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2 lenders different outcomes - what to do??

Regular Contributor

2 lenders different outcomes - what to do??

We were preapproved for a mortgage with an unnamed large online mortgage lender, and found a house we put an offer in on (accepted!!) but the seller/broker wanted a local lender - they felt that closing would take significantly longer with the online lender.

 

We had already conacted a local lender but were waiting for an update or preapproval from them -- in the meantime, our agent gave us the name of another because time was of the essence.

 

This morning I heard from both with Good Faith Estimates.

 

Both monthly PMI are within $25 of each other but one has a cash to closing of 30K and the other only 18K.  Already completed Intention to Proceed with 30K closing lender but would be much more comforable bringing less to the closing. I know an Intent to Proceed is not an obligation. Would it be weird to move ahead with both and pay fees for both just in case, or.....?

 

Advice? 

 

 

Goal = 720+ Mid-Mortgage FICO for me and spouse.

FICO 8's 9/16 EQ/711 TU/725 EX/714 (SPOUSE) EQ/699TU/725 EX/700

HOMEOWNERS!
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Frequent Contributor

Re: 2 lenders different outcomes - what to do??

I ran into issues with title work when I did this. I was in a position where I needed options. The title company would not release clear title to more than one lender, so you'll only get so far. I would suggest bringing up this other deal to the 30k lender and see if they'll work with you.
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Message 2 of 3
Established Contributor

Re: 2 lenders different outcomes - what to do??

Where is the 12,000 extra in costs coming from?
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