Changing lenders 2 weeks before closing?

[David Grado]

I decided to go with my agent's "recommended" lender and didn't think anything of it as the numbers seemed within reason. I get an email about 1 week ago (3 weeks from closing) from a large bank asking if I needed a quote and I said yes the quote from the bank ended up being 5k cheaper in cash to close for nearly identical terms and P&I. I did this without informing my agent as I assumed it was just a quote well long story short he was very surprised and concerned and urged me to decide within 24 of who we will move forward with. He is concerned that they will not be able to close on time and I will lose my earnest money and be out of a great deal and also kicking the lender out of his commission. The large bank assures me they will be able to close on time as they are already very far along and can simply get the documents transferred. I am happy to supply numbers if that will clarify and allow for an easier decision. 

[Jason Wray]

Simple ask for a purchase contract extension and close with the other bank saving you more money.  You need to get confirmation that the other bank/lender can do a "Rush" underwrite and meet the closing date.

Usually realtors refer their buyers to local loan officers that really do not save you any money. There is a "myth" to so called local lenders being better. The real truth is a Nationwide Fully Delegated FDIC Bank is the best choice. They have No overlays, they underwrite all of their deals in house, do not broker out, and offer portfolio funding. Not to mention they offer raw pricing and cannot charge points as an FDIC Banker.