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I'm all for having a low rate on a house. But I'm not sure I'd jeopardize the deal as it now sits. If you re-open the process the closing could hit an unexpected snag. Maybe the appraisal comes out unfavorably, or another inspection reveals some problems, WHATEVER.
I would talk to the bank you're currently dealing with about a discount, but I wouldn't go any further than that.
The 6k in points to get the lower rate TO ME isn't enough to take the deal down a "dark alley" so to speak.
If "going for a little itty bit more" costs you the deal that's on the table now, you'll never forgive yourselves. Be happy with what you have before it all unwinds on some stupid unforeseen detail.
I'm all for having a low rate on a house. But I'm not sure I'd jeopardize the deal as it now sits. If you re-open the process the closing could hit an unexpected snag. Maybe the appraisal comes out unfavorably, or another inspection reveals some problems, WHATEVER.
I would talk to the bank you're currently dealing with about a discount, but I wouldn't go any further than that.
The 6k in points to get the lower rate TO ME isn't enough to take the deal down a "dark alley" so to speak.
If "going for a little itty bit more" costs you the deal that's on the table now, you'll never forgive yourselves. Be happy with what you have before it all unwinds on some stupid unforeseen detail.
How would having two active loan applications jeopardize anything?
I'm not super worried about the appraisal. Perhaps I should be, but our first appraisal came in 50k above what we're paying. Another house just closed in our neighborhood (old historic homes) and sold for the same that we are paying and our house is bigger and in a much nicer location and a larger lot so that should only help matters.
I really appreciate all this advise. Coupled with the advice from our attorney and our agent, I feel pretty good about having the two applications. In the end we will hopefully get to go with #2. That appraisal should happen tomorrow and they have all of our paperwork, so hopefully all will be well.
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