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Real Estate
Reply to "Realtor suggested a lender - are they going to be angry if we use a different lender?"
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[quote=Anonymous]You can use the preferred lender if you want for the preapproval letter, but once your bid is accepted shop around. If other lenders offer better deals, you could give the preferred lender a chance to match. You also could ignore the realtor. We were bidding in a very competitive neighborhood, so we did need a realtor who could turn around documents quickly for the bids. In the end, that lender was offering very bad rates- like 80 basis points higher than what we secured. What people are saying about the big banks isn’t entirely accurate. BofA was ridiculous and wanted us to change the contract to get a longer closing period. But Chase was actually trying to compete with the local lenders, and promised several K in cash if they didn’t close within 30 days. We went with Prosperity - who matched the lowest rate we found - and had a good experience.[/quote]
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