How to get a loan with a New Home Builder part 2 of 2

Boxwood Front.jpg

(Read Part 1 of 2 here)

Here is the home I closed on last month! I had a renter for it before I closed on it too! (This is a great place to pick up rentals…that’s a post I’ll have to write about in the future).

Well, after I couldn’t get Lennar to match exactly the rate and closing costs of the outside lender, I took a closer look at the contract.

Lo and behold! I found a section in contract that indicated they would pay my Loan Origination Fee if I would use UAMC. I then called UAMC and asked them to buy down my interest rate to 6.15% to match my outside lender and then to add the cost to my Loan Origination Fee. They happily did that because:

1. They get paid more
2. They didn’t understand that Lennar was going to be footing the bill

Bottom line: I was able to close with Lennar’s in-house lender and not pay one extra cent! If I was greedy I could have asked them to buy it down further, but I wasn’t sure this was going to work or not and didn’t want to be stuck paying more at closing for this. They tried to wiggle out of it towards the end, but their Closing Coordinator was very cooperative. Another resource your real estate agent needs to connect with is this person!

If you’re shopping for a new home, give me a call and I’d love the opportunity to find you a great home AND great financing. Also, sign up for my blog by clicking the “Posts RSS” button on the left hand navigation bar and you’ll be sure to get more helpful information like this in the future.

~Edward

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