I’m under contract but have awhile until close. In a previous contract I was under (didn’t close due to inspections), I shopped around for rates. This time around, I decided to go with the same loan officer since it was proven to be good rate, they suggest they value transparency, and they already pulled my credit so I felt it would be easier to stay with their point of contact.
Anyway, I’m under contract, I used their pre approval as well, but I haven’t signed anything with them yet but we did talk about locking rates soon. Should I still shop around, and if I did, is it considered rude to do so given the stage we are in?
How long can you shop for rates for?
byu/Shpongi100 inrealestateinvesting
Posted by Shpongi100
2 Comments
this is an expected activity, not something that is rude. however, you have to secure the funding in time. if you miss the deadline, you lose money (i assume; maybe you have a contingency clause for it). check the lenders on what turnaround time they need.
I would note, unless you have a locked in loan estimate it all could be fabricated to get a foot in the door, and rates are changing throughout the day, so comparing them is often more about when you call not who.
Hope it helps.