Lender vs Lender, what do I do?

[Ryan Copeland]

So I am going through the lending process with another lender and we just got my rental appraised last week. Now Quicken, who has the current mortgage, has gotten the notice that I’m about to pay off the loan and then they call me offering me a deal. My current rate with the new lender is 3.875% for 30 years. Today, quicken offers me 2.99% for 30 years. I must admit the Quicken is giving a much better deal, but I don’t want to burn the bridge with the lender that I’m working with now. When I called Quicken back in early January they said that they weren’t doing a cash out refi‘s on rental properties, but the lender I’m working with now said he could and we moved forward.

Should I ditch the lender I’m working with for the better deal with Quicken? I don’t want to burn a bridge or ruin my name. I would like to work with the current lender in the future, but if I bail so far in the process I’m not sure if he would want to.

[Michael Plante]

Hi new lender 

out of the blue Quicken loans offered me 2.99 of you can beat that I’m in 

I don’t want to burn a bridge with you but I have to look at what I have been presented 
please let me know your thoughts 

Much appreciated