Richmond Homes

[Anonymous]

Hi Everyone, My wife and I are conflicted between purchasing a new home vs older. We love a model through Richmond Homes and they have amazing incentives thru their lender. My middle Mortgage score is 755 hers is 836. We will be putting 35 percent down. 

Anyone have any experiences thru Richmond they can share and what is it like to go thru their lender?

thank you

Vinny

[CreditInspired]

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@Anonymous wrote:

Hi Everyone, My wife and I are conflicted between purchasing a new home vs older. We love a model through Richmond Homes and they have amazing incentives thru their lender. My middle Mortgage score is 755 hers is 836. We will be putting 35 percent down. 

Anyone have any experiences thru Richmond they can share and what is it like to go thru their lender?

thank you

Vinny

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Hi OP,

I don't know about Richmond Homes specifically, but builders kind of operate the same way. They give huge incentives if you use their lender and closing attorney. The incentives are varied. It can be paying up to a certain dollar amount of closing costs, finishing a basement, adding a deck, etc. Their interest rates, points, and origination fee may be slightly higher than banks and/or CUs so it's definitely in your best interest to compare apples to apples and not apples to oranges to make sure that you are still getting the best APR even with their incentives.

So hopefully someone will be along shortly who can speak directly to Richmond Homes.

GL2U

[Anonymous]

Yeah the more I’m looking at it the incentives aren’t really incentives their interest rate is much higher than Chase where I’m a private client.

[nykos5000]

Richmond American is a pretty well known builder here in SoCal and their homes seem to be nice enough. What I've been told if the builder's mortgage company doesnt move on lowering rates then you can negotiate more discounts on the home itself and or more upgrade incentives, etc. This can work, depending on how much you want to upgrade your new home...for me, that's the biggest benefit of buying new. Being able to mostly customize trim, etc. how you want versus having to buy an older home that may need work to get it to how you want it.