Why You SHOULD Use The Homebuilder’s PREFERRED LENDER. Should You Use the Builders Preferred Lender?

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  • Опубліковано 9 січ 2025

КОМЕНТАРІ • 252

  • @TyWilde
    @TyWilde  4 роки тому +6

    What are your thoughts on using the preferred lender? Is it better or worse? WHY? I'd love to hear your thoughts & where you're from. Also, if you're new to my channel, please subscribe & ring the bell to be notified each time I post new videos. Thanks!

  • @machellekennedy2199
    @machellekennedy2199 6 місяців тому +1

    I want to build a home because I would like to add a his and hers closet and pick my designs out.

    • @TyWilde
      @TyWilde  6 місяців тому +1

      Yeah, I've built a few times for myself & I just love it. Keep me posted & thanks for sharing your thoughts.

  • @irvinghernandez2407
    @irvinghernandez2407 8 місяців тому +2

    3 years later still giving grey advice thank you!

    • @TyWilde
      @TyWilde  8 місяців тому +1

      Thanks, my friend! Still grinding.

  • @machellekennedy2199
    @machellekennedy2199 6 місяців тому +1

    You are Awesome and I pray when I build my home I find someone as knowledgeable as you.

    • @TyWilde
      @TyWilde  6 місяців тому +1

      I appreciate the compliment. Best of luck to you when that time comes.

  • @jvolstad
    @jvolstad 2 роки тому +1

    How about Realtors and their preferred lenders?

    • @TyWilde
      @TyWilde  2 роки тому +1

      That's an excellent question. My advice is the same. Reach out to the Realtors preferred lender & one that you select to determine which one you should go with. Thanks for watching.

  • @rotart12arx3
    @rotart12arx3 Рік тому +1

    What could a cash buyer expect for incentives if you are not using a preferred lender?

    • @TyWilde
      @TyWilde  Рік тому +2

      That is an excellent question. Every builder is different. You should be able to max out the incentive & maybe even get a little extra. Where are you looking to build a home?

    • @rotart12arx3
      @rotart12arx3 Рік тому +1

      @@TyWilde Palm Coast, Florida with Century Home Community as the builder. It would be an investment property as we already have a retirement home in the same city, closing this month.

    • @TyWilde
      @TyWilde  Рік тому +2

      @@rotart12arx3 Awesome. Congratulations!

  • @jensenjake9575
    @jensenjake9575 2 роки тому +1

    Now that's wild LOL 👍🏾👍👍🏻👍🏿👍🏼

  • @kcabtew0212
    @kcabtew0212 3 місяці тому +1

    Is 6% builder concesion is great deal?

    • @TyWilde
      @TyWilde  3 місяці тому +1

      That's a great question. I would check what the other builders are offering in the area. One of my clients here in Utah just got a 4.99% 30-year fixed rate + $10k toward closing costs.

    • @kcabtew0212
      @kcabtew0212 3 місяці тому +1

      @@TyWilde they offered 10k upgrade, 6% seller concesion and 1500 hereos for va loan. Is this good incentive or look for a fixed rate incentive?

    • @TyWilde
      @TyWilde  3 місяці тому +1

      @@kcabtew0212 it sounds pretty good to me. You should be able to get a fixed rate. Just confirm that with the lender.

    • @kcabtew0212
      @kcabtew0212 3 місяці тому +1

      @@TyWilde thank you worth my likes and subs

    • @TyWilde
      @TyWilde  Місяць тому

      Thank you!

  • @scottty7765
    @scottty7765 2 роки тому

    I want to build because I have a very different house design for my dream home. And I want to do some of the building myself.

    • @TyWilde
      @TyWilde  2 роки тому

      That's great. Building is awesome. Good luck my friend.

  • @Karlostorres1994
    @Karlostorres1994 2 роки тому

    Not always the case, preferred lender something are part of the same corporation that owns the community. They paid for the closing cost but the interest are higher, so that how the cover those cost.

    • @TyWilde
      @TyWilde  2 роки тому +2

      Not all preferred lenders are the way to go. I'm pretty sure I recommend in this video that you should always seek a second lender.

    • @PAPERCHASERS309
      @PAPERCHASERS309 Рік тому

      He literally said this in the video. Listen.

  • @akila219
    @akila219 Рік тому +1

    So when my builder give me a move-in date, I need to shop around for a loan within 45 days of that move-in date? Should I get a broker that specializes in VA loan? Initially, I got pre-approved by Shea Homes Mortgage for VA loan.

    • @TyWilde
      @TyWilde  Рік тому +1

      That's an excellent question. You should start looking before the 45 day mark. Then at that point go back to both lenders & ask them to give you their best quote letting them know you are talking to a 2nd lender. Most lenders know how to do VA so I dont think you need to search out a lender that specializes in VA. Best of luck to you.

    • @akila219
      @akila219 Рік тому +1

      @@TyWilde is it a good idea if i put a downpayment in VA loan to lower my monthly payments or not at all? thanks again for replying to all my questions, i pretty much watched all your yt videos.

    • @TyWilde
      @TyWilde  Рік тому +1

      @@akila219 You're a Hero. I'm honored to help you. Thanks for watching & for sharing. Best of luck & as always, don't hesitate to reach out to me at any time.

  • @phil1954
    @phil1954 Рік тому

    Guys I know he said builders will charge interest if you cannot close on time, and that is true they will try. Tell them if they charge additional interest you will not close.. and be firm. This is happened twice to me and both times we closed. The builder sucked up the cost once and the listing agent paid them the second time. The builder will do everything in their power to not cancel a closing.

    • @TyWilde
      @TyWilde  Рік тому +1

      I'm happy for you Phil. That is great. But your advice isn't 100%. There is a risk. And if the home has increased in value the builder will gladly cancel you & sell the home to someone else for $20k more. I have personally see this happen A LOT. Some builders are extremally quick to cancel you if there's a bunch of equity on the table.

    • @phil1954
      @phil1954 Рік тому +1

      @@TyWilde thank you for the quick reply and perspective. I would definitely not recommend my negotiating tactic in a sellers market, but in today's market where builders or giving concessions, they will be more flexible. Second agents do not want to lose the commission. My agent quickly said they will pay the $350, because they knew I was not going to close. this was in 2015 when the market was a little different though. Bottom line do not fall in love with the property and you will be able to negotiate better.

    • @TyWilde
      @TyWilde  Рік тому +1

      @@phil1954 Yes. True. Market is about to change tho.

  • @TyWilde
    @TyWilde  4 роки тому +1

    Before you commit to building a home with a homebuilder, make sure you watch this video... ua-cam.com/video/nPgtVKruGWI/v-deo.html

  • @stevensettlesii8314
    @stevensettlesii8314 8 місяців тому

    You gave great advice! I have a full-time job as well. As I drive for uber, is there a chance that I could possibly get a new build with my current situation

    • @TyWilde
      @TyWilde  8 місяців тому

      Thanks for watching. You need to speak to a lender where you live. If you’re in Utah, I can recommend a few.

  • @gavinsgamingworld5979
    @gavinsgamingworld5979 Рік тому +1

    Great info! 👍

  • @naysanazadilived
    @naysanazadilived 2 роки тому

    Good information thank you

    • @TyWilde
      @TyWilde  2 роки тому

      Glad it was helpful! Thanks for watching & the compliment.

  • @spearmanchance7364
    @spearmanchance7364 Рік тому +1

    I'm looking to purchase a new build my current house has tripled in value the new build price has come down from $343,000 to $279,000. I'm having a hard time trading my 3% rate for 6%??? Lender is paying all closing costs & paying down my rate to 5%???

    • @TyWilde
      @TyWilde  Рік тому +1

      If you're putting down a large sum of money & the new house payment is something you're very comfortable with and you really really want the new home then I would say do it. Historically, 5% is still a good rate.

  • @tamil1001
    @tamil1001 5 місяців тому

    I had a very bad experience with preferred lender. They promised to match any outside lender terms and then 2 weeks before closing when locking in the interest rate they would not match and cost me tens of thousands of dollars in interest over the loan term. I would be very hesitant to use the preferred lender every again.

    • @TyWilde
      @TyWilde  5 місяців тому +1

      Thanks for sharing your experience. I'm sorry it wasn't a good one. No doubt, there are some bad ones, but for the most part the preferred lender is the best route.

  • @btew-e6l
    @btew-e6l 8 місяців тому +1

    WE did not have a choice the builder required us to use their preferred lender. We applied for and qualified for military hero's loan. Our hero's loan was approved, provided multiple preapproval letter to builder from, locked in our rate, appraisal done and then couple weeks or so before closing we were told we had to use your preferred lender and pay $6000 in points to get an interest rate that is higher than our hero's loan rate (we did not have $6000) and we must close with on time or be sued. The preferred lender payment is almost $500 more a month mortgage and they had to redo paperwork, so we closed 2 days late. This is our first NEW house ever. Even our bank tried to write to your office, but they refuse to let our bank do the loan.

    • @TyWilde
      @TyWilde  8 місяців тому +1

      They can't force you to use a specific lender, but per your contract, you may have agreed to accepting some benefit that tied you to that lender. Or some builders require you to make the decision at time of contract or shortly after.

  • @muthoni632
    @muthoni632 3 місяці тому +1

    Investment

    • @TyWilde
      @TyWilde  3 місяці тому +1

      @@muthoni632 yes even for investments

  • @h7opolo
    @h7opolo 4 роки тому +5

    4:02 I want to build a home because I want my dream home, to avoid maintenance due to previous owners' negligence, and to take advantage of the advances in building and building material technologies.

    • @TyWilde
      @TyWilde  4 роки тому +3

      AMEN!! I have my own problems I don't want to buy a used home & inherit someone else problems. And, yes, Homes are built so much better these days. Thanks for watching & for your comment.

    • @h7opolo
      @h7opolo 4 роки тому +2

      @@TyWilde You rock. Very professional and helpful.

    • @TyWilde
      @TyWilde  4 роки тому +1

      h7opolo Thanks for the compliment. I appreciate it way more than you know.

  • @Robert-xo3er
    @Robert-xo3er 3 роки тому +1

    Build a home to settle down

    • @TyWilde
      @TyWilde  3 роки тому

      That is as good a reason as any.

    • @Robert-xo3er
      @Robert-xo3er 3 роки тому

      @@TyWilde when I’m 25

    • @TyWilde
      @TyWilde  3 роки тому +1

      @@Robert-xo3er Do it!

    • @Robert-xo3er
      @Robert-xo3er 3 роки тому +1

      Thank you, also I love your vids I watch 1/3 of your playlist and learned a lot thank you for sharing your knowledge.

    • @TyWilde
      @TyWilde  3 роки тому

      @@Robert-xo3er Thanks. I appreciate it more than you know. Please let me know if you have any questions & hopefully I'll hear more from you in the future.

  • @selfwar9147
    @selfwar9147 2 роки тому

    I wanted to build because we our new parents and I don’t want the stress of a fixer upper while I having an infant. I like the peace of mind that everything is new and no surprise!! Im glad I went with the preferred lender and our first lender would caused us problems I just know it! The process was easy we asked all the questions and the numbers for the preferred lenders was a lot better then our original lender!

    • @TyWilde
      @TyWilde  2 роки тому

      I'm glad you had a smooth transaction. The preferred lender is always easier.

  • @AJENKINS1920
    @AJENKINS1920 3 роки тому

    I want to renovate my home....THANKS A BILLION

    • @TyWilde
      @TyWilde  3 роки тому

      Just do it. That's what Nike would say!

  • @TyWilde
    @TyWilde  4 роки тому +1

    For more great videos like this hit the subscribe button
    ua-cam.com/channels/0X9q1Yr_JARSO8hYHf9RRg.html

  • @JavierGarcia-hd7xm
    @JavierGarcia-hd7xm 2 роки тому +1

    For me the 5k incentive was not a good deal. Interest rates are high, and yeah preferred lender sent me 27 emails with no useful offer lol so the lender of my choice was the best deal.

    • @TyWilde
      @TyWilde  2 роки тому +1

      Builder incentives for using the preferred lender aren't as good as they used to be. I should probably do an updated version of this video.

    • @alabeplenty
      @alabeplenty 2 роки тому

      @@TyWilde please do. Builder’s preferred lender is only offering $2500

    • @TyWilde
      @TyWilde  2 роки тому

      @@alabeplenty On my list. Thx.

  • @nextnameinhorror
    @nextnameinhorror 2 роки тому

    I’ve had used cars, used apartments. Now I want something no one has used

    • @TyWilde
      @TyWilde  2 роки тому

      I am with you 100% on that one. There's nothin' like a New Construction Home! Are you getting ready to build somewhere?

  • @wallyroskelley2791
    @wallyroskelley2791 4 роки тому +1

    We used the homebuilders preferred lender and had an excellent experience. As a matter of fact, I still keep in contact with that lender today.

    • @TyWilde
      @TyWilde  4 роки тому

      Yeah, a lot of people are glad they used the preferred lender.

  • @josiepasinpaul248
    @josiepasinpaul248 4 роки тому +6

    I love your videos! My primary reason to build my own home is because I want the house as I want it by the time I move in. I don’t know anything about renovating or doing DIY projects. I want to pick my lot, floor plan and upgrades and movie in!!

    • @TyWilde
      @TyWilde  4 роки тому +3

      Thanks for your wonderful compliment. I appreciate it more than you know. I agree with you on the DIY. I can do some of it, but I don't want to. HA HA!

  • @ne19622003
    @ne19622003 Рік тому

    As a veteran my own place for me,my dog bear, my dog ashes december,and hopefully my long distance relationship boyfriend can relocate

    • @TyWilde
      @TyWilde  Рік тому +2

      Fingers crossed for you buddy.

    • @ne19622003
      @ne19622003 Рік тому +1

      @@TyWilde thanks 😊 ty

  • @Duncan0524
    @Duncan0524 3 роки тому

    Building your dream home is tremendous experience and right what you want

    • @TyWilde
      @TyWilde  3 роки тому

      I couldn't have said it better myself. Where did you build your home?

    • @Duncan0524
      @Duncan0524 3 роки тому

      El Paso... it’s my first time ... try to learn more details

    • @TyWilde
      @TyWilde  3 роки тому +1

      @@Duncan0524 That's great. I have 200 videos to help you out. And, if you ever have questions, please don't hesitate to ask.

    • @Duncan0524
      @Duncan0524 3 роки тому

      @@TyWilde yes, I’m doing research about home builders and your video is really helpful to me. Thank you so much for your courses.

    • @TyWilde
      @TyWilde  3 роки тому

      @@Duncan0524 You're so welcome. Thanks for watching & best of luck to you. Please let me know if you ever have questions.

  • @Tone58
    @Tone58 3 роки тому

    #1 reason for building a new home is lack of down payment , 20% is out of question.

    • @TyWilde
      @TyWilde  3 роки тому

      Have you spoken to a lender about 5% or 10% down programs?

  • @mariateresadelacruzgoenaga7513
    @mariateresadelacruzgoenaga7513 3 роки тому

    Hi Ty! I am from CA, and I want to build a home because I do not want to deal with plumbing issues, etc in an existing home. Thanks for your videos they help me a lot!

    • @TyWilde
      @TyWilde  3 роки тому

      You are so welcome. Thanks for watching & for sharing. Best of luck to you & what part of California are you from? My little brother lives near Huntington Beach.

    • @mariateresadelacruzgoenaga7513
      @mariateresadelacruzgoenaga7513 3 роки тому

      @@TyWilde Jaaaaaa, I love Huntington Beach, but I live in Garden Grove. Thanks

    • @TyWilde
      @TyWilde  3 роки тому +1

      @@mariateresadelacruzgoenaga7513 I don't know where Garden Grove is but it sounds beautiful.

  • @spades1412
    @spades1412 4 роки тому +5

    Ty, thank you for these videos. They have helped a ton during our build process. Primary reason for wanting to build a home is being able to hand select the community, lot, the floor plan, & most of the final finishes. We are building with a Big National Builder. We are using their affiliate lender. Just locked in at a great rate under 3%. No origination Fee and the builder included thousands towards closing cost. Plus a free finished basement. I really thought it was too good to be true and was looking for the "catch". I dont think any other lender would have been able to compete.

    • @TyWilde
      @TyWilde  4 роки тому +2

      Thanks for the compliment & for sharing. Yeah, it would have been impossible for an outside lender to do that. They would have lost money to match that deal. And what you're talking about is a perfect example of why it's better to go with the builder's preferred lender. Who did you build with & where are you building?

    • @spades1412
      @spades1412 4 роки тому +1

      @@TyWilde Lennar in the Minneapolis Area

    • @TyWilde
      @TyWilde  4 роки тому +1

      spades1412 Hey, I’m just following up. Did you move forward with the purchase of the new home?

    • @spades1412
      @spades1412 4 роки тому +1

      @@TyWilde Yes, construction completed and moved in last month.

    • @TyWilde
      @TyWilde  4 роки тому

      @@spades1412 That's awesome. How was your experience with Lennar?

  • @RicardoHernandez-zr1pw
    @RicardoHernandez-zr1pw 3 роки тому +1

    Do you have any tips for selling an older house? This is for Utah.

    • @TyWilde
      @TyWilde  3 роки тому +1

      Well, in this market, it's a lot different than a normal market, but I would hire a Realtor to come to your home & make suggestions on the things that should be done vs. the things you can let go. I have a client in West Valley City that's just doing a few fixes before we list his home. Where is your home located?

    • @RicardoHernandez-zr1pw
      @RicardoHernandez-zr1pw 3 роки тому +1

      @@TyWilde My girlfriend's home is in West Jordan. She wants to sell it someday.

    • @TyWilde
      @TyWilde  3 роки тому +2

      I would also recommend watching this video, How to Get Your House Ready to Sell. Here's the link... ua-cam.com/video/_B9GwZqjR4A/v-deo.html

    • @TyWilde
      @TyWilde  3 роки тому +2

      @@RicardoHernandez-zr1pw This a great time to sell an older time because of the large # of home buyers. They can't be as picky as normal. How cool is that?

    • @RicardoHernandez-zr1pw
      @RicardoHernandez-zr1pw 3 роки тому

      @@TyWilde Thanks!

  • @tsubasarides4650
    @tsubasarides4650 4 роки тому +2

    My outside lender is offering a 2.25 rate.
    The home lender from the home could be offering a 3percent.
    Now the home lender would cover closing cost , for this scenario let’s say 10k. The difference of interest in the long run would be close to 24k.
    Lower rate better deal?

    • @TyWilde
      @TyWilde  4 роки тому +3

      Tsubasa Rides That depends on how long you’re planning to stay in the house. If you’re only planning to stay there for a few years take the higher rate. If you plan to stay in the house for the rest of your life take the lower rate. That being said in my experience usually the preferred lender will at least attempt to match the rate of the competitor. Best of luck to you. Please let me know how this turns out for you. BTW, where are you building at home?

    • @tsubasarides4650
      @tsubasarides4650 4 роки тому +1

      Ty Wilde Realtor & New Home Construction Specialist You’re the best for replying, Turns a stressful slash Anxious Ridden situation down a couple notches.
      I’m Building in San Antonio Texas. Huge market for realtors like your self actually. Rapidly growing market

    • @TyWilde
      @TyWilde  4 роки тому +2

      @@tsubasarides4650 Then owning real estate is a great idea. I've never been to San Antonio but I hear it's absolutely beautiful. Or, is that a lie?

    • @tsubasarides4650
      @tsubasarides4650 4 роки тому +1

      Ty Wilde Realtor & New Home Construction Specialist
      SA is big and spread out. It’s been growing very rapidly. Of course you have your beautiful areas and not so much like every city.
      The price of living in Texas is great In General. Homes go quick and builders keep popping
      Up in different areas. It’s definitely a sellers market.

    • @TyWilde
      @TyWilde  4 роки тому +2

      @@tsubasarides4650 Yeah, Salt Lake is the same. Congrats on the house & best of luck to you.

  • @dianesanders2455
    @dianesanders2455 3 роки тому +1

    Great video! I’m considering a new build in a retirement community in Florida and your videos have definitely been saved to my “moving to Florida “ list!

    • @TyWilde
      @TyWilde  3 роки тому

      I'm so glad I could help. Please let me know if you have any questions.

    • @TyWilde
      @TyWilde  3 роки тому

      I'm so glad I could help. Please let me know if you have any questions.

  • @eaglemountainutahrealestat8440
    @eaglemountainutahrealestat8440 4 роки тому +4

    In most cases if you’re building a home the preferred lender is going to give you the best deal. Always get preapproved by two lenders.

  • @georgemathis215
    @georgemathis215 4 роки тому +5

    I want a new home because I don’t want to run into any issues with old plumbing, old roofing, or remodels that weren’t don’t correctly.

    • @TyWilde
      @TyWilde  4 роки тому +1

      AMEN BROTHER! I couldn't have said it better myself. Thanks for watching & for sharing your thoughts.

  • @sdavis6456
    @sdavis6456 4 роки тому +8

    I want to build because I can’t find what I want in a resale home.

    • @TyWilde
      @TyWilde  4 роки тому

      Thanks for your comment. In Utah, building is the only option for a lot of people. Where are you looking to build a home?

  • @daniellev-crawford6038
    @daniellev-crawford6038 3 роки тому

    What if the preferred lender is owned by the national builder and has terrible customer service? Do I still sign the Loan Commitment Letter?

    • @TyWilde
      @TyWilde  3 роки тому

      That is an excellent question. I'm actually not super comfortable using preferred lenders that are owned by large national builders especially the ones with terrible customer service. Obviously it's your call, but I wouldn't commit to using them, I would consider allowing them to give me a loan once they've proven they can be completive.

    • @lolimiy
      @lolimiy 3 роки тому

      @@TyWilde Does “Lennar mortgage for LENNAR” consider “lender owned by large national builders “ ? I’m trying to understand the differences between in-house lender, lender owned by large national builders , and preferred lender. Thanks

    • @TyWilde
      @TyWilde  3 роки тому

      @@lolimiy YES! Lennar has their own inhouse lender. That means the two companies are tied to each other. I personally thing it's a questionable business practice. I would use an outside lender & then take the quote to Lennar & see if they can beat them.

    • @TyWilde
      @TyWilde  3 роки тому

      Sorry, I forgot. I wouldn't go back to the in house lender until the very end. like 45 days out.

  • @TheAnonymous916
    @TheAnonymous916 3 роки тому

    I’m going with a new construction home and the preferred lender quoted me 3.39% mortgage rate a few weeks ago, and my local credit union quoted me 2.87%. This is with 10% down payment and a 790 credit score. I was disgusted with the in-house lender. The $5000 incentive they gave me with going in-house lender is a joke when you compare the rate differences overtime.

    • @TyWilde
      @TyWilde  3 роки тому +1

      Thanks, not all preferred lenders are the same. That being said, if you send the preferred lender your quote from the other lender, often, they'll beat it.

    • @TheAnonymous916
      @TheAnonymous916 3 роки тому

      @@TyWilde When is the right time to show the in-house lender what my outside lender is offering? During the initial disclosure? 45 days before closing? I believe my builder only gives me 30 days from contract to switch lenders. In addition, rates quoted today are very different from 6 months (build time) from now with rate increasing. What’s the best approach?

    • @TyWilde
      @TyWilde  3 роки тому

      @@TheAnonymous916 Well, the builder cannot force you to use a specific lenders so I wonder what they are doing there. Usually 60-45 days before closing you can start figuring things & you can only lock a rate for 45 days. Yeah, rates will be higher in 6 months without a doubt. I would walk away from the builder & see if you can find any lenders who will do a 6 month rate lock. It will cost you some money up front & with the delays, you want to be careful. But, if the builder is going to play hard ball, I'd just walk away from them.

  • @richardhunt7759
    @richardhunt7759 4 роки тому +1

    Need info on construction loans. We will be building a home at Bear lake using a smaller builder needing to use a construction loan. Can you take us threw the proses. Thanks

    • @TyWilde
      @TyWilde  4 роки тому +1

      Thanks for watching my video and for your comment. I’m actually not a specialist on construction loans due to the fact that I’ve spent my 15 years working for larger home builders who carry the loan for the buyer. That being said, I know you need to get prequalified with a bank for a construction loan and that loan continues to increase throughout the process as the builder spends money & builds the home. Bear lake though, that’s awesome! Congratulations!!

  • @austinwebb6373
    @austinwebb6373 4 роки тому +4

    Great video!
    I know this is off topic, but what is your top 2 favorite closes when you are with a customer? For me, my first goal is to get them to pre-qualify on the home they are considering with our in-house lender. Ultimately, it would be to put down their earnest money on the home to progress the sale.
    What are your favorite top 2 closes to get them to commit and move forward?

    • @TyWilde
      @TyWilde  4 роки тому +3

      Hey Austin, it's great to hear from you & thanks for the compliment. My favorite close all time is the assumptive close. When I spend an hour with someone showing them homes & talking about everything I'm assuming they're ready to go. I sit them down in my office & just pull out the contract asking if they brought their check book for earnest money. Other wise I'll just say, "well, are you ready to lock this one up?" I always try to get people to make a commitment on their first visit. Thanks for your excellent question. I hope all is going well with you & please keep in touch.

    • @austinwebb6373
      @austinwebb6373 4 роки тому +1

      @@TyWilde Love it. The most common objection I've experienced is the "We want to think about it" response. Obviously, this is most likely the largest financial decision they will make in their lives and so that objection makes sense. However, what's the best way to push past that? Is it just to follow up at that point consistently?

    • @TyWilde
      @TyWilde  4 роки тому +1

      Austin Webb Sorry for my slow response. UA-cam never notified me Of this response. When people say they need to think about it I like to ask what it is specifically that they need to think about. Often it’s an objective that I can easily overcome. That being said, it’s usually away people tell you that they’re not ready and it’s best to just follow up with them though I like to let them know that I will be following up with them. Hopefully all is well with you my friend and please if you have any other questions don’t hesitate to ask.

  • @valk3310
    @valk3310 4 роки тому +5

    Great video. Thanks again Ty. Would you be able to do a deepdive video about the new contruction settlement process and associated costs (i.e. city/state taxes, recordation fees, title insurance and what it is, attorney fees, builder service fees, property tax, etc?). I appreciate all you do!

    • @TyWilde
      @TyWilde  4 роки тому +2

      Val, Thanks for the compliment. I'm not sure if I'd be the best one to do the video you're requesting. It's out of my scope of experience. As a new home salesperson, I actually don't attend the closings at title & I don't even see the closing docs. Thanks for watching!!!

    • @bamc3835
      @bamc3835 4 роки тому

      did you find a video with all these info? if yes, please share.

  • @morland
    @morland 3 роки тому

    Hey Ty when is the appraisal done on a new home if you use an outside lender for a VA loan?

    • @TyWilde
      @TyWilde  3 роки тому

      That is a great question. The appraisal is pretty much always done sometime in the last week before closing. Are you closing on a new home soon?

    • @morland
      @morland 3 роки тому

      @@TyWilde thanks so much.....i am

    • @TyWilde
      @TyWilde  3 роки тому

      @@morland Awesome! Best of luck to you.

  • @Clownkiller-k5c
    @Clownkiller-k5c 3 роки тому

    If you have a loan from an outside lender and the preferred lender denied you approval can the home builder deny you to buy the home?

    • @TyWilde
      @TyWilde  3 роки тому

      That my friend is an excellent question. The answer is a resounding YES! As a matter of fact, they are VERY LIKELY to not allow you to buy the home. Some builders may take a deeper look into why but others will just say no.

    • @Clownkiller-k5c
      @Clownkiller-k5c 3 роки тому

      So we got approved for a loan like a month ago. We found a new community and a home builder we reserved the home and we have put the earnest money down and signed the contract. The preferred lender said that the numbers were just not working. So we told the home builder and they said this. That if we went with our own lender they may not close on time and we may end up paying late fees.

    • @TyWilde
      @TyWilde  3 роки тому +1

      @@Clownkiller-k5c Yes. That sounds exactly like every builder I know. Just make sure your lender knows the closing date at least 30 days in advance. If the builder won't give you a date, once cabinets are installed, you should have about 45 days so that would be a good time for you to tell your lender to get things ready. Best of luck to you & thanks for watching.

  • @choualemay5139
    @choualemay5139 4 роки тому +2

    Our builder just started the digging process for our new house. We have already been preapproved by our lender for this house. Our builder never offered their preferred lender-is it too late to ask about their preferred lender and if there are any incentives to using theirs? We have been wanting a “second opinion” on our rates. What do you suggest?

    • @TyWilde
      @TyWilde  4 роки тому +2

      Excellent question. I would just ask if they have a preferred lender & if there is an incentive for using them. If they don't have a preferred lender you can just contact a second lender to compare the rate & terms against the original loan approval. I would probably wait to do this until the home is 45-60 days from completion. Maybe when they start painting the interior of the home. Please let me know if you have any other questions. Where are you building a home?

    • @bamc3835
      @bamc3835 4 роки тому

      @@TyWilde we are considering a custom build but have yet to find the right lot. since buying from a builder in a new subdivision is another option, we thought to get preapproval/prequalify for a loan before doing our next move. since we are still narrowing down on our options, including which builder to go with. should we still ask each potential builder whoo their preferred lender is a get rates from each one? (we have 3 builders we are looking at)

    • @TyWilde
      @TyWilde  4 роки тому +1

      @@bamc3835 As you meet with each builder, ask them if they have a preferred lender incentive. If so, ask them what it is. I wouldn't start the approval process until you've selected a builder. Then to make that builders lender compete, I would get a second pre-approval with an outside lender. Where are you looking to build?

    • @bamc3835
      @bamc3835 4 роки тому +1

      @@TyWilde i know we seem to be going an unusual route on our future home build (i.e. contacting builder before even having a lot) but at this point i am still stuck on which builder to pick because it all boils down to who can give us the cheapest quote for the specs we need for our home. but it seems like we can't really get the real numbers unless we pick THE builder, go through the design phase and then they can give a closer ballpark figure for us. i am leaning towards a local builder who only does 1-3 houses a year with the logic that he oversees the builds himself and is more hands on versus the big national builders who might be more focused on wider profit margins and our project might not be big enough for them to pay attention to. we are in a suburb located south of houston

    • @TyWilde
      @TyWilde  4 роки тому

      Bam C Sorry for my slow response. I’m just seeing your message and by the way go Astros! That was my little league baseball team, LOL. Did you select a builder yet?

  • @MichaelTheBroker
    @MichaelTheBroker 2 роки тому

    Many preferred builders loan estimates had higher fees and rates compared to broker wholesale pricing. Even after factoring in the seller credits. Many lender builders are affiliates of the builders (disclosed by law) or even owned by the same parent company.

    • @TyWilde
      @TyWilde  2 роки тому

      Thanks for watching & for sharing your thoughts. I sincerely appreciate you. In my experience as a new home sales person of over 15 years & now as a traditional Realtor, outside lenders almost never beet the builders preferred lender. I'd say more than 80% of buyers choose to go with the builders lender at the end of the day after comparing total costs to an outside lender. That being said, I ALWAYS tell my clients to get preapproved with 2 or 3 lenders.

  • @RicardoHernandez-zr1pw
    @RicardoHernandez-zr1pw 3 роки тому +1

    My own lender can give me a lower rate but the preferred lender has a higher rate but kitchen appliance upgrades and $5,000 in closing cost incentives.

    • @TyWilde
      @TyWilde  3 роки тому +2

      When you get about 45 days from closing, have both lenders compete one last time & see which one comes out on top at that point. When will your house be completed?

    • @RicardoHernandez-zr1pw
      @RicardoHernandez-zr1pw 3 роки тому +2

      @@TyWilde The house is scheduled to be finished in May sometime.

    • @TyWilde
      @TyWilde  3 роки тому +2

      @@RicardoHernandez-zr1pw That's going to be here before you know it. Best of luck to you.

  • @JasmineAvril
    @JasmineAvril 4 роки тому +1

    Building costs the same for an existing home with the same specifications here in the Atlanta area. Able to get some closing costs using the preferred lender.

    • @TyWilde
      @TyWilde  4 роки тому +1

      Yes. That seems to be the case in most places. Building is a no-brainer if that’s what it’s like where you live. Thank you so much for your comment.

  • @ManionaBudget
    @ManionaBudget 4 роки тому +4

    Hi Ty! I was wondering if it would be wise to show each lender the opposing lender's offer? Perhaps to entice them to lower their rate?

    • @TyWilde
      @TyWilde  4 роки тому +5

      Yeah, you're totally welcome to do that. It will work too.

    • @ManionaBudget
      @ManionaBudget 4 роки тому +1

      Thanks again, Ty!

    • @TyWilde
      @TyWilde  4 роки тому +2

      @@ManionaBudget You're so welcome. Thanks for watching.

    • @MichaelTheBroker
      @MichaelTheBroker 2 роки тому +1

      Race to the bottom!

    • @freshmows
      @freshmows 2 роки тому

      Yes, most lenders will price match, but it’s such a shady business. They say they’ll give the best rate, but then they price match if its not the best rate

  • @prabhupatel7001
    @prabhupatel7001 4 роки тому +1

    Good source of information. I agree with some of the points like it will be hassle free & easy communication with all parties but preferred lenders will not give you market competitive mortgage rate because they know you are receiving some incentives from builder & they are compensating it with mortgage rate. Just do your math. There is nothing wrong to shop around to know where you stand & make informed decision. Thank You !

    • @TyWilde
      @TyWilde  4 роки тому

      Thanks for sharing your thoughts. I always recommend talking to two lenders but, that being said in my 15 years of experience the preferred lenders usually win because they’re offering the best deal.

  • @kyleinpa5285
    @kyleinpa5285 3 роки тому

    Is the interest rate not locked in until the home is almost finished then? Our builder says it take 11 months to complete. Also, if I only have 10% down now, but will have 20% down 11 months from now, how does that work with the lender? Thanks!

    • @TyWilde
      @TyWilde  3 роки тому

      Those are both excellent questions. You can lock the mortgage rate about 30 days before closing. As far as putting 20% down 11 months from now, that's totally fine. A lot of people save really hard during the build process so they can put more money down. Where are you building a home?

    • @kyleinpa5285
      @kyleinpa5285 3 роки тому

      @@TyWilde The home will be in Florida. We haven’t started the build yet, but the builder we want to go with requires 5% up front. I have a good down payment and great credit, but my debt to income ratio will be very close, should I make sure that the contract says I can get some money back if I don’t get approved for the loan 11 months from now? Because a preapproval isn’t as detailed of a check, right?

    • @TyWilde
      @TyWilde  3 роки тому

      @@kyleinpa5285 Most likely the builder will not let you put that in the contract, but I would definitely try. Keep me posted on your progress.

  • @Alisha-sl1ts
    @Alisha-sl1ts 3 роки тому

    My builder’s lender is giving me the same rate since the day we signed the contract but the rates are going down and we still don’t have the status report. And now the builder doesn’t give us the correct date too. We asked the quote outside and it’s less like 0.7%. Should I wait for the status report to lock the rate with the builders lender or go with outside?

    • @TyWilde
      @TyWilde  3 роки тому

      That’s a great question. 30 to 45 days before closing I would contact both lenders and see which one gives you the best deal.

  • @bossent.9575
    @bossent.9575 3 роки тому

    Using my builder's lender would have saved me on closing cost because they cover the closing however reading the lender reviews there where so many recent bad reviews I got discouraged and decided to use my own

    • @TyWilde
      @TyWilde  3 роки тому +1

      That is a very good point. Thanks for sharing. That's why I always recommend getting prequalified with 2 different lenders.

  • @delvalle5010
    @delvalle5010 3 роки тому

    My primary reason for wanting to build a home is because we want to make our own design, no more than 1,500 Sq. Ft. and is for retirement.

    • @TyWilde
      @TyWilde  3 роки тому

      That's a great reason. Where are you looking to build a home?

  • @mebratgebremariam8986
    @mebratgebremariam8986 3 роки тому

    Nowadays the models design is very beautiful hense worth buying.

    • @TyWilde
      @TyWilde  3 роки тому

      Amen to that. Where are you looking to buy a house?

  • @god1stfamily233
    @god1stfamily233 3 роки тому +1

    A first time home owner & tired of paying high prices for a renter also a inheritance to leave my child & his children....

    • @TyWilde
      @TyWilde  3 роки тому +1

      Those are some of the best reasons. Thanks for watching & for sharing. Where are you looking to buy a house?

  • @evelync210
    @evelync210 4 роки тому +5

    I want to build a new home because Old houses can be money pits. I own an old house and hate the constant repairs so next time I am going the new house route.

    • @TyWilde
      @TyWilde  4 роки тому +2

      I'm with you 100% on that. My brother bought an old home & the time & money that's gone into that home is just crazy. Even if a new home is a little more expensive up front, they're pretty much always cheaper in the long run.

  • @eltalizaire5241
    @eltalizaire5241 3 роки тому +1

    What happened when you get no incentive?

    • @TyWilde
      @TyWilde  3 роки тому +2

      I'm not aware of any builder that doesn't offer an incentive, but if they don't you're probably better off to go with an outside lender. You should still get 2 quotes from 2 different lenders.

    • @eltalizaire5241
      @eltalizaire5241 3 роки тому +1

      Wow thank you for responding so quickly am going through a process with Lennar they feel like the inventory so low now that there’s no need for much incentive. They only they gave us 2500 of closing cost . I am not sure if I can stay with their lender or am I able to shop around where it’s not going penalize me from what I already put down as a payment.

    • @TyWilde
      @TyWilde  3 роки тому +1

      @@eltalizaire5241 Yes, you're totally able to shop around & I'm betting almost any lender can beat that super small incentive. I would reach out to a second lender right away. Best of luck & let me know how everything turns out.

    • @eltalizaire5241
      @eltalizaire5241 3 роки тому +1

      @@TyWilde yes I started doing that but I am afraid that they will come out from something in the contract stating it’s pass time that I will be unable to use another lender . Now my question is can they do that?

    • @eltalizaire5241
      @eltalizaire5241 3 роки тому

      *not be able to*

  • @annkoehler8017
    @annkoehler8017 4 роки тому +2

    Wow, I always thought it was a type of scam, that the lender and builder were somehow in "cahoots" with each other, or that there was a bit of nepotism involved. Thank you for your honesty and ethics on how everything really works! Two quick questions: When going for pre-approval with both lenders (my lender of choice and the preferred lender), #1 do I apply for both on the same day, so as to ensure that the second lender doesn't see a credit score hit? And #2, what if there are multiple preferred lenders for the construction company, as in the case of a builder I am aware of nearby in my current city, that has 10 preferred lenders? What do I do about that? Now, to your question: The reason we're going to be building within the next several years, is because we are retiring, and we want to be closer to all of our family, who live in different states. We'll be moving to another state that is close to being equidistant between 3 of our families, and closer to our remaining 4 families. LOTS of traveling in our future!

    • @TyWilde
      @TyWilde  4 роки тому +1

      Thanks for the compliment and for your excellent questions. Your answer to question number one is that you can apply with them at any time. You will only get hit on your credit for the first pull. You can actually apply with four or five lenders and only get hit the one time.
      To answer your question number two, I would ask the sales person which two are the best and apply with both of them.

    • @TyWilde
      @TyWilde  4 роки тому +1

      Oh, I forgot to ask. What state are you looking to move to?

    • @annkoehler8017
      @annkoehler8017 4 роки тому +1

      @@TyWilde We plan to move to Tennessee.

    • @TyWilde
      @TyWilde  4 роки тому +1

      @@annkoehler8017 That is awesome! Congratulations. Please let me know if you have any other questions.

  • @petermmikhael
    @petermmikhael 4 роки тому +6

    We're sick of cleaning after someone else or remodeling so we're buying a new home that hasn't been touched before even if it's more expensive

    • @TyWilde
      @TyWilde  4 роки тому +2

      Peter Mikhael My wife has always felt exactly that same way and that’s why we have never lived in a used or existing home.

  • @TheMnky7
    @TheMnky7 4 роки тому

    Our home is currently being built and we are super excited because buying a new build allowed us to choose the floor plan and upgrades we wanted at a convenience. Our community offered a huge amount discount but it seems not worth it because they have a way higher interest rate. My husband thinks over time we will end up paying more with them and they have terrible reviews.

    • @TyWilde
      @TyWilde  4 роки тому

      You're smart to check the reviews & it's not always the best deal that's why I do recommend getting a second quote. In a lot of situations, the preferred lender will match the competitors rate. Thank you so much for watching & for your comment. Where are you building a home?

    • @TheMnky7
      @TheMnky7 4 роки тому

      @@TyWilde discovery bay ca.

    • @TyWilde
      @TyWilde  4 роки тому

      @@TheMnky7 I have no clue where that’s at, but it sounds like a place I would love!

    • @TheMnky7
      @TheMnky7 4 роки тому

      @@TyWilde how much can the rain delay your building process?

    • @TyWilde
      @TyWilde  4 роки тому

      @@TheMnky7 The rain can delay the home by weeks but usually not at all it just depends on what stage the home is at. What are they currently working on?

  • @EastCoastReefer
    @EastCoastReefer 2 роки тому

    Existing million dollar homes in the northern Virginia area are not in great shape. Building new so we don’t have to fix and clean up people’s habitation.

    • @TyWilde
      @TyWilde  2 роки тому

      Amen to that!! It's pretty crazy that new construction is often priced so close to the same price of older homes. Thanks for your comment & best of luck to you!

  • @janejacksonjackson5157
    @janejacksonjackson5157 4 роки тому +1

    I want to convert my single family home to 3units condominiums in DC

    • @TyWilde
      @TyWilde  4 роки тому +1

      WOW, that sounds like quite the project. Keep me posted on how that goes.

  • @FollowingDopamine
    @FollowingDopamine 3 роки тому

    Why do I want to build a home .... we need to have a bigger house and want to just get what we want completed without remodels.

    • @TyWilde
      @TyWilde  3 роки тому

      AMEN to THAT Brother! Building is definitely the way to go! Where are you looking to build a home?

  • @norahrodriguez6897
    @norahrodriguez6897 3 роки тому +1

    Do you think that choose the external lender can delay the process? The builder lender offered $4,000 for closing costs and the external lender offered $8,900. We sign the contract 2 weeks ago with the builder lender because the pressure to save a lot. But no calls were received yet.

    • @TyWilde
      @TyWilde  3 роки тому +1

      I would get a quote with both to see which one is offering a better deal. Some outside lenders do struggle with new construction though so you'll need to keep them updated on the progress. Who are you building a home with?

    • @norahrodriguez6897
      @norahrodriguez6897 3 роки тому +1

      KB Homes, thanks for all this information!

    • @TyWilde
      @TyWilde  3 роки тому +2

      @@norahrodriguez6897 They're not located here in Utah, but they seem like a pretty good builder. Has it been a good experience for you so far?

    • @alabeplenty
      @alabeplenty 2 роки тому

      @@norahrodriguez6897 hello can you share your experience with kbhs home loan pls. Were you able to use outside lender ?

    • @norahrodriguez6897
      @norahrodriguez6897 2 роки тому

      @@alabeplenty hi, yes, we were be able to use our preferred lender. He helped us with VA loan, government program for first-time buyers and the best part an easy process. At the closing date we received $$ back, everything was covered! Good luck!

  • @dinasalazar1552
    @dinasalazar1552 3 роки тому

    Not the best rate, my experience, yes check

    • @TyWilde
      @TyWilde  3 роки тому

      Often that is true, but not always. I've been with builders where the outside lender could compete & I've been with other builders where the outside lender didn't stand a chance due to the fact that the builder was also helping to reduce closing costs. Thanks for watching & for sharing your thoughts.

  • @maryduhon222
    @maryduhon222 4 роки тому +1

    My mom donated me 1.3ac

    • @TyWilde
      @TyWilde  4 роки тому +1

      That's awesome. Now what are you going to do?

    • @maryduhon222
      @maryduhon222 4 роки тому +1

      I'm not sure yet . I'm in prayer about it . There's also a brand-new neighhood being developed near me as well .

    • @TyWilde
      @TyWilde  4 роки тому

      @@maryduhon222 Decisions. Decisions. Best of luck to you. Please keep me posted on how things go.

    • @maryduhon222
      @maryduhon222 4 роки тому +1

      Love your videos ❤️ they are really helpful

    • @TyWilde
      @TyWilde  4 роки тому +1

      @@maryduhon222 Thank you so much for that compliment. I appreciate it more than you know.

  • @joshwilliams7692
    @joshwilliams7692 2 роки тому

    Dude, so much of the time in this video was wasted. Just give us the info.

    • @TyWilde
      @TyWilde  2 роки тому +1

      Peace be unto you my brother. This was one of my early videos. I've learned a lot since I filmed this one. I'd love it if you checked out some of my newer stuff. Most of it is New Home Construction related. Thanks for watching.

    • @joshwilliams7692
      @joshwilliams7692 2 роки тому

      @@TyWilde Cool! I'm sorry I came on a little harsh. It was a bit frustrating trying to find helpful information when you kept talking about related videos, thumbs up, etc. Your video was one of the top results for this subject. 👍

    • @TyWilde
      @TyWilde  2 роки тому

      @@joshwilliams7692 No worries. I'm getting better.