I tried to ask this in the mortgage rate thread but decided to start it's own topic and see what you guys might have to say.
I have a friend who is building a house. He decided to go with a bank that is close by the house and a little smaller in scope than the big boys. His first step out of the gate was a nasty fall. His builder poured his foundation on a Tuesday. The builder asked my friend to have him a check on Thursday. The small bank would not cut a check until Friday because they had to send someone out to the lot to insure that the slab had been poured (hence why he thought it might be a good idea to have a local bank). He got the check, took to builder, and the builder got mad as he had written checks to pay his guys and they had bounced. There are some other tidbits that I won't go into but bottom line is my buddy will be needing to get draws regularly to get this house built. He has over an 800 credit rating and no problems with getting a mortgage. However he is regretting this bank big time as it seems like it's going to be a struggle all the way thru building the house.
I told him he needed to get another bank immediately.
My question is this:
If he already has a loan with this other bank how hard would it be for him to close that loan and get another with a more reputable and larger bank?
It has been a cluster right off the bat and I'm scared it's going to continue on.
Thanks in advance.
I have a friend who is building a house. He decided to go with a bank that is close by the house and a little smaller in scope than the big boys. His first step out of the gate was a nasty fall. His builder poured his foundation on a Tuesday. The builder asked my friend to have him a check on Thursday. The small bank would not cut a check until Friday because they had to send someone out to the lot to insure that the slab had been poured (hence why he thought it might be a good idea to have a local bank). He got the check, took to builder, and the builder got mad as he had written checks to pay his guys and they had bounced. There are some other tidbits that I won't go into but bottom line is my buddy will be needing to get draws regularly to get this house built. He has over an 800 credit rating and no problems with getting a mortgage. However he is regretting this bank big time as it seems like it's going to be a struggle all the way thru building the house.
I told him he needed to get another bank immediately.
My question is this:
If he already has a loan with this other bank how hard would it be for him to close that loan and get another with a more reputable and larger bank?
It has been a cluster right off the bat and I'm scared it's going to continue on.
Thanks in advance.
