Can a builder force me to pick a lender?
I got pre-approved at 2.5% for a conventional loan at 30 years. I have a FICO of 837 and 822. My builder has a preferred lender that offers 3.125% with a 20% down payment. Can they force me to use their preferred lender or look for one that offers lower rates? by jespley374 from Buckley, Illinois. Nov 9th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Absolutely not... With that said, it is extremely common for builders to apply all sorts of sneaky games, fake incentives, and other high pressure tactics to get you to use their preferred lender. Sadly, most people fall for it because they just want the new home. Buyer Beware. If their preferred lender was such a great deal, you pick them on your own without the games. I lend in MN WI IA ND SD - Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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