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femalej
LIF Adolescent
Member since 7/11 833 total posts
Name:
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MORTGAGE related: has anyone tried to change banks last-minute because they were offering lower rates
We already have a letter of commitment from Bank #1. Since the sellers have been taking time clearing a title issue, the rates have risen dramatically. This weekend I was looking at different banks and found one (Bank #2) with a substantially lower rate. I started the application process online and spoke with their mortgage person.
It is likely that the appraisal will need to be done again by Bank #2. Boo.
Has anyone done this? Is there any issue/concern that I should be aware of?
I'm already concerned about timing (that going through Bank #2 may hold up the closing process...but if it saves us $$ in the long run, it may be worth it).
Thoughts? Feedback?
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Posted 7/15/13 12:32 PM  |
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marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
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MORTGAGE related: has anyone tried to change banks last-minute because they were offering lower rates
Have you tried showing Bank # 1 the rates offered by Bank # 2? They may try to match it since they already gave you a commitment.
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| Posted 7/15/13 3:20 PM |
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femalej
LIF Adolescent
Member since 7/11 833 total posts
Name:
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Re: MORTGAGE related: has anyone tried to change banks last-minute because they were offering lower rates
Posted by marianne13
Have you tried showing Bank # 1 the rates offered by Bank # 2? They may try to match it since they already gave you a commitment.
yes. they are looking into it. but the mortgage person said its unlikely they could match. its a big difference.
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| Posted 7/15/13 4:00 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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MORTGAGE related: has anyone tried to change banks last-minute because they were offering lower rates
If the rate is significantly lower I would eat the appraisal fee bc over the life of the loan it will be more than worth it, if the bank cannot match it I would do everything I could to get the lower rate, although I have no experience doing so...good luck!
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| Posted 7/15/13 4:13 PM |
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blonde667
LIF Toddler
Member since 5/06 426 total posts
Name:
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Re: MORTGAGE related: has anyone tried to change banks last-minute because they were offering lower rates
Can I ask who you got a much lower rate with? I'm in a similar situation now...
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| Posted 7/16/13 3:25 AM |
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CanThsBit
LIF Toddler
Member since 11/10 451 total posts
Name:
Kina
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Re: MORTGAGE related: has anyone tried to change banks last-minute because they were offering lower rates
And would do you mind sharing the rate you got now? Thanks
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| Posted 7/16/13 8:06 AM |
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Faithx2
All good things in 2016!!
Member since 8/05 20181 total posts
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Re: MORTGAGE related: has anyone tried to change banks last-minute because they were offering lower rates
Posted by DiamondGirl
If the rate is significantly lower I would eat the appraisal fee bc over the life of the loan it will be more than worth it, if the bank cannot match it I would do everything I could to get the lower rate, although I have no experience doing so...good luck!
This! I actually switched from a bank because they were harassing us and our jobs so much that I told them to go scratch! I pulled all of my accounts from them too. We makes good salaries, there was no need for it.
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| Posted 7/16/13 8:39 AM |
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femalej
LIF Adolescent
Member since 7/11 833 total posts
Name:
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Re: MORTGAGE related: has anyone tried to change banks last-minute because they were offering lower rates
check out mortgagemarvel.com. its a good website that compares rates. for us we found a good rate through amalgamated, so we are starting the process with them. but depending on your loan situation, it may be another bank
ive also used bankrate.com in the past too.
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| Posted 7/16/13 10:16 AM |
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