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As I am sure most consumers do when they are shopping for the best terms on a mortgage, they work with more than one broker to offer them the best terms. What is the best way to handle walking away from the one with the less attractive terms?
I am currently working with two loan officers, representing two different companies. They've both done a lot of work on our file, but one's loan has significantly higher closing costs, and a higher interest rate. But the loan officer has done a great deal to help us along with the process of getting an application.
Should they both come back with pre-approvals, what's the best way to tell the more expensive one that you'll pass, without being a jerk?
Good Question. I had planned on giving them all the opportunity to beat the best offer.
Is that considered gauche?
I don't think so.
Do both brokers know you are shopping? If not, I would let them know. It's fair to communicate to both brokers.
Get both offers/pre-approvals in writing.
If there is one broker you prefer to work with over the other, then give that broker an opportunity to improve the offer.
@IOBA wrote:I don't think so.
Do both brokers know you are shopping? If not, I would let them know. It's fair to communicate to both brokers.
Get both offers/pre-approvals in writing.
If there is one broker you prefer to work with over the other, then give that broker an opportunity to improve the offer.
I agree with this.
I mean, they have to think you are smart enough to be shopping around for such a big purchase. It's not like we are talking about a pair of dress shoes. At the end of the day, I think there comes a point when you provide some transparency to let them know they are 1 of 2 (or 3, 4 etc...) that you have narrowed it down to. If they are as candid as you, perhaps they will ask "what do I need to do to win this deal".