He expects to be compensated by the lender for the referral of clients, often through a marketing arrangement where the lender pays some of the builder's marketing expenses. In addition, the builder expects the preferred lender to provide assurance that home sales won't fall through because of a lack of financing.
What are the benefits of a preferred lender?
A preferred mortgage lender helps you secure the loan that best fits your individual needs. Finding the right lender can be a long and complex process, but when you pre-qualify with a preferred lender, you can rest easy knowing they are familiar with the builder, their sales staff, policies, and requirements.
Why are local lenders preferred?
Local lenders know the market in your area better than anyone else. That means they have a better understanding of property values and the local economy. When you work with a smaller, local lender, you're paired with a licensed loan officer and team of professionals who are experts in the region you're buying into.
Why choosing the right lender is important?
5 things to know when choosing a mortgage lender. Choosing the right mortgage lender is important. Not only will it impact what loans you qualify for, but it also influences your interest rate, fees, down payment and long-term costs, too. Picking a mortgage lender isn't always cut and dry, though.
What not to tell a lender?
- 1) Anything untruthful.
- 2) What's the most I can borrow?
- 3) I forgot to pay that bill again.
- 4) Check out my new credit cards.
- 5) Which credit card ISN'T maxed out?
- 6) Changing jobs annually is my specialty.
How do green buildings save energy?
The concept of daylighting calls for orienting windows in a manner that makes best use of natural light inside the building and reduces electric lighting needs. And solar-powered water heating cuts down on energy costs. Plants and trees have also become firmly rooted within green building practices.