"Convenience is nice, sure—but after all the effort you've put into building exactly what you want, it's worth spending a little extra time on financing..."
Fair point, but sometimes builder lenders can streamline the appraisal and closing process significantly. Had a project delayed once because an outside lender's appraiser wasn't familiar with custom builds... ended up costing more in delays than we saved on rates. Just something to consider.
Fair point, but sometimes builder lenders can streamline the appraisal and closing process significantly. Had a project delayed once because an outside lender's appraiser wasn't familiar with cus...
Good points all around, but honestly, I've seen it go both ways:
- Builder lenders can be smooth sailing, sure, but sometimes their convenience comes with hidden fees or slightly higher rates.
- Shopping around might take more legwork upfront, but I've found smaller local banks or credit unions can offer surprisingly good deals and personalized attention.
- Had a friend who went local and ended up saving enough on interest to upgrade their landscaping—pretty inspiring if you're budget-conscious.
Just depends on your priorities, I guess...
Totally get that. When we built our place, the builder's lender seemed convenient at first, but then we realized their closing costs were higher than we expected. Ended up going local and saved a bunch. Curious if anyone else noticed hidden costs popping up later...?
"Curious if anyone else noticed hidden costs popping up later...?"
Yeah, we definitely ran into a few surprises ourselves. Thought we had everything nailed down, but then suddenly there were these random "processing fees" and extra appraisal charges that weren't clear upfront. Makes me wonder how common this is—do lenders just bank on us not noticing? Glad you caught it early enough to switch and save some cash, though...
We had something similar happen when we were finishing up a small development last year. Everything looked great on paper, and the lender seemed straightforward enough—until suddenly, out of nowhere, we saw these "document preparation charges" and some vague "administrative fees." I remember thinking, "Are they just making stuff up now?" When we asked about it, the rep gave us this long-winded explanation that honestly sounded like a bunch of jargon they'd rehearsed for anyone who dared question them.
Funny thing was, when we casually mentioned we'd be shopping around, suddenly those fees became "negotiable." Makes you wonder how often people just shrug and pay without realizing there's wiggle room. Seems like lenders count on folks being too busy or overwhelmed to push back. Glad you managed to dodge that bullet early—it's always worth double-checking before signing anything final.
