Question by towtruck 01: when buying a new home, should we go with the lender that works with the co. of the homes or our own lender ?
I think the lender that works with the new homes is trying to screw us. $ 15,000 in incentives is what he says we’re getting but closing costs will cost est. $ 12,900. Also on loan application no mention of incentives or amount of my yearly income and he wants me to sign loan app.
Best answer:
Answer by pudn36
Don’t sign it. Do they know you have money? Closing costs should not be any more than 5 to 10% of purchase price. Is there 2 lenders trying to get you the like loan? Thats good you are reading the fine lines. Plus how many realtors are involved? I’ve never heard anyone getting incentives other than lowering your points (interest rate). But after you sign it they jack up the interest rate up. Is this an engross only loan? Forget it, you’ll be in debt for the rest of your life. Is it an attribute card loan? Find your own in every circumstance, never hire one that the seller or realtor suggests. The younger you are the more they see you coming and going. Especially if this is you first home purchase. Talk to a financial consultant. Don’t hire a lawyer, they won’t do a thing. Tell the crows to go away and burn the ink pen.
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