Late Mortgage Option (PMI, loan officer, real estate, credit score)

[leetracy40]

Good evening, I had done my due diligence and shopped around for a mortgage for my second home. The appraisal is scheduled for later this week. One of the Mortgage Brokers came back today and offered me a pretty great rate with reduced closing costs. The difference between this new offer which I did lock and the one I locked last week is 4.25% - 61.00 per month PMI with 8k in closing costs vs 4.375. with 116 per month in PMI and 20k. in closing costs.

More details. Second Home - 814 credit score. 500k purchase with 50k down. Loan of 450k 30 year Conventional

Do I run with both to see how they shake out? At this difference I do not mind paying for a second appraisal at 450.00.

I feel bad as I have been working with the first LO for about 5 days and have sent everything in.

Thoughts as to the right approach. My first mortgage since 1995. The world has changed.

Thanks

[adjusterjack]

Originally Posted by leetracy40

Do I run with both to see how they shake out?

Yes.

Originally Posted by leetracy40

I feel bad as I have been working with the first LO for about 5 days and have sent everything in.

Don't feel bad. The LO will survive. The lender will survive.


From 1977 to 1998 I owned 6 homes. I dealt with numerous mortgage brokers, loan officers and mortgage companies. The brokers were in it for the commission and the lenders were vultures. I developed a healthy loathing for the industry even before the lending industry's greed caused the real estate crash around 2006 when home values tumbled and millions of people lost their home.


So don't feel bad about any of those people or companies.


Do what's best for you.


PS: In 1998 I was able to buy my current home for cash. No more a slave to the mortgage industry.

[Pfhtex]

5 days isn't that long and that is a significant delta between offers!

[SmartMoney]

Hey, just curious, is the lower PMI lender a credit union?