My wife and I are selling our current house in one week.
We're under contract to close on a new house March 19th.
Buyers are letting us stay in our current home until we move out, March 20th.
Things were moving right along until we hit a wall with lender #1 about 10 days ago when they effectively stopped answering our questions.
Last night, given that, I locked with lender #2, Better, as a backup option so we don't end up homeless next month.
Lender #1 finally got their butts in gear this morning and is working with us again, but I'm not comfortable leaving all of our eggs in one basket, so I'm currently jumping through all the hoops with both lenders with the intention of actually closing with whoever can get us to the finish line.
Outside of disappointing one of them at the last minute (I truly feel bad about this, but it's business and legal as far as I'm aware), are there any negatives with this approach?
Working with 2 mortgage lenders - problematic?
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Re: Working with 2 mortgage lenders - problematic?
Maybe charge you for credit check?
If you're doing an appraisal, they might charge you for it. (BUT they should refund you the money if you cancel before the appraisal) - this happened to me.
Edit: possibly 1 more inquiry on your credit.
If you're doing an appraisal, they might charge you for it. (BUT they should refund you the money if you cancel before the appraisal) - this happened to me.
Edit: possibly 1 more inquiry on your credit.
Get rich or die tryin'
Re: Working with 2 mortgage lenders - problematic?
Which lender is coordinating with the title company re: closing docs? At what point does the title company need to know which to deal with? They won't play the game of dealing with both.
Vanguard/Fidelity | 76% US Stock | 16% Int'l Stock | 8% Cash
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- Posts: 1195
- Joined: Fri Sep 27, 2013 4:03 pm
Re: Working with 2 mortgage lenders - problematic?
Excellent and timely question.
The title company called a bit ago and said they completely understood the situation and just need to know a week before closing which route we're going.
Note to self - leave them a 5-star review on Google.
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- Posts: 1195
- Joined: Fri Sep 27, 2013 4:03 pm
Re: Working with 2 mortgage lenders - problematic?
Excellent and timely question.
The title company called a bit ago and said they completely understood the situation and just need to know a week before closing which route we're going.
Note to self - leave them a 5-star review on Google.
Re: Working with 2 mortgage lenders - problematic?
There ya go.
Vanguard/Fidelity | 76% US Stock | 16% Int'l Stock | 8% Cash