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Commitment to mortgage broker?
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Commitment to mortgage broker?
When shopping for a mortgage, I finally decided to go with Wells Fargo. I was never given anything to sign nor did I ever pay them any money as an application fee. All our dealings the pasts few weeks have been verbal or email.
Is this binding??? Or can I jump ship at this point and go to another bank whose offering a much better rate?
Or, can I say to Wells...X bank is offering me this rate...match it and I'll stay with your bank.
Message edited 1/14/2008 10:24:03 PM.
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Posted 1/14/08 10:12 PM  |
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Prudential Douglas Elliman Real Estate
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igottabeme
Its peanut butter jelly time!
Member since 1/08 2340 total posts
Name:
Wouldnt you like to know! ;)
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Re: Commitment to mortgage broker?
Posted by SpiceGirl
Or, can I say to Wells...X bank is offering me this rate...match it and I'll stay with your bank.
this is my suggestion. your best bet is to always pin them against each other.
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| Posted 1/14/08 10:30 PM |
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kdanik
LIF Infant
Member since 7/07 148 total posts
Name:
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Re: Commitment to mortgage broker?
You you have not given them any money....you can do whatever it is you want.....i mean even if you did give them $ and you don't mind losing the money invested in the mortgage....you can definitely go with another bank. You have to be careful though....when is your on or about date? When is your commitment due? who is giving you the better rate....is it an actual bank or is it a mortgage broker? You can probably still negotiate....with Wells Fargo....business is really slow....i'm sure they'll want to keep you as a client!
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| Posted 1/14/08 10:35 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: Commitment to mortgage broker?
I still don't have a closing date, but it's on or about 2/15, so I don't have much time. The other bank is Chase...which I have all my accounts. Wells is offering me 6.125 and Chase is offering 5.75%.
If Wells doesn't agree to match Chase, do I have enough time to make this happen?
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| Posted 1/14/08 10:40 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Commitment to mortgage broker?
Yes - you have plenty of time to make it happen if you decide to jump ship. I would be surprised if Wells didn't match Chase though.
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| Posted 1/15/08 8:39 AM |
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igottabeme
Its peanut butter jelly time!
Member since 1/08 2340 total posts
Name:
Wouldnt you like to know! ;)
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Re: Commitment to mortgage broker?
Posted by SpiceGirl
I still don't have a closing date, but it's on or about 2/15, so I don't have much time. The other bank is Chase...which I have all my accounts. Wells is offering me 6.125 and Chase is offering 5.75%.
If Wells doesn't agree to match Chase, do I have enough time to make this happen?
yes cause you wont get a closing date until you have a mortgage commitment.
also just remember what your mortgage contingency was in your contract. the standard contract gives you 45 days to get a commitment. i dont know when you went under contract so just try to watch your timeline.
good luck!
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| Posted 1/15/08 3:08 PM |
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