Skip to main content

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
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/mgtamb/local_lender_vs_ally/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more