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As you know we are in a stuff spot and have recieved little to no direction from our lender and have been building since Sept 2016. Any advice or improtant details that I need to know prior to changing from the builders lender?
We will proceed with changing lenders in the next 30 days if not sooner(waiting for my middle score to go back up since the drop from 634 to 580.....
I our build will be completed March 9th...such an inconvience but I feel if we stay we will get screwed out of this home we just spent 4 months getting prepared for. PLEASE HELP!!
Hi jamevfan,
sorry to to hear about the scores, I don't know much about a solution to your problem, but I am wondering who you have involved so far to get information' have you tried getting your realtor to reach out to your loan officer or their manager? Also, if you decide to shop your deal to another lender, make sure that lender gets you through underwriting approved before telling the builders lender anything. That way if things don't go as planned you have not burned any bridges yet.
I think most folks will tell you that the builders lender normally has more skin in the game to get you funded. I know it's a scary place to be, try to relax and be methodical and not emotional if you can. I am praying all works out for you and your family.
Sylvrbak come to find out the builders lender had an initial pre approval before when i was with the lender they had a week before the builder switched lenders but since oct my file has bee. Sitting on the new lenders desk with nothing being done. If we dont call the new lender they dont attempt to reach out to us for anything so with just a couple of months left we are just floating in thin air....im clueless and dont feel this should be the case...we have been very patient but are concerned that we dont even have a loan at this point with the builders new lender and she doesnt seem to be concerned at all...
I hear ya, and totally agree, if they are not providing feedback, you have to take matters in your own hands. I would still reach out to the manager if possible. When I first started working with the builders lender, I actually drove up to the loan officers office in order to let them know that I hoped they could understand how vital communication is, with all that is going on surely they can schedule 5 minutes to provide some information. It seemed to work for a minute and then I had to push the reset button again, and then again. Be persistent, but diplomatic.
One lat thing, I remember reading a thread awhile back about lenders that work with lower scores.... I think the title was "Lender with 580 score" you may be able to get a recommendation from the o.p.
I dont feel i will get very far working with the builders lender she seems like its her first day on the job to be honest. I have not been impressed the least bit but have found a lender after talking with few that can work with us, i have 6 accts across 3 bureaus coming off in the next 72hrs, paying down my CC balances and paid the 3 collection accts who accepted PFD. So im sure my score will come up its just a matter of time and as sson as we get those paid we will repull and get the ball rolling
@jamevfan wrote:I dont feel i will get very far working with the builders lender she seems like its her first day on the job to be honest. I have not been impressed the least bit but have found a lender after talking with few that can work with us, i have 6 accts across 3 bureaus coming off in the next 72hrs, paying down my CC balances and paid the 3 collection accts who accepted PFD. So im sure my score will come up its just a matter of time and as sson as we get those paid we will repull and get the ball rolling
Did your builder give you just one lender? Our builder gave us 5 to choose from and pused hard on two of them, we went with the first card he suggested and that LO was a nightmare in communication though the pre-approval came from him, when it came time to get a full approval (happened 70 days out from close) and sign the docs I told him I wasn't happy and went with the other lender, from that point on it was the most pleasant experience with this LO & entire company that I ever received and I never met the guy.
Maybe a change is what's needed, your heart will definitely guide you- all the best!
gsully, we only havd the option on 1 lender as that is all they are working with and we are about 60 days out at this point.....I this week i have been focusing on fixing the last of my credit but at this point will probably just get it ran byt the new lender when my scores increase this week and if the acct that I am waiting to get updated that may take 30-45days I may have to da a rapid rescore on that one since its only on 2 bureaus....not sure what route we are taking just yet but will definitley be switching
Is your realtor able to get you an extension to close? Getting an extra week or two will help take some of the pressure off, and help you get those other cards paid down.
Good suggestion, Im going to ask. I know the time to close after the build is finished is in the contract, I just dont know how much time we have...
Found a lender and things are moving along as planned, a lot is going on in a short period of time.