Home Buying in Tracy>Question Details

V, Home Buyer in Tracy, CA

I am in the process of buying a home in tracy,ca. Got into contract, and have the loan approved from my brokers preferred lender.

Asked by V, Tracy, CA Fri May 18, 2012

I also got a rate and fees quote from bofa. I was pre approved from both lenders. My bofa rate is .5% less than other lenders rate. But the home I am buying is less than 90 day flip, and bofa will have problem financing it, though its not a fha, but the other lender doesnt care. My closing cost with the other lender is approximately .3% of my loan excluding my down payment. Closing cost include typical origination fees and other stuff. My mortgage broker hasnt indicated any rebates. Isnt it fair to get some rebate? How can I negotiate in this situation as the lender know I wnt be able to get any other loan approved?

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BEST ANSWER
You may not have enough time to switch lenders and meet the contingency periods and close date. Ultimately, you should always ask your lender if they can do better. This may be as simple as going to bankrate.com. However, buyers should have a good handle on this up front and be in position to negotiate days before you're required by the agreement to apply for a loan (typically 7 days in California). Make sure you are well aware of the requirements in your accepted offer. The current owner of the home can cancel if you're not meeting those dates.

I hope this helps,

Rocky

Rocky G.H. Hawrysz
http://www.TeamHawrysz.com
Prudential California Realty
(209) 444-6610 - Office
(209) 915-6209 - Mobile
1 vote Thank Flag Link Fri May 18, 2012
Ultimately, you should always ask your lender if they can do better. -> I did, and you can guess what the answer was. Thanks for the answer
Flag Fri May 18, 2012
We do conventional flips and I would be happy to provide you a quote. Generally on loans there are lender credit depending on the given rate. Please call me if you have any questions!

Brian
Web Reference: http://www.loansquawk.com
0 votes Thank Flag Link Fri May 18, 2012
Thanks Brian. Like Rocky said, its little late now. I was just looking for some ideas for negotiating.
Flag Fri May 18, 2012
If Bof A cant close the loan, then they are not an option. The deal in our market is actually getting a offer accepted. When you look at the big picture, you are not paying much more with what the preferred lender is offering AND they are able to close the deal. Isn't closing the deal your ultimate goal?

Lisa Aguilera
The Aguilera Real Estate Team
Keller Williams Realty
209-814-8256
Lisa@TracyRealEstateToday.com
0 votes Thank Flag Link Fri May 18, 2012
Isn't closing the deal your ultimate goal? Yes, while making sure I am not getting ripped off
Flag Fri May 18, 2012
Your BofA rate is useless if they can't close the deal! If you really can't close with any other lender then it would seem your decision now is do you want to buy the house or not. Mortgages can be a little tricky to analyze. Over all, it's up front costs, interest rate and monthly payment. You just sort of have to balance those three to find the best deal. Perhaps the lack of rebate is counter balanced by lower costs or interest rate. It's really something only you can decide.
0 votes Thank Flag Link Fri May 18, 2012
Thanks for all the general knowledge and not answering the question.
Flag Fri May 18, 2012
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