Why Do Home Builders Have Preferred Lenders?

Once they’ve chosen a builder, many prospective buyers are advised to use a lender for their mortgage that the builder has pre-selected. Often there are certain incentives that go along with using a builder’s preferred lender.

So why do builders have preferred lenders? Some think this is just a chummy relationship that the builder gets a kickback on. The reality is that builders have learned from hard experiences that some lenders really are better to work with than others.

At Vesta Homes we call our preferred lenders “Expert Lenders” and hopefully this helps explain why we prefer them. We don’t receive any benefit from our buyers using our Expert Lenders other than the peace of mind that comes with knowing that our buyers are in good hands and that the closing and home transfer process will be very painless and stress-free.

In our experience, Expert Lenders...

• Always close on time.
  • No unexpected delays. This means that they are organized and on top of things. They ask for title commitments well in advance, have reliable relationships with appraisers, consider Federal regulations like the new TRID rule, and generally manage the lending process in an expert manner. 
• Vet our buyers.
  • Good lenders take the time to understand our buyer’s financial situation very well up front so that there are no surprises when it comes to qualifying as it comes time to close.
• Know the new construction process.
  • It’s different than buying existing homes. In Utah, 80% of mortgages are for the existing market, so it’s less common for a lender to be good at new construction financing.
• Work well with Vesta Homes.
  • Our Expert Lenders have been doing business with us for years. They know how we operate and what we’re looking for, they know how to reach us quickly, and they can anticipate our needs and our buyer’s needs to make a closing as painless as possible.

Who are Vesta's Expert Lenders?

Scott Smith

Office: 801.428.0803
Mobile: 801.209.3850

Email

Alexis Carter

Office: 801.501.7950
Mobile: 801.856.0862

Email

Ken Martello

Office: 801.699.6641
Mobile: 310.699.6641

Email

Inexpert Lenders

Through the course of selling lots of homes over the years, we’ve run into a few lenders that we would consider less than good at their jobs. These lenders have delayed closings, lost documents, and generally have created a bad experience for our home buyers. We caution you to avoid them.

• Lending Institutions that are headquartered out of state
• Inexperienced lenders
• Lenders who work mostly with existing home transactions
• Unfamiliar family friends or friend-of-a-friend
• Some Federal Credit Unions