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I'm getting pretty darn close myself. I'm calling another lender in the morning and if no CD it might be bye bye bbva compass.
Thanks for posting this.
@Anonymous wrote:
Thank you both for the replies. So far everything seems much better with the new lender. I submitted all of my documents to the new lender (she is a senior loan officer with 24 years experience) vs the old company having a officer that has been doing this for only 2 years or so.
She said everything looks good and I did get an "approved" through the desktop underwriting. I did get a new locked interest rate of 3.5%
Here's to hoping everything goes through quickly. Our sellers have already done two extensions for us, so hopefully this extension from the 30th to the 3rd of July will be the last one
is this lender just a local lender or National lender? I want to have a back up plan incase my current lender doesn't cut the mustard when it comes time for me to lock. Can you pm me the info, I am in Texas, not sure if your lender can write loans here or not.
@Spider07 wrote:
@Anonymous wrote:
Thank you both for the replies. So far everything seems much better with the new lender. I submitted all of my documents to the new lender (she is a senior loan officer with 24 years experience) vs the old company having a officer that has been doing this for only 2 years or so.
She said everything looks good and I did get an "approved" through the desktop underwriting. I did get a new locked interest rate of 3.5%
Here's to hoping everything goes through quickly. Our sellers have already done two extensions for us, so hopefully this extension from the 30th to the 3rd of July will be the last oneis this lender just a local lender or National lender? I want to have a back up plan incase my current lender doesn't cut the mustard when it comes time for me to lock. Can you pm me the info, I am in Texas, not sure if your lender can write loans here or not.
Local Lender.
Our original lender was Southwest Funding which has a local branch but they are based out of Texas
The new lender is Oak Ridge Morgage Investors -> Local to the Knoxville, TN area
We changed lenders 30 days from close and it was the best decision as starter lender was horrible in communication and he was charging $1200 for lender fee (builders referral) and the new mortgage company (also builder referral) charged $1175 but gave back the $1175 for using them via builder at no cost to me. Communication was phenomenal and closing was as smooth as a babies bottom- Moral of story: Don't hesitate to make a change!
@MauiMan85297 wrote:We changed lenders 30 days from close and it was the best decision as starter lender was horrible in communication and he was charging $1200 for lender fee (builders referral) and the new mortgage company (also builder referral) charged $1175 but gave back the $1175 for using them via builder at no cost to me. Communication was phenomenal and closing was as smooth as a babies bottom- Moral of story: Don't hesitate to make a change!
^^^^This right here. I'm considering doing the same thing if I don't get a lower rate than what DHI mortgage is quoting.
So far the new lender has been awesome. She just called me today and said she has everything she needs to get to the underwriter (except insurance proof) She is calling my insurance agency today to get the paperwork from them (already filled everything out with them yesterday)
She told me she expects to close on July 6th, if everything goes as planned then she will be spot on with what she told me which was that she could close me in 8 business days after I swithced to them..
Timeline:
Offer accepted May 8th
Orginal closing date sceduled June 9th (missed due to appraisal not submitted in a timely manner by old lender)
Original lender had it extended to June 30th, on June 24th they tell me they are likely not going to be able to hit the deadline (I was told by the manager that the original processor had messed up and lost a lot of our paperwork) That he should be able to get it done first week of July
June 26th switched mortgage lenders (was told I could close in 8 business days, with a 3.5% interest rate vs 4.5% with original lender)
June 29th get call from new lender saying everything looks great, sending papers to underwriter to verify everything(Automated Approval) Should have my closing disclosure on Monday, and close on Thursday
The pain staking process I went through with the original lender still sets in the back of my head and i am waiting on something to come up and delay everything, hopefully not because I am super excited now about becoming a first time home buyer.