Forced by Builder to use their lender

[sunnysideup0527]

undefinedWhat is the name of your state?Maryland

I am being forced by builder to use their lender. The contract clearly says I have the choice to get my own lender. However, if you try to do that, you will find that it is very difficult. It's almost impossible.

First, they have a clause in the contract that I have to provide unconditional commitment letter signed by the UNDERWRITER in 30 days. All the lenders I spoke to say that no UNDERWRITER will write commitment letter. Also, I can not even submit the loan application because there is no structure built yet.

Second, there's another clause that says I have no choice but to go with their designated lender if I do not provide the commitment letter before 45 days of settlement date. This means that I have to lock the rate for almost two months. This will drive my interest rate unbelievably high.

What do I do?

[HomeGuru]

Originally Posted by sunnysideup0527

undefinedWhat is the name of your state?Maryland

I am being forced by builder to use their lender. The contract clearly says I have the choice to get my own lender. However, if you try to do that, you will find that it is very difficult. It's almost impossible.

First, they have a clause in the contract that I have to provide unconditional commitment letter signed by the UNDERWRITER in 30 days. All the lenders I spoke to say that no UNDERWRITER will write commitment letter. Also, I can not even submit the loan application because there is no structure built yet.

Second, there's another clause that says I have no choice but to go with their designated lender if I do not provide the commitment letter before 45 days of settlement date. This means that I have to lock the rate for almost two months. This will drive my interest rate unbelievably high.

What do I do?

**A: simple, you hire the attorney that you should have hired before signing the contract.