When to choose mortgage company

[Anonymous]

I submitted my offer on a forclosure on monday and it was accepted had to sign all their required discolsures Friday.  At least that part is out of the way.  Closing is set for the 27th of January. 

I have pre-approvals with 3 diffrent companies.  Wells Fargo which the listing agent required to bid on the property, Evergreen which my agent wants me to use and NFCU.  At what point do I have to decide which company I go with?  Is it possible to have 2 of them do appraisals so if at the last minute one decides they don't want to fund the loan I can switch to the other and not have to wait for another appraisal?  The house is in Las Vegas, NV.  I will be doing conventional with 10% down.  Thank you.

[Anonymous]

I am supposed to close on January 27th.   

At what point do I have to decide what lender I am going with?  Thank you.

[Uborrow-Upay]

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@Anonymous wrote:

I am supposed to close on January 27th.   

At what point do I have to decide what lender I am going with?  Thank you.

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Now.

Lots of stuff to be done, it all takes time, and you lose time with offices closing and shorter hours looming due to the holiday season.

Decide on one now and get going.  And, good luck!

[Anonymous]

Appraisals cost you in the neighborhood of $400-500 each, whether or not you end up using it.  I wouldn't want to throw away that much "just in case."  It looks like you have some strong compensating factors with good scores and 10% down.  Unless there's a catch in your file, I wouldn't worry.   Agree, pick one as soon as possible - that gives them more time in case something comes up.  Then if for some reason you do need to go with another lender, there's time.  Good luck!  It will be over in no time..

[Anonymous]

Thank you.  I picked a lender and am now waiting for the apprasial to be completed.  I hate all the waiting.  Although by the time closing comes around I will have close to 20% to put down if needed depending on closing costs. 

[ArmyStrong]

Just outta curiosity, why does your agent want you to use evergreen?

[Anonymous]

My guess is it is the one he has used the most.  He did say they have managed to get a loan approved after someone else has turned it down.  I would have gone with NFCU had they had a local loan officer.