Lenders and rate checking- what’s normal?

We have been in the home finding mission and had applied with both a credit union and a mortgage broker to get the best rate. I was also testing out to see who I would work best with since that’s a huge part of the process as well. I don’t need to be my bff but I don’t need a headache either. Just a plain ol’ professional person.

Yesterday I had contacted both lenders to set up appointments and go over rates so that I could make a good decision. I definitely felt the broker was going to be the best option, since banks had not been kind to me in the past (has anyone sued Wells Fargo yet for bad mortgage process?!? ) Jeez- that was the worst!

When I saw her lender fee I was really shocked. But then we put her company on the purchase agreement (we’re in contract! **knocking on wood!!) And expected a call ASAP from her. We had talked previously that once we had the preliminary approval (this was like 2 weeks ago) we would go over final rates and I thought for sure after being in contract for a couple days I will get a call. Nada. Maybe she didn’t get notification of this but I also followed up with a text request as well.

I requested an appointment with her but did not get a response for 1/2 the day- not even a let me call you back I’m busy automated and y’all know this market! I can be patient, but when I didn’t hear from her until 11 PM (a little weird that too) I communicated during business hours I was like woah.

Anyways, she didn’t give that to me a time But instead apologized for the lag time which is awesome but still business is business and I had said the whole time that I needed to check rates. I made no promises nor signed any agreements. I let her know many times that I had consulted with other lenders and would continue to do so until rates were finalized.

So when I checked in with the first lender a local credit union, they were thrilled to set up an appointment ASAP and quickly responded to communication. We promptly switched (but honestly hoped to keep broker as an option since ya never know) and I thought she had some great qualities. But then she started blowing up my email, phone and text wanting “a chance” to give her rates and that she “could beat all the rates”. I had previously received 2 worksheets with all the information needed- I did not think I needed to go over more since $3200 on a 120k property seems high for a lender fee/originator compensation.

(And yes it’s a nice house and no I will not say where!)

So my question is: how do these how should it go how should it go more normally during the rate checking process?

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

We have been in the home finding mission and had applied with both a credit union and a mortgage broker to get the best rate. I was also testing out to see who I would work best with since that’s a huge part of the process as well. I don’t need to be my bff but I don’t need a headache either. Just a plain ol’ professional person. Yesterday I had contacted both lenders to set up appointments and go over rates so that I could make a good decision. I definitely felt the broker was going to be the best option, since banks had not been kind to me in the past (has anyone sued Wells Fargo yet for bad mortgage process?!? ) Jeez- that was the worst! When I saw her lender fee I was really shocked. But then we put her company on the purchase agreement (we’re in contract! **knocking on wood!!) And expected a call ASAP from her. We had talked previously that once we had the preliminary approval (this was like 2 weeks ago) we would go over final rates and I thought for sure after being in contract for a couple days I will get a call. Nada. Maybe she didn’t get notification of this but I also followed up with a text request as well. I requested an appointment with her but did not get a response for 1/2 the day- not even a let me call you back I’m busy automated and y’all know this market! I can be patient, but when I didn’t hear from her until 11 PM (a little weird that too) I communicated during business hours I was like woah. Anyways, she didn’t give that to me a time But instead apologized for the lag time which is awesome but still business is business and I had said the whole time that I needed to check rates. I made no promises nor signed any agreements. I let her know many times that I had consulted with other lenders and would continue to do so until rates were finalized. So when I checked in with the first lender a local credit union, they were thrilled to set up an appointment ASAP and quickly responded to communication. We promptly switched (but honestly hoped to keep broker as an option since ya never know) and I thought she had some great qualities. But then she started blowing up my email, phone and text wanting “a chance” to give her rates and that she “could beat all the rates”. I had previously received 2 worksheets with all the information needed- I did not think I needed to go over more since $3200 on a 120k property seems high for a lender fee/originator compensation. (And yes it’s a nice house and no I will not say where!) So my question is: how do these how should it go how should it go more normally during the rate checking process? submitted by /u/Multiverse_Money [link] [comments]

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