In case you’ve acquired your eye on a Taylor Morrison dwelling, you might have come throughout their affiliated lender “Taylor Morrison Dwelling Funding.”
As with many different dwelling 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 provides them the power to supply particular pricing incentives.
With fewer events concerned, they need to be capable to get you from software to closing faster than the opposite guys.
And if they will throw in a giant mortgage fee buydown as nicely, it could be a win-win. Learn on to study extra concerning the firm.
Taylor Morrison Dwelling Funding Quick Info
- Affiliated lender for dwelling builder Taylor Morrison
- Gives dwelling buy financing to new dwelling consumers
- Based in 1982, headquartered in Maitland, Florida
- Has 84 licensed mortgage mortgage officers
- Guardian firm is publicly traded (NYSE: TMHC)
- Licensed to lend in 11 states nationwide
- Funded over $3 billion in dwelling loans in 2022
- Most lively in Texas, Florida, Arizona, and California
Taylor Morrison is one the biggest dwelling builders in the USA, serving dwelling 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 fashioned in 2007 after Taylor Woodrow Inc. and Morrison Properties Inc. merged. Dispute this latest growth, their constructing operations date again to the early 1900s.
They’re now headquartered in Scottsdale, Arizona and construct new houses 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 houses.
Taylor Morrison Dwelling Funding is most lively within the state of Texas, which accounts for about 25% of complete mortgage manufacturing.
Ultimately look, there have been 84 licensed mortgage mortgage officers working for the corporate all through the nation, per the NMLS.
In addition 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.
Apply
To get began, you’ll be able to both go to a brand new dwelling gross sales workplace and get related to a gross sales rep, or just navigate to their web site.
In case you go browsing, they’ve the choice to pre-apply by way of “Dorothy,” which is their “state-of-the-art mortgage expertise that may take you dwelling with just some clicks.”
A play on the Wizard of Oz, Dorothy works alongside a human Taylor Morrison Dwelling Funding workforce to get you to the end line faster and simpler.
The method features a digital mortgage software with automated verifications to scale back the necessity for paperwork and documentation, powered by fintech firm Mix.
Candidates can eSign disclosures and reap the benefits of safe doc importing to ease the burden.
As soon as full, you’ll be introduced with tailor-made mortgage options primarily based on the knowledge you present.
And a licensed mortgage officer will then present options and “market-competitive charges” together with your targets and funds in thoughts.
Those that choose extra steering can merely click on on “Contact a Mortgage Guide,” the place they’ll discover contact data for mortgage officers close to their market.
After your mortgage is submitted, you’ll be capable to test mortgage standing by way of the net portal, fulfill excellent circumstances, and get in contact together with your lending workforce if and when you will have questions.
Ready Prepared Personal (ARO)
Those that need assistance qualifying for a house buy can reap the benefits of their complimentary program referred to as Ready Prepared Personal (ARO).
In a nutshell, ARO Consultants work with potential dwelling consumers to strengthen their credit score profiles and increase their probabilities of getting permitted for a house mortgage.
The purpose is to coach shoppers concerning the dwelling shopping for and mortgage course of, and create tailor-made plans that produce higher certified dwelling shopping for candidates.
If profitable, they may be capable to increase your credit score scores and effective tune different areas which might be key for mortgage qualification.
Ultimately, these adjustments may put you in a stronger place relating to shopping for and financing a house.
In the event that they’re capable of enhance your credit score scores, you might also qualify for a decrease mortgage fee.
Obtainable Mortgage Applications
- Dwelling buy loans
- Conforming loans backed by Fannie Mae and Freddie Mac
- Jumbo loans
- FHA loans
- VA loans
- Mounted-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 primary stuff to fulfill the wants of most dwelling consumers.
They’re totally targeted on offering dwelling buy loans to their clients, that means no mortgage refinances right here.
By way of mortgage alternative, you may get a conforming mortgage backed by Fannie Mae or Freddie Mac, or a jumbo mortgage if buying an costly new dwelling.
Authorities-backed loans are additionally out there, together with FHA loans and VA loans.
They don’t seem to supply USDA loans or second mortgages, together with any type of dwelling fairness loans or traces.
Nonetheless, you may get each a fixed-rate mortgage, equivalent to a 30-year fastened or 15-year fastened, or an adjustable-rate mortgage, equivalent to a 5/6 ARM or 7/6 ARM.
Moreover, buydowns could be supplied, 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 dwelling.
This can be a frequent setup for dwelling builders with their very own financing departments. They’re capable of construction offers that embrace huge mortgage fee buydowns.
Not solely does this assist the house purchaser qualify, it additionally permits them to keep away from value reductions if affordability is strained.
In case you go to the Taylor Morrison Properties web site, you’ll be capable to see particular provides by clicking on a specific 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 elements within the lender charges and the rate of interest.
And all the time take the time to assemble outdoors mortgage fee quotes so you’ll be able to negotiate with the builder’s lender.
Taylor Morrison Dwelling Funding Opinions
There don’t appear to be a ton of opinions on-line for Taylor Morrison Dwelling Funding, although I used to be capable of monitor down a handful.
Their Irvine, CA location at present has a poor 1.0/5-star score on Yelp from 32 opinions. Poor communication appears to be the primary gripe.
You may additionally be capable to discover particular person mortgage officer opinions on Zillow and different web sites.
Or you’ll be able to search their many dwelling builder places and take a look at their Google opinions. Granted, these would possibly mix the house builder and lender expertise.
Over on the Higher Enterprise Bureau (BBB) web site, the corporate has an ‘A-‘ score primarily based on buyer criticism historical past. There don’t look like any complaints on file in the meanwhile.
Their dad or mum 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 identical time, the shopper opinions for the dad or mum firm on the BBB web site aren’t nice, with a 1.15/5 score eventually look.
So make sure to take a gander to find out what clients are complaining about, and how one can keep away from those self same points.
To sum issues up, Taylor Morrison Dwelling Funding might be a very good choice in the event you’re shopping for a Taylor Morrison property.
The largest incentive being the particular mortgage fee provides which might be laborious to beat, particularly from an outdoor lender.
Nonetheless, it’s best to nonetheless take the time to comparability store as you’ll every other lender.
Whereas they may make issues simpler, and have higher communication between builder and lender, their combined opinions point out some hiccups too.
Taylor Morrison Dwelling Funding Execs and Cons
The Good Stuff
- Can apply on-line by way of a digital mortgage software
- Principally paperless course of with the most recent expertise
- Loads of mortgage applications to select from together with ARMs
- Provide short-term and everlasting buydowns
- Can get a protracted mortgage fee lock
- Huge mortgage fee incentives on Taylor Morrison properties
- Complimentary ARO service
- Free mortgage calculator and mortgage glossary on-line
The Maybe Not
- Solely provides dwelling buy loans
- No refinance loans, USDA loans, or second mortgages
- Don’t checklist charges/charges on-line
- Blended buyer opinions
- Not licensed in all states
- Could not service your mortgage after funding