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Lender of choice can’t match another quote

Hello all, some questions about working with brokers.

I’ve been in touch with this broker since pre-approval. After I went under contract, I applied with another broker to see what my options could be. The 1st broker sent me a loan estimate and suggested that the rate was good; I thought so too and decided to lock. Later that day, the 2nd broker sent me their estimate with a lower rate (by .125%) and lower origination fees.

I prefer the 1st broker and wanted to work with them, so I asked if they could just match that. They said they couldn’t because the rate has been locked, so they had to find another lender. It took them 3 days to find a new lender (I’m aware the market has constantly changed, so at that point it’s no longer apples to apples). Nevertheless, the new lender offers a lower rate but higher fees and pmi. It was disappointing and not really a “match”.

The difference between the 2 estimates was a decent amount, at least in my financial life ($1000 difference in origination fees and $30 difference in monthly payments over 30 yrs).

I’d like to ask for your opinions. If the customer service is the same, should I go with the better offer or should I keep going with the 1st broker and take some loss?

submitted by /u/Taryus_Cake
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/153msey/lender_of_choice_cant_match_another_quote/
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