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| I rent an apartment here in Largo, Florida. I have several roomates but only one I have a problem with. He has shown an act of violence towards another roomate and I am suspicious that he has a ... |
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 I WANT TO START a PROFITABLE FARM ON 10 ACRES!? |
| Im a 26 yr. old dedicated to seeing my dream come true. I currently live in Northwest Indiana and want to stay here in the area. Ive been trying to find out what breaks are out there for farmers, i.... |
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 Since the housing market is collapsing, Is it cheaper to build a house? |
| If not, then it might cost more to build a house than it is actually worth.... |
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I have used Ebay to sell collectibles and Yard sales to get rid of usable items from my accumulation. Does anyone know of any other avenues to take to clear out 20 year of accululation?
We are ... |
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| what are tenants's rights? and can a landlord evict a rent paying tenant and if not, then what basis can a landlord evict a tenant?... |
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| The owners accepted my offer and signed my contract, but the contract has to be approved by the bank. It takes up to 5 days for them to approve. My questions is--what happens if other offers come ... |
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I just want to know what factors increase rent. I know that rent does increase yearly, but what else factors in the increase of rent?
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 PrePayment Fees? |
| What are some lenders that waive pre-payment penalty fee's?... |
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| I am a first time home buyer with under 20% to put down on a house. I make approximately $40,000 annually (gross). I have absolutely no outstanding debt and an excellent FICO score (760+ last time I ... |
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| I just moved out of my apartment 2 bedrooms 10x12ft a 10x15 Living Room and 6x12 Kitchen and 5x8 bathroom (approx). The only damage to walls was finish/picture frame nails left by the previous ... |
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gwava0 | Can a builder require you to apply for a mortgage with a specific lender? |
My wife and I are buying our first home. We are already pre-qualified for a loan through a broker. We found a house in a new development that we decided we wanted to buy.
I know in California a seller (in this case the developer) can not require you to take your loan through a lender of their choosing, but this developer is requiring we apply with their preferred lender.
We can always choose to go with our original lender, but is it legal for them to require us to apply with the other lender? It creates an additional inquiry in our credit, which can cause a drop in the score.
The original lender ran the credit, now this one will run it, then the original one will run it again just before releasing the money. That is 3 inquiries in a short time span. Can they require us to jeopardize our FICO scores that way? |
 |
 
triad_historic_homes
|
YES THEY CAN.
I hate to disagree with everyone else, but you said you were required to "apply" with that lender, not required to use them. That sounds like they are requiring that buyers be "pre-approved" by their own lender, thereby letting the builder feel secure in your ability to close the deal.
Everyone else is that is is a violation of RESPA (the federal law governing loans on residential property) to require that a buyer use a particular lender, but it is very common in some markets, especially with builders and in foreclosures (when the banks sell their repossessed property, many of them (countrywide for example) require as part of the purchase contract that the buyer be prequalified through them.
As for the "hit" to your FICO score, I have found that most lenders understand that you may shop more than one lender when buying a House and are more than capable of taking that into consideration. |
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Michel D
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The builder CANNOT require you to use their lender but, they may offer you an incentive such as a seller's concession to do so. Depending on the terms of your agreement with the builder it may or may not be in your best interests to use their lender. Also all you would need for them to take the home off the market is your pre-QUALIFICATION letter from your broker. A pre-approval just means that you meet the minimum criteria to recieve a loan. A pre-qualification means the financing is already approved.
Hope that helped. Any further questions please give me a call M. Desdunes 631-370-2901 |
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teran_realtor
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In San Antonio, builders like for the buyer to use their "preferred lender". The way they do this is that they will pay for the title policy if you do. They won't if you go with your own. See if that's what they mean - if there is an incentive for you to use their lender.
Other than that, if they require you to be pre-qualified by their lender so they'll know if they should be taking the house off the market for you, then have your lender fax or email them a copy of your credit report. They don't need to pull a new one. |
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gtofinancial.tomvoli
 |
Many do require that you apply with their lender as a means of making sure they have a qualified buyer. I suggest getting a copy of your current report and requiring that they make their assessment from that. There is no real need to run your credit again. They can offer additional closing cost incentives for doing so but can not require that you use their lender.
Here is some additional info. Hope this helps. |
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kennedyrebekah
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RUN AWAY! This has SCAM written all over it. If they are doing shady business with a lender, what other ways did they cheat when they built those homes? |
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errai14
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Anyone who won't do business with you unless you choose their specific lender are probably not very trustworthy. There is nothing wrong for them to reccomend them, but to force them on you is wrong and I wouldn't do business with them. They will probably charge a ridiculous interest rate and the company will get a good cut. Tell them to get lost. |
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ogrendle
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It is called "steering and it is illegal. |
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golferwhoworks
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No he can not! You have the right to choose. They may tell you they have a preferred lender ----that is just BS.
I am a mortgage banker in Tennessee |
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rmijares
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No You are not required to go to their lender. Remeber the developers goal is to sell their homes quickly. It doens't matter where the money comes from just as long as they get paid. |
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Ambassador Z
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Your FICO score may be at risk.
Tell the developer that you already have a pre-approved loan, and kindly decline the offer to reapply. |
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