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Old 05-01-2007, 03:47 PM
 
Location: Charlotte, NC
246 posts, read 502,186 times
Reputation: 160

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Long story short, I was working with two lenders to try and get the best possible mortgage rates. The first guy pressured me into saying "yes" at about noon today. The second guy calls me up around 4 and tells me he can offer me a lower rate and asks me if I still want to do business with him. I tell him I do but I think I'm committed to the first lender. Now I have 2 packages of financial stuff on the way.

I'm a first-time homebuyer, so these may be questions:

1) Am I locked into doing business with the first guy?

2) Are there any legal repercussions that I need to be aware of here?
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Old 05-01-2007, 03:48 PM
 
Location: Charlotte, NC
3,356 posts, read 8,863,258 times
Reputation: 1932
have you signed anything with either of them?
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Old 05-01-2007, 03:51 PM
 
Location: Charlotte, NC
523 posts, read 2,605,508 times
Reputation: 372
I used to be a mortgage banker and you are never really locked in with anyone. Worst case scenario, you gave them a check/credit card info for an appraisal. If this is the case, you can get the money back. I'm sure that the first guy will match the second guy's rate. If they are the same rate, go with the one who has been most professional and most responsive.
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Old 05-01-2007, 03:53 PM
 
Location: Charlotte, home of the NY/NJ refugees
1,384 posts, read 1,421,934 times
Reputation: 275
Quote:
Originally Posted by flyingscotsman View Post
have you signed anything with either of them?
Yeah, if you didn't sign anything you should be good!
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Old 05-01-2007, 04:01 PM
 
Location: Charlotte, NC
246 posts, read 502,186 times
Reputation: 160
I haven't signed anything with either guy.

At this point, here's what I'm looking at:

Guy 1 - 80/20 loan, been very professional, has put together several GFEs for me, but has been pushy in getting a commitment out of me, and told me that he couldn't come down off of his 1st mortgage rate. This guy works for the actual lender and is local.

Guy 2 - 75/25 loan, also professional, but has initiated more calls. He hasn't offered any GFE's but I haven't asked. He has matched everything that guy 1 has thrown out there. This guy is more hands-on and actually "manages" my mortgage - he'll watch rates and advise me when it might make sense to refinance.

Both guys have been top-notch to this point and are offering similar closing costs, so it's really just come down to who is offering the lower monthly payment (Guy 2 by about $20/month).
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Old 05-01-2007, 04:05 PM
 
Location: Charlotte, NC
523 posts, read 2,605,508 times
Reputation: 372
You need to get a GFE from guy #2 to really make sure you are really comparing apples to apples. Extra closing costs can make the $20/month savings not quite as valuable. Once you get that, if it looks comparable to guy #1, go with guy #2.
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Old 05-01-2007, 06:31 PM
 
876 posts, read 3,481,355 times
Reputation: 234
I'd also be inclined to go with whoever works for a larger mortgage company. I have always used Wells Fargo with the exception of our first home purchase, which we used a broker. It absolutely sucked. Every month our mortgage company sold out mortgage to another company and we were writing a different check all the time. It got really annoying, especially at tax season when we had to have our intrest paid statements...Grrrr...
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