Competing lenders...

[Phitor]

Without mentioning names of mortgage brokers to each other, are there any downsides to disclosing the best current estimate to other lenders I am dealing with? For example, lender B is offering 4.0%, 0 points, and $97 monthly PMI. This is the best deal on the table for me right now. Are there any cons to telling other lenders this deal in an effort for them to surpass? I couldn't think of any issues, but I wanted to make sure.

Thanks...

[Anonymous]

I would only offer that info after they tell you the rates they can offer.

(Very) generally, when negotiating money, the first person to say a number loses.

[Phitor]

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@Anonymous wrote:

I would only offer that info after they tell you the rates they can offer.

(Very) generally, when negotiating money, the first person to say a number loses.

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Absolutely, that's common sense. Lender A has already quoted numbers not as favorable as lender B. Is it safe then to I tell lender A, lender B's offer? I didn't know if there were any legal or logistical issues with sharing this info.