Next to education when buying a home, is shopping for the best rate with a lender is just as important.
A fraction yes .5 .... 1/2 of a percentage point can save you thousands and thousands of dollars per year.
Next to working with the best Realtor (me) the next person you must add to your team is a great mortgage lender. Be it a Bank or Mortgage Broker(more about the difference later)
Now do not get me wrong not all New Home Construction Lenders Suck but just like the onsite agent they “work “ for the builder. So ok great you get $5,000 in upgrades by using the builders preferred vender but if the APR is .125% higher on that loan you could get somewhere else you can be paying $50 more a month. That might not seem like much. Doing the math $50*12months=$600 a year. $600*30years=$18,000….So that upgrade appliance package and flooring just cost you $13,000 more dollars. Now you see why shopping around could potentially save you money compared to just using the “preferred lender”
Always remember that at the start of any home purchase, find the best lender that has the best rates and options for you!
Some of my favorite lenders to work with are:
Addison Altizer - Gateway Mortgage - 843.227.9911
Jackie Alcock - Movement Mortgage - 843.368.3404