Any experience with mortgage lenders (Buffington Mortgage, Priority Home Mortgage) (mortgage broker, loan)

[Valdorama]

Hi,

I am considering getting a new construction home and am also looking at various mortgage lender options. Does anyone have info or experience of the two lenders mentioned in the title? Priority Home Mortgage are the preferred lenders for David Weekley homes (one of our options) and obviously Buffington Mortgage are the preferred lender for Buffington Homes. We're not actually considering a Buffington home but the mortgage company seems to talk a good game (on their web site).

Thanks.

[yam]

The conventional wisdom is that you're unlikely to get a good rate/point structure from the builder's lender. Be sure to compare rates (quoted on the same day) with a couple of other lenders.

My experience is that an independent mortgage broker can get you a much better loan than a bank. I've used Ed Solter at Fairway Mortgage a couple of times and been happy with the results.

Fairway Independent Mortgage Corp. Ed Solter Branch Manager, NMLS # 258262, NMLS Entity ID# 2289 : Company Directory

[mike-atx]

I recently purchased a new home that was financed through Pulte Mortgage. I had no issues and the process was pretty smooth. My interest rate was comparable to other lenders because it included a point buy down from the builder (Pulte Mortgage is owned by Centex/Pulte Homes so really the incentive is more of just a marketing thing to pull you in). So it depends on the terms, but going with the builder's mortgage company isn't always bad.

Also, since almost every lender sells off your loan to another lender after closing it's best to look solely at the loan terms and the customer service of the lender, not who the lender is.