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Valued Contributor
Posts: 2,340
Registered: ‎04-08-2008
0

Confused!!

I am currently going through FHA mortgage loan processes with Bank of America and Flagstone Lending...I originally went through BoA last year and I had zero problems with them...and they approved me...bu the deal fell through at the last minute...

The builder has guaranteed a 5.875% rate through their preferred lenders...except BoA...so I decided to go through Flagstone Lending because they were supposed to write the rate in the contract because to the deal between them and the builder company...but the LO told me that's not guaranteed..only for scores over 600...so I decided to go back with BoA if I was not going to get that rate...I bank with BoA so I rather them as the lender...

Today Flagstone called me...and were kinda bothered by the fact that BoA are also doing the loan process along with them...she claims I need to decide what company I am going to go with so one could stop the process...as if two companies can't do it at the same time...

I don't know what to do...or what to say...I thought I had the right to shop around for rates...but when I told the builder Flagstone said the rate was not guaranteed...he was furious...and said how they had a deal...and that was guaranteed...so he called them and called me back and said if I get approved FHA...the rate would be a guaranteed 5.5%

So since BoA...had this floating rate thing...do I do better going with Flagstone...and telling BoA to stop their process...both are doing it now...and it seems like BoA is farther ahead than Flagstone...what should I do????
Valued Contributor
Posts: 2,340
Registered: ‎04-08-2008
0

Re: Confused!!

I just got a email from BoA saying the loan was already submitted to underwriting...and to allow 24-48 hours for a result...so I guess there is nothing to decide on...she did say that once there is an approval...she can lock in a rate...my finger...toes...and eyes are crossed...hoping this works out...
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