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Peace of Mind on Home Loans

1,383 Views | 8 Replies | Last: 4 yr ago by SteveBott
Hewey Calloway
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I'll just start by saying, the home buying process has not been fun. As of yesterday we are under contract as first time home buyers. We were pre-approved with a small local bank and yesterday they quoted us a rate of 3.65%. I have heard nothing but great things about this bank and they have been helpful to us.

Another lender my realtor recommended quoted 3.99% and came off like a car salesman. He was extremely pushy over the phone and via email saying he doesn't think anyone else can make our closing date (23 days out).

I just feel completely ignorant on this whole process and I hate learning the hard way (like when I bought my first new truck and got railroaded). In doing my research made my paranoia worse. Like reading horror stories on TexAgs about crappy lenders. I'm leaning toward going with my local bank because they're local and it would seem to me like they would be much easier to deal with and more trustworthy. Also, my brother told me that 3.65% was a good rate and I should take it.

Is there anything y'all would recommend that I look out for on this? I'm just looking for advice on making sure I make the best decisions for my family.

TIA
AggieKatie2
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SteveBott or Jay @HurstLending.

Both are class acts and will treat you right.
NoahAg
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I'm far from an expert but 3.65 vs 3.99 seems like a pretty big spread right now, assuming both lenders were working with the same info.
SteveBott
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Howdy. 23 days is challenging. But any lender will have a hard time right now. My contact info is in my profile If you want to look at the transaction with me. I can do better then both your options though
TXTransplant
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Took me three houses to learn this, but lenders can match rates. Meaning if you find a better rate elsewhere, the lender that you are already working with may have the discretion to match that lower rate.

Or, just go with Jay at Hurst Lending. Unless you are getting incentives to use a builder's lender (on new construction), I think his rates and closing costs will be as good as you'll find anywhere (and he's super easy to work with).
Diggity
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How did you end up in a situation where you only have 23 days to closing and no lender? Sounds terrifying
Deats99
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Good luck kids!
A good plan violently executed now is better than a perfect plan executed next week.
-George S Patton
Jay@AgsReward.com
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Sponsor
AG
Rates are not one size all and depends on credit score, loan to value among other factors so very hard to say what is a good rate and what is a bad rate. 23 days is very doable if you the borrower cooperates and provides documents in a timely and complete fashion. Purchase deals should still be able to close in 15 days or so, but you do not want to burn anymore daylight on getting started.
hph6203
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Speed to close isn't going to be on the LO at a large spot, it's gonna be on your processor/underwriter/title and most of all YOU, he's promising you something he can't guarantee and I'd be more apt to believe a smaller operation than a bigger one.

Your seller may just be outrageously inflexible, but short of a cash offer they're going to have to wait on anyone and they clearly didn't get a cash offer if they have a contract with you.

Talk to the people here, talk to 3-4 people, you have power in this situation. Get a loan estimate (will be in an initial disclosure) and rate shop, do that all tomorrow and have your financial documents ready (W2's, paystubs, tax returns, bank statements for assets). They're all dealing with the same underwriting standards.

Get your rate, any other promises are largely gonna be hot wind.
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SteveBott
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He was locked today at 3.375.

The issue is inspection vs appraisal for quick close. At least most of the issue. I will not commit my clients 500 bucks on an appraisal until the inspection process is complete. Inspection can take 3-7 days to resolve. Then another week for appraisal. So two weeks are burned just on these action items.

23 days is doable but everything has to go right. When you have 15 people or so touch a loan file there is plenty of ways to get behind. 30 days give you a cushion to fix any problems that come up. 21-23 days does not. Keep in mind the file has to be all but complete three days before close so this is really a 20 day close.
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