How much does lender name matter for an offer?

Looking to upgrade our house in a competitive suburban market (Philly suburbs). Our agent put us in context with a local mortgage broker who issued a pre-approval letter after reviewing our pay stubs, W-2s, and bank statements.

I have been reading about fully underwritten pre-approvals that would take care most of the underwriting up front, reducing uncertainty with financing and possibly giving you a leg up (especially if you waive the financing contingency). I saw a few threads here as well.

The savings bank that holds the HELOC on my current house is offering a fully underwritten pre-approval good for six months. While the rate isn’t locked in for that time, they allow you to float down for free once you do lock in.

I sent the latest offer to our agent who thought it was appealing but was concerned the selling agent might not recognize the name of the bank (Third Federal), which is based in Cleveland but can do business in other states (in fact, it was this agent’s old mortgage broker who recommended this bank).

My question is does the bank issuing the letter/mortgage have any weight for sellers or their agents? My counter argument is there are so many mortgage brokers that sellers’ agents may not know all of them either.

submitted by /u/vuwildcat07
[link] [comments]

Looking to upgrade our house in a competitive suburban market (Philly suburbs). Our agent put us in context with a local mortgage broker who issued a pre-approval letter after reviewing our pay stubs, W-2s, and bank statements. I have been reading about fully underwritten pre-approvals that would take care most of the underwriting up front, reducing uncertainty with financing and possibly giving you a leg up (especially if you waive the financing contingency). I saw a few threads here as well. The savings bank that holds the HELOC on my current house is offering a fully underwritten pre-approval good for six months. While the rate isn’t locked in for that time, they allow you to float down for free once you do lock in. I sent the latest offer to our agent who thought it was appealing but was concerned the selling agent might not recognize the name of the bank (Third Federal), which is based in Cleveland but can do business in other states (in fact, it was this agent’s old mortgage broker who recommended this bank). My question is does the bank issuing the letter/mortgage have any weight for sellers or their agents? My counter argument is there are so many mortgage brokers that sellers’ agents may not know all of them either. submitted by /u/vuwildcat07 [link] [comments]

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