Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 5 years ago,
What kind of rates is everyone getting?
I'm under contract for a multi family in Arizona. I'm doing an FHA loan and I'm working with a lender I've worked with the last couple deals I've done.
He initially offered me 3.25 par with no credits. Then I talked to another lender who offered me 2.875 par or 3 with 800 in credits. I told my lender about this offer and he came back by offering me 3.25 with 1,500 in lender credits. I accepted his offer and moved forward with him, mainly because I didnt want to start again with a new lender.
Now I am being offered 2.99 with 4,000 or more in lender credits!!! I really want to switch lenders but we are scheduled to close in a couple weeks, the appraisal has already been ordered.
Should I switch lenders? My current lender asked for the loan estimate to see if he could do better than what I am currently getting but I dont think he will get close to 2.99/4000 back.
Is it too late to switch and close on time? We are schedule to close on March 16th but we were going to push that date back a few days.