Reply to Stupid First Time Home Buyer Question About Lenders

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You don’t have to use the same lender issuing the pre approval letter for the home purchase.  Find a mortgage broker who will shop around for the best rate for you and take your mortgage from there. The financing contingency removal just means that you have obtained the formal approval for the loan, it could be from any legit bank.[/quote]

Yes, I have no idea where that PP was getting his/her information from!! [/quote]

That's not true.  It's probably been a while since you bought a house.  The financing contingency changed in February 2019.  Here is the verbiage.

FIRST DEED OF TRUST: Buyer will obtain OR assume a First Deed of Trust loan from the lender that issued the pre- approval letter...

ALTERNATE FINANCING: This Financing Contingency shall not apply to any Alternate Financing. Buyer, at Buyer’s election, may apply for alternate financing which includes but may not be limited to any change to the loan terms or change in Lender as described in the aforementioned Specified Financing paragraph above (“Alternate Financing”) provided: (a) Buyer is qualified for alternate financing; (b) there is no additional expense to Seller; (c) the Settlement Date is not delayed; and (d) if Buyer fails to perform at Settlement except due to any Default by Seller, then the provisions of the DEFAULT paragraph shall apply.
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