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Local Lender vs Ally

I’m looking to close on a property by April 21 but have not locked in a rate with my lender until this point. My lender came back to me with a 3.75% rate that I would need to pay points to get while I could get a 3.25 with Ally by only paying 1k more in points than what I would pay for a 3.75 with the local lender. If I was to go with a 3.75 with Ally, I would be credited about 5k.

I’ve been playing around the math all day and if I go with the local lender, I basically lose 5k - either in closing costs or interest paid over 5 years or a combination of both. I am 100% sure that the local lender will close on time but I am very wary of Ally and have my doubts that will be possible even though they said they can do it.

Do I go with the local lender and lose 5k or go with Ally and risk having to delay closing?

I truly do want to go with the local lender because I trust them and will pay for quality so any Ally horror stories are welcome. I just feel like a 3.75 is not a great rate right now for a 780 credit score, especially if I need to pay to get that rate

submitted by /u/GalacticBeef
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source https://www.reddit.com/r/RealEstate/comments/mgtamb/local_lender_vs_ally/
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