Switching Lenders after Purchase Agreement

Located in Washington State (King County) first time home buyer looking for opinions.

We connected with a real estate agent who we really liked and found a home we feel is at great value. When starting the process he connected us with his preferred lender to get pre-approved.

Our offer was accepted on a home and we have a close date of late August.

In the meantime we have been shopping around for lenders. And have identified 3-5 who can get us a 4.8 % rate vs 5.5 % from the preferred lender of the agent.

When discussing with agent we hear that if we switch lenders the sellers will ask to remove finance contingency. Each of the lenders are well rated on NerdWallet, CreditKarma, and BBB.

Any suggestions on how to proceed? We feel like we are getting sold on the lender but do understand there are plenty of bait and switch lenders put there too.

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Located in Washington State (King County) first time home buyer looking for opinions. We connected with a real estate agent who we really liked and found a home we feel is at great value. When starting the process he connected us with his preferred lender to get pre-approved. Our offer was accepted on a home and we have a close date of late August. In the meantime we have been shopping around for lenders. And have identified 3-5 who can get us a 4.8 % rate vs 5.5 % from the preferred lender of the agent. When discussing with agent we hear that if we switch lenders the sellers will ask to remove finance contingency. Each of the lenders are well rated on NerdWallet, CreditKarma, and BBB. Any suggestions on how to proceed? We feel like we are getting sold on the lender but do understand there are plenty of bait and switch lenders put there too. submitted by /u/reverse_pineapple [link] [comments]

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