Lender suddenly not wanting to negotiate rate after numerous discussions of being willing for negotiation

We just went under contract in NC two days ago for a conventional. First lender has told us if we provide better rates, they’ll work with us. Ok cool. He provides a rate of 5.4%. Not ideal but not a huge deal while we look at lenders.

We’ve been rate shopping prior to being under contract, but literally no other lenders would provide us written rate quotes until two straight weeks of discussion for simple pre-approvals, which is unusual to me.

Regardless, second lender provided 4.9%.

We bring it to the first, and say he doesn’t even have to match and we’d love to close with them if they can just bring it closer.

They’re discussing like it’s not an option, how the loan terms can’t change (only when the instance is in our favor it seems??) and if we go with lender #2 we will not close on time. They say we can just refinance in 1-2 years, ignoring the significant dollar difference that would accumulate in that period alone.

I am curious, am I simply missing some nuance that I don’t understand due to not working in the business or are they trying to strong arm us so they can force us to take their higher rate?

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

We just went under contract in NC two days ago for a conventional. First lender has told us if we provide better rates, they’ll work with us. Ok cool. He provides a rate of 5.4%. Not ideal but not a huge deal while we look at lenders. We’ve been rate shopping prior to being under contract, but literally no other lenders would provide us written rate quotes until two straight weeks of discussion for simple pre-approvals, which is unusual to me. Regardless, second lender provided 4.9%. We bring it to the first, and say he doesn’t even have to match and we’d love to close with them if they can just bring it closer. They’re discussing like it’s not an option, how the loan terms can’t change (only when the instance is in our favor it seems??) and if we go with lender #2 we will not close on time. They say we can just refinance in 1-2 years, ignoring the significant dollar difference that would accumulate in that period alone. I am curious, am I simply missing some nuance that I don’t understand due to not working in the business or are they trying to strong arm us so they can force us to take their higher rate? submitted by /u/arcosy [link] [comments]

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