We are at the stage of drywall and I still don’t have closing date. My realtor is concern if I don’t have my mortgage company fixed, I may not close in time. I have two options,
In house contractor mortgage company. I will not have to do anything if I go with them. Has higher rate, closing fees but gives 1.5% incentive for the business.
Get outside lender. Lower costs, rate etc. But requires me to LOCK now for 60days. I MUST make that decision now since appraisals are delayed as per my realtor.
If I lock my rate with any lender and house is not closed before lock expiration timeframe. Can I change my lender? Can I change lender regardless of locking a rate with one lender?
In house lender is stalling me saying they are trying to match the rate and fees to get my business. But, afraid if rate lock expires, I will end up paying fees to extend a rate lock.
Any detailed guidance will be appreciated!!