"The builder wasn't thrilled about it, but eventually agreed to match some incentives anyway..."
Interesting they matched incentives after you shopped around—makes me wonder if their initial offer was really the best they could do. Did you factor in things beyond just rates, like customer service or flexibility? Sometimes smaller lenders or credit unions can be more responsive if issues pop up later. Curious if anyone else found hidden perks (or headaches) going outside the builder's preferred lender route...
We built our place a few years ago, and I remember the builder's lender pushing pretty hard. But we ended up going local—small credit union—and honestly, best decision ever. Rates were close enough anyway, but when we had a snag with paperwork later...night and day difference.
Couldn't agree more with your decision to go local. I've been in land development for years, and honestly, builder lenders can be convenient at first glance, but when things get tricky—and trust me, they often do—you'll appreciate having someone local who actually knows your name and situation. Had a similar experience myself a while back; builder's lender was pushing hard, promising convenience and speed. But when we hit a snag with permits and needed some flexibility, they suddenly weren't so accommodating. Switched to a local bank mid-process, and it was like night and day. They actually took the time to understand our project and helped us navigate the red tape.
Rates matter, sure, but relationships matter more in the long run. Good call going with the credit union—sounds like it really paid off for you.
Yeah, builder lenders can be a mixed bag. Had one myself that was great at first, but when we needed to tweak the timeline a bit, suddenly it was like pulling teeth. Local banks just seem more willing to roll with the punches...lesson learned there.
Totally agree with you on local banks being more flexible. A few things I've noticed from my own experience:
- Builder lenders often have attractive upfront incentives, but they can be rigid if your plans change even slightly.
- Local banks or credit unions tend to offer more personalized service and are usually quicker to respond when issues pop up.
- Also, don't overlook mortgage brokers—they can sometimes snag you a better deal than either option.
Just my two cents from navigating this myself recently...
