Working with 2 mortgage lenders - problematic?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
Topic Author
OatmealAddict
Posts: 1195
Joined: Fri Sep 27, 2013 4:03 pm

Working with 2 mortgage lenders - problematic?

Post by OatmealAddict »

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?
User avatar
dziuniek
Posts: 1402
Joined: Mon Jul 23, 2012 2:54 pm

Re: Working with 2 mortgage lenders - problematic?

Post by dziuniek »

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.
Get rich or die tryin'
pizzy
Posts: 4339
Joined: Tue Jun 02, 2020 6:59 pm

Re: Working with 2 mortgage lenders - problematic?

Post by pizzy »

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
Topic Author
OatmealAddict
Posts: 1195
Joined: Fri Sep 27, 2013 4:03 pm

Re: Working with 2 mortgage lenders - problematic?

Post by OatmealAddict »

pizzy wrote: Fri Feb 19, 2021 12:19 pm 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.
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.
Topic Author
OatmealAddict
Posts: 1195
Joined: Fri Sep 27, 2013 4:03 pm

Re: Working with 2 mortgage lenders - problematic?

Post by OatmealAddict »

pizzy wrote: Fri Feb 19, 2021 12:19 pm 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.
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.
pizzy
Posts: 4339
Joined: Tue Jun 02, 2020 6:59 pm

Re: Working with 2 mortgage lenders - problematic?

Post by pizzy »

JimmyD wrote: Fri Feb 19, 2021 3:47 pm
pizzy wrote: Fri Feb 19, 2021 12:19 pm 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.
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.
There ya go.
Vanguard/Fidelity | 76% US Stock | 16% Int'l Stock | 8% Cash
Post Reply