Had a similar experience myself recently:
- Builder's lender initially looked great—low closing costs, quick approval, all that jazz.
- But when I started asking detailed questions, suddenly the numbers didn't add up. Hidden fees started popping up left and right.
- Ended up shopping around and found a smaller local bank offering much better terms. Interest rate was significantly lower, and the transparency was refreshing.
- Plus, dealing with someone face-to-face who actually remembered my name felt pretty good. None of that "press 3 to speak to a representative" nonsense.
Honestly, builder lenders rely on convenience—you're already there, paperwork's easy, etc. But convenience isn't always worth the extra cost. I'd say always shop around at least a bit before committing. Glad you went with the credit union route; supporting local businesses is always a plus in my book.
Went through something similar when we bought our place last year. Builder's lender was all smiles and sunshine at first—promised quick approvals, easy paperwork, and even threw in some incentives. But once I started crunching numbers myself (I always do), things got sketchy fast. Suddenly there were "processing fees," "administrative charges," and vague line items that nobody could clearly explain.
Ended up checking out a local credit union on a friend's recommendation, and the difference was night and day. Not only did they beat the builder's lender on interest rate, but they also laid out every single fee upfront—no surprises. Plus, having someone local who actually knew the area and could answer my overly detailed questions without hesitation was a huge relief.
Convenience is tempting, sure, but mortgages are long-term commitments. Saving even a fraction of a percent on interest can mean thousands over the life of the loan. Definitely worth spending a little extra time shopping around. Glad you found a better deal too—local banks and credit unions are underrated gems.
"Convenience is tempting, sure, but mortgages are long-term commitments."
Exactly this. Builder's lender tried the same smooth talk with us, but once I broke down their "special offers," it just didn't add up. Always worth double-checking those numbers yourself... saved us thousands in the end.
Builder's lender tried the same smooth talk with us, but once I broke down their "special offers," it just didn't add up.
Totally agree with you both on this. When we built our home, we initially felt tempted by the builder's lender—seemed like less hassle, right? But then I remembered my cousin's experience. She was so excited about her luxury townhouse until she realized later how much extra she was paying over the years. We decided to shop around and found a local lender who offered way better rates and clearer terms. It's definitely worth the extra couple of days to compare... after all, you're going to live with this decision for years.
Same here, builder's lender sounded convenient at first, but once we dug into the fine print...yikes. We ended up going with our credit union—way more transparent and saved us a decent chunk over the life of the loan. Definitely worth the extra legwork.
