Looking for some advice from others who have worked in a very competitive market (bay area). I’m a first time home buyer.
Just yesterday we had an offer approved after going 50k over asking price (830k). Our realtor worked very closely with a local lender who she has a close relationship with in getting our offer approved.
However, when I tried asking the local lender what the rate estimate would be for us, she never gave a straight answer. Now that offer is accepted, the lender told us that our rate would be 3.4%, which is considerably higher than the estimates I had previously found online.
To double check, I called up Fairway Mortgage to see what they could offer (I previously got pre approved with them) and they came in at 3% after going through all of the details, and assured me they could close on time since we’re only one day in to escrow.
I brought this to my agent, but she’s pushing back, saying that if we switch the lender now, it will scare off the buyer, and we might lose the house.
My gut reaction was that my agent is just trying to keep the partnership with the local lender, but we have also gotten word that the buyer has since received multiple offers for over 850k, so I’m worried that there really is some added risk to changing lenders now.
I’d like to take advantage of lower rates, but the thought of losing the house over this is making me sick.
Knowing that the seller has multiple other options, would changing lenders really open us up to risk of losing the house?