure loan; FHA or Conventional from your lender. If not, then ask your lender if they can close a property that is not Fannie Mae qualified. The answer will provide you with your direction.
Good luck with your new home purchase.
Brock Realty Inc.
Yes, Lennar is a great builder. You have to view one of their "Cut Out Homes" that shows you how the home is constructed. It is very cool to see inside the walls of a constructed home.They build some of the most energy efficient homes.
There are many benefits of using Lennar's in house lender. The most important one is Lennar will usually pay a large portion of the buyer's closing costs. Ask your Realtor for the builder's current buyer incentive list. Having an in house lender make the loan process much faster and easier. Everyone associated with the transaction is usually on the same page and can resolve issues quicker.
Before you make a final decision make sure to visit other builder's model homes. You will be surprised how much you might like another builder. Many of my clients will change their mind two or three times before they pick a home.
Please feel free to call or email me with any questions.
Sales Associate / Property Manager
Lennar is the number one builder in Florida - they significantly build more houses than all the other national builders located here. In regards to their financing. Since it sounds like you don't have a specific person that you know and trust, the builders lender is good and would be beneficial in a few ways. First the managers of Lennar and the managers at their lender know each other. Secondly they sales people work with them all the time and have a relationship as well. The builder also may be more apt to be lenient on you if your financing takes a little longer because it is their own than if it was someone from the outside. Hope all the information helps and good-luck on your purchase. If you need someone to guide you through the new home purchase process, I am happy to help.
Here is a very helpful website on how to "shop" for your mortagage:
Also it's a good idea to have a Realtor at your side and will not hurt your negotiation and may actually help you. The builder will pay your Realtor the typical fee so there is no cost to you.
Additionally it's crucial to understand the fees and sometimes the Builder's loyal representative may just gloss over high fees like Community Development District fees.
Another important thing is to be sure you get a multi-stage home inspection so that it will keep the Builder on their toes. It's money well spent.
All the best,
Alma Rose Kee, PA
Future Home Realty