Have you done this? Did you regret it or was good for you with builders incentive?
My builder is giving $5000 towards closing. Interest rate is 0.125 to .25% higher.
What are pros and cons of going with Builders Financing Company?
2007-12-30 17:38:17 · 3 answers · asked by Kris 2 in Business & Finance ➔ Renting & Real Estate
You've just listed the pros and cons. You're 'getting' $5000 for paying a higher rate of interest. So where's the incentive ?
2007-12-30 22:55:04 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
Pros are that the incentives make a property affordable. Cons are if you're going to be in the property for a long time, the higher rate will end up costing you more than the incentives.
I've helped many people buy properties using the builder's lender where they got the same rate as if using a different lender. I'd ask the builder's lender why they can't get you the going rate.
2007-12-31 02:25:31 · answer #2 · answered by trblmkr30 4 · 0⤊ 0⤋
Believe me, he'll still give you the $5000 toward closing if you choose a different lender. He's not going to take the chance of losing a buyer.
pcompton@amerisave.com
2007-12-31 03:12:48 · answer #3 · answered by Paul C 3 · 0⤊ 0⤋