Received a commitment letter from one bank, not a good rate?

We are in the process of a buying a short sale. Already signed contract, and needed to apply for the mortgage so when we do receive bank approval we are able to close in 2 weeks. Just curious if anyone has ever gotten a commitment letter from the bank and then switched? I just think there are other banks offering lower rates? If I apply for another, will this mark my credit?

Re: Received a commitment letter from one bank, not a good rate?

Have you called the bank and tried to renegotiate the rate?

Re: Received a commitment letter from one bank, not a good rate?

If I was not happy I would apply with a different bank. No it won't hurt your credit.

Re: Received a commitment letter from one bank, not a good rate?

I think if you locked in with them there should be a way to renegotiate the rate for a fee (I know with Wells Fargo if the rate goes down they will pay the fees involved to get the lower rate, if it's worth it.) Also remember a lot of banks advertise their rates with a point so it's not a good a deal as you think.

Re: Received a commitment letter from one bank, not a good rate?

I switched after we got the commitment process going. I don't know that we had officially received the letter yet, but I had already gotten all of our rate and monthly payment/closing cost info, and I was unhappy with it and shopped around.

Once we got a better package from Wells Fargo we told the first bank thanks for your time, but we are going elsewhere. Then they offered to match the new rate, but couldn't match the closing costs so we went with Wells.