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Member
Tazzyboy
Posts: 5
Registered: ‎07-17-2012
0

Hovnanian Mortgages

We are looking at a Hovnanian home and thinking about using their mortgage company.  Anyone have any experience with them?

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: Hovnanian Mortgages

Nothing wrong with using them, just keep in mind they are performing all duties to your home purchase from building, real estate, and lending.

 

I would just get at least one other pre qualification or pre approval to compare with. Oh and make sure you use a Broker to compare, Banks usually do not compete as low as a Broker.

 

The only thing I myself do not like about dealing with this type of situation, there is no guarantee they are looking out for my best interest. Who do you turn to for negotiating? What do you do if you have a problem?

 

Personally I still feel nothing wrong with using them, but it does have its faults, and you need to know what you are doing.

Good Luck
May all your dreams and wishes become a reality!
Regular Contributor
NY_Beauty
Posts: 193
Registered: ‎11-10-2012
0

Re: Hovnanian Mortgages

I am using them and while the concerns mentioned are definitely valid the good thing with working with a large established vedor is their credibility.  They did not just pop up and have a good reputation.  I did my research prior to choosing them. They also encouraged me to get my own attorney and have been very transparent with the entire process.  They provide their coordination of services to make the process easy, not to kick you in the tail. So far so good for me.  Where are you considering?  New construction?

Amex Green Amex Gold Delta Rewards Discover IT CU Rewards Visa Closed on my new home 5/2013!

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: Hovnanian Mortgages


NY_Beauty wrote:

I am using them and while the concerns mentioned are definitely valid the good thing with working with a large established vedor is their credibility.  They did not just pop up and have a good reputation.  I did my research prior to choosing them. They also encouraged me to get my own attorney and have been very transparent with the entire process.  They provide their coordination of services to make the process easy, not to kick you in the tail. So far so good for me.  Where are you considering?  New construction?


By law they have to be transparent, and disclose all affiliations.

I am glad things are working out for you, thats all that matters!

 

I will once again say, nothing wrong with doing business with them.

 

It is actually a smart business set up for them.

 

The only thing I will disagree with is.... Working with a large established vender is their creditability. There are many larger companies (venders) that have a horrible creditability. Larger organizations may have more money to handle things differently, but the smaller company actually has to work harder, smarter, and with much more creditability to stay in business.

Good Luck
May all your dreams and wishes become a reality!
Regular Contributor
NY_Beauty
Posts: 193
Registered: ‎11-10-2012
0

Re: Hovnanian Mortgages

I'm not debating, nor am I making a case for which is better. I am having an experience with this company so thought I would share.  I thought the initial post was looking for just that, those with experience with the company.

Amex Green Amex Gold Delta Rewards Discover IT CU Rewards Visa Closed on my new home 5/2013!

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
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Re: Hovnanian Mortgages

We bought a new construction inventory Lennar home and the experience was great with their lender UAMC. I received $15K in lender credits for using Lennar's lender. The only thing I didn't like is I had a very impersonal relationship with my LO.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
New Contributor
BCullum
Posts: 157
Registered: ‎01-09-2013
0

Re: Hovnanian Mortgages

I'm purchasing a Meritage home, and using the in-house lender which is MTH Mortgage (Mertigage). I don't know if I got lucky with my LO, but he constantly sends me text updates, responds to emails at 9pm at night, has pretty much gone out of his way to make the process go smooth. I didn't shop around, and im probably overpaying for closing costs but with my 3000 credit towards closing for using in house im on par with what others are saying. So all in all im pretty satisfied staying within the company to cover all my home buying bases.

Lender Pull EQ 745 EX 734 TU 722
Contributor
OilFieldEngineer
Posts: 100
Registered: ‎07-17-2012
0

Re: Hovnanian Mortgages

I am using Highland Home's lender Highland Loan Source. Have had great luck with the process so far with the exception of the underwriter. The builder though was able to goto bat for me when I felt like the underwriter was being overly critical and we had a disagreement. Despite the problem I have had a great experience their management was very professional after the builder called and escalated the situation over the original underwriter's head. I had shopped a broker as well and I could get .25% better rate with them but I would have given up the large incentive credit the builder's lender was offering. As everyone else stated get a competitive offer and compare the two. 

Current Scores 715 EQ (FICO 02/14) 720 EX (Lender Pull FICO) 742 TU (FICO 01/14)

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Contributor
Amythyst
Posts: 139
Registered: ‎01-22-2013
0

Re: Hovnanian Mortgages

I got a preapproval through K. Hovnanian but I ended up going with Atlantic Builders.  The lady at K. Hov was very nice and responsive.  Sent me the preapproval letter very quickly... she also said she would contact the community rep for me but I actually never heard from them.  I think going with the preferred lender with the builder you choose is a good decision.  I ended up getting 6,500 in closing costs from the builder and 2,500 lender credit plus 15k off the price of the house.  My loan officer is great and always answers my emails...right now we are just in the "waiting" stage for our permits to go through but we do get to go to our design center appointment this coming week, so we're excited about that.

 

Good luck with your purchase!

Member
Tazzyboy
Posts: 5
Registered: ‎07-17-2012
0

Re: Hovnanian Mortgages

We are looking at Manapalan Four Seasons.

 

Thanks for your response.


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