We are pleased to introduce our latest program, Builder Forward!
This unique program allows borrowers to lock in an interest rate at the beginning of the building project, ensuring that they won't have to worry about rates increasing and will have adequate funding for their home when the project is complete.
This opportunity will give both builders and borrowers peace of mind, and will encourage borrowers to buy now.
Advantages of This Program:
- Refundable upfront fee - An upfront fee will be collected when the commitment is taken out. This fee will be refunded to the percentage at which the full commitment is filled. For example, a $10 million commitment is taken out but the client only delivers $7.5 million worth of loans. 75% of the upfront fee will be returned to the client and 25% will remain with Plaza.
- Get more flexibility in your commitment - deliver your loans in a range of maximum rates and prices, not just one
- Allow builders to have guaranteed, locked in interest rate for borrowers who qualify, no matter how high the rates go
- Provide a contingency plan to protect all parties (builders, borrowers, lenders) from risk of rising interest rates, and borrowers not being able to afford the home
- Promote more building of homes, and therefore, help with the current inventory shortage of homes
- Float-down options on blocks of Agency 30-Year Fixed - for 90, 120, 180 or 240 days
At Plaza Home Mortgage, we strive to offer competitive and useful programs for our clients, enabling them to improve and grow their business. Currently, Builder Forward is being offered to our National Correspondent channel.
To learn more about this unique program, contact your National Correspondent Account Executive today!