Taylor Morrison Dwelling Funding Assessment: Enormous Mortgage Price Buydowns Make Them Laborious to Beat

If you happen to’ve acquired your eye on a Taylor Morrison residence, you will have come throughout their affiliated lender “Taylor Morrison Dwelling Funding.”

As with many different residence builders, they’ve acquired their very own in-house mortgage lender to streamline the house shopping for course of.

This affords them higher management, ideally boosting customer support, and offers them the flexibility to supply particular pricing incentives.

With fewer events concerned, they need to have the ability to get you from utility to closing faster than the opposite guys.

And if they’ll throw in a giant mortgage charge buydown as effectively, it could be a win-win. Learn on to study extra in regards to the firm.

Taylor Morrison Dwelling Funding Quick Info

  • Affiliated lender for residence builder Taylor Morrison
  • Provides residence buy financing to new residence consumers
  • Based in 1982, headquartered in Maitland, Florida
  • Has 84 licensed mortgage mortgage officers
  • Mother or father firm is publicly traded (NYSE: TMHC)
  • Licensed to lend in 11 states nationwide
  • Funded over $3 billion in residence loans in 2022
  • Most energetic in Texas, Florida, Arizona, and California

Taylor Morrison is one the biggest residence builders in the US, serving residence consumers and renters in 19 markets throughout 11 states.

Solely a handful of builders are bigger, together with D.R. Horton, Lennar, Pulte, NVR, and Toll Brothers.

The corporate was formed in 2007 after Taylor Woodrow Inc. and Morrison Properties Inc. merged. Dispute this current growth, their constructing operations date again to the early 1900s.

They’re now headquartered in Scottsdale, Arizona and construct new properties in 11 states, together with Arizona, California, Colorado, Florida, Georgia, Nevada, North Carolina, Oregon, South Carolina, Texas, and Washington.

These are additionally the states the place they’re licensed to lend, as their major focus is extending financing to the consumers of their new properties.

Taylor Morrison Dwelling Funding is most energetic within the state of Texas, which accounts for about 25% of complete mortgage manufacturing.

Eventually look, there have been 84 licensed mortgage mortgage officers working for the corporate all through the nation, per the NMLS.

Additionally they personal Impressed Title Companies, which is a full-service title insurance coverage and actual property settlement supplier working within the states of Arizona, Colorado, Florida, Nevada, and Texas.

Find out how to Apply

To get began, you possibly can both go to a brand new residence gross sales workplace and get linked to a gross sales rep, or just navigate to their web site.

If you happen to go surfing, they’ve the choice to pre-apply through “Dorothy,” which is their “state-of-the-art mortgage know-how that may take you residence with only a few clicks.”

A play on the Wizard of Oz, Dorothy works alongside a human Taylor Morrison Dwelling Funding crew to get you to the end line faster and simpler.

The method features a digital mortgage utility with automated verifications to scale back the necessity for paperwork and documentation, powered by fintech firm Mix.

Candidates can eSign disclosures and benefit from safe doc importing to ease the burden.

As soon as full, you’ll be introduced with tailor-made mortgage options based mostly on the data you present.

And a licensed mortgage officer will then present options and “market-competitive charges” along with your objectives and funds in thoughts.

Those that choose extra steerage can merely click on on “Contact a Mortgage Marketing consultant,” the place they’ll discover contact data for mortgage officers close to their market.

After your mortgage is submitted, you’ll have the ability to verify mortgage standing through the web portal, fulfill excellent circumstances, and get in contact along with your lending crew if and when you may have questions.

Ready Prepared Personal (ARO)

Those that need assistance qualifying for a house buy can benefit from their complimentary program referred to as Ready Prepared Personal (ARO).

In a nutshell, ARO Consultants work with potential residence consumers to strengthen their credit score profiles and increase their possibilities of getting accredited for a house mortgage.

The purpose is to coach customers in regards to the residence shopping for and mortgage course of, and create tailor-made plans that produce higher certified residence shopping for candidates.

If profitable, they may have the ability to increase your credit score scores and positive tune different areas which are key for mortgage qualification.

In the long run, these adjustments might put you in a stronger place relating to shopping for and financing a house.

In the event that they’re capable of improve your credit score scores, you might also qualify for a decrease mortgage charge.

Obtainable Mortgage Applications

  • Dwelling buy loans
  • Conforming loans backed by Fannie Mae and Freddie Mac
  • Jumbo loans
  • FHA loans
  • VA loans
  • Fastened-rate and adjustable-rate choices
  • Momentary buydowns together with 3-2-1
  • Everlasting buydowns for lifetime of mortgage

Taylor Morrison Dwelling Funding has a restricted menu of mortgage applications, however nonetheless all the principle stuff to fulfill the wants of most residence consumers.

They’re totally targeted on offering residence buy loans to their prospects, that means no mortgage refinances right here.

By way of mortgage alternative, you will get a conforming mortgage backed by Fannie Mae or Freddie Mac, or a jumbo mortgage if buying an costly new residence.

Authorities-backed loans are additionally obtainable, together with FHA loans and VA loans.

They don’t seem to supply USDA loans or second mortgages, together with any kind of residence fairness loans or traces.

Nonetheless, you will get each a fixed-rate mortgage, corresponding to a 30-year mounted or 15-year mounted, or an adjustable-rate mortgage, corresponding to a 5/6 ARM or 7/6 ARM.

Moreover, buydowns could be provided, together with short-term and everlasting buydowns, to assist cut back funds for the primary couple years or for the lifetime of the mortgage.

Taylor Morrison Dwelling Funding Charges and Charges

Whereas they don’t have a web page devoted to their mortgage charges and lender charges, my guess is they supply particular financing in the event you use them to purchase a Taylor Morrison residence.

This can be a frequent setup for residence builders with their very own financing departments. They’re capable of construction offers that embrace huge mortgage charge buydowns.

Not solely does this assist the house purchaser qualify, it additionally permits them to keep away from worth reductions if affordability is strained.

If you happen to go to the Taylor Morrison Properties web site, you’ll have the ability to see particular affords by clicking on a selected market they serve.

I got here throughout some fairly spectacular offers, together with a mix of a brief and everlasting buydown the place the rate of interest began as little as 2.75%.

Simply take note of closing prices and the mortgage APR, which components within the lender charges and the rate of interest.

And at all times take the time to collect outdoors mortgage charge quotes so you possibly can negotiate with the builder’s lender.

Taylor Morrison Dwelling Funding Evaluations

There don’t appear to be a ton of critiques on-line for Taylor Morrison Dwelling Funding, although I used to be capable of observe down a handful.

Their Irvine, CA location at present has a poor 1.0/5-star score on Yelp from 32 critiques. Poor communication appears to be the principle gripe.

You may additionally have the ability to discover particular person mortgage officer critiques on Zillow and different web sites.

Or you possibly can search their many residence builder places and take a look at their Google critiques. Granted, these may mix the house builder and lender expertise.

Over on the Higher Enterprise Bureau (BBB) web site, the corporate has an ‘A-‘ score based mostly on buyer criticism historical past. There don’t look like any complaints on file for the time being.

Their guardian firm has an ‘A+’ BBB score, however over 200 complaints filed during the last three years. And over 100 up to now 12 months.

However the excessive letter grade ought to point out that they deal with these complaints in a well timed {and professional} method.

On the similar time, the client critiques for the guardian firm on the BBB web site aren’t nice, with a 1.15/5 score finally look.

So you’ll want to take a gander to find out what prospects are complaining about, and how one can keep away from those self same points.

To sum issues up, Taylor Morrison Dwelling Funding may very well be choice in the event you’re shopping for a Taylor Morrison property.

The most important incentive being the particular mortgage charge affords which are onerous to beat, particularly from an outdoor lender.

Nonetheless, you must nonetheless take the time to comparability store as you’d every other lender.

Whereas they may make issues simpler, and have higher communication between builder and lender, their combined critiques point out some hiccups too.

Taylor Morrison Dwelling Funding Execs and Cons

The Good Stuff

  • Can apply on-line through a digital mortgage utility
  • Principally paperless course of with the most recent know-how
  • Loads of mortgage applications to select from together with ARMs
  • Supply short-term and everlasting buydowns
  • Can get an extended mortgage charge lock
  • Huge mortgage charge incentives on Taylor Morrison properties
  • Complimentary ARO service
  • Free mortgage calculator and mortgage glossary on-line

The Maybe Not

  • Solely affords residence buy loans
  • No refinance loans, USDA loans, or second mortgages
  • Don’t listing charges/charges on-line
  • Combined buyer critiques
  • Not licensed in all states
  • Might not service your mortgage after funding