Mortgage Lenders for Design Build

[Sherwood618]

Are there any viable alternatives for mortgage lenders for design build new construction? The advice I have heard is to finance through the Village’s Citizen’s First Bank since they are best to assure everything is buttoned up to close on the mandatory closing date (without penalties for delays). Just curious if people have found alternatives, understanding that Citizen First’s interest rates may be a smidge higher. Appreciate any insight. Just trying to do my due diligence. Thanks.

[Philbot]

I used PennyMac Financial Services. They hold my current mortgage and offered a highly competitive rate, plus discounts for being a previous customer. Since we're building, the processing and approval time was more than sufficient to meet our closing date requirements. Congratulations on the build...

[villagetinker]

We did exactly what you are trying to do, went with citizens First (7 years ago) very happy with the results and the interest rate.

[FenneyGuy]

I used Citizens as well. Very happy with their service. I refinanced thru them also.

[CoachKandSportsguy]

We used Citizen's First as well. . . its one of those decisions that doesn't go wrong here in TV when buying a custom build. They do have a near monopoly of convenience with the closing process, and you can find better terms, but how much better and what other terms and conditions are significantly better that would cause you to choose an out of state mortgage or otherwise?

just curious. . . internet offering?

[dtennent]

If you have a relationship with a bank/credit union from your home town, it might be useful to contact them to see what rates/perks they may offer. On our first home, we financed through our local credit union up north. I told them I could finance through Citizens First but was giving them the first crack. I then asked them to expedite the approval process so that I could fall back on Citizens First if needed. They came through in less than a week giving me a better rate and allowing me to make my payments through my existing checking account (which is where my pension was being deposited). The law firm here handled everything including making sure that the money was here in time for the closing. While I have had a few problems with Citizens First on other occasions, I still maintain a checking account there to have a local financial institution.