Tuesday, December 2, 2008

Real Estate Insights: Builders Can't Force You to Use Their Lender

New-home buyers: Don't forget that your builder can't require you to use their preferred lender. They can only suggest. Some may suggest in such a way that does not seem like a suggestion, but it is.

When a builder tries to get you to use some affiliated lender by either offering incentives or even possibly withholding incentives, the right response from you is to slow down and look things over more carefully.

Federal real estate settlement rules require that incentives be legitimate and not built into the price of the house or the cost of your loan.

In other words, they should not impact your loan!!

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Hi - sorry for the confirmation but I need to weed out the noise from the well intended comments. Thanks for leaving a note... - Bruce