I’m currently scoping out a new SFH property and in process of getting multiple mortgage quotes to pre-qualify, including the builder’s preferred lender.
The house I’m interested in was a nearly complete construction with June or so delivery. Looks like a cancellation from previous buyer.
I’m currently a renter with no house sale contingency and will be financing with 20-30% down. Looking for a 30yr fixed jumbo. Do you folks hear any more news conforming loans >417K. Also, I hear FHA programs are really only for low 3-5% downpayment mortgages. Has anybody been able to get a larger FHA with larger down?
Any suggestions on pro/cons of using the preferred lender? I’ll be trying to compare the values of the preferred lender incentives vs. the lower rate of a competitor lenders.
Any other suggestions for points of negotiation?
– Rate buydown
– Closing costs
– Note, house is nearly complete so only minor upgrades are probably negotiable.
– Need to break my lease, I have 6 months remaining
Others?
Anybody out there have luck putting in other contingencies in event of unforseen events.
e.g. floating the price. Negotiating a change in sale price in event mortgage rates jumping thru the roof before you lock your rate. e.g. $x decrease for every x% increase over some set lock over initial rate quote. Perhaps, provide some protection if you put deposit down with a 6.3% jumbo rate quote……..3 months later the credit markets degrade further and you can only lock it at 8.5%
Any other wiggle room anybody has been able to negotiate, e.g. in event builder exits and sells remaining lots in development, leaving you stranded with a 1/3 completed developement.
Thanks mucho in advance.
Yes, Yes, I know many of you will try to convince me to stay and rent, and watch the property values decline.
