See guys, things that have been recommended in this post be everyone, are what people should be doing but they do not when they deal with the builders sales agents.
Also there is not a lender in the world (preferred or not preferred) out there that will lock a loan for some of the lead times that the builders release phases on. Just to get a 60 day lock on a loan is gonna cost you…So that is something that maybe people need to rethink before giving advice on. Also the preferred lenders programs in most cases CAN be beaten by other lenders. However, most people want the incentives and you…. don’t…..get…. them…. if you use an outside lender. You can kick and stomp all you want and the sales lady will smile at you as you walk out the door. However, an astute buyer who will add up the interest will notice that it is better to use the outside lender and forego the incentives because over time there is a crossover.
So the main point is, understand the risk of floating a loan, understand the ramifications of using a preferred lender. To me, the best deals occur when the builders have a property fall out, and they have those quick hit sales that they are trying to sell this one property. These are the best because they can close those deals quickest. Unfortunately many of those types of homes already have a set of upgrades or what have you that cannot be changed. However at least you will not have to float a loan and wait for several months to close escrow.
