Mortgage Blog

Higher Rate or Lower Rate, which one will you choose?
August 10th, 2015 10:35 PM
One of the purchase loans will be closed this Wednesday. I had a hard time to close this deal. First, the borrower went back to China almost the whole process of the purchase. And gmail was blocked once in a while(not all the time), and the process was delayed because of that.

But the main problem was not the gmail issue. It was the lenders we chose. Before the trip back to China, I discussed the case with my borrower, and there are about two lenders who can do this loan(a little bit complicated loan), and the first lender will have lower rate, but from my experience the loan has 40% of chance being approved. And the 2nd loan lender has higher rate, but we can have more than 99% of chance to get the loan approved. I recommend the 2nd lender, borrower decided to "try" the first one. Was the first loan lender the better one for the borrower? Might not be. And it proved that as well. We got denied by the first loan lender, and 10 days later we tried a new loan with the 2nd loan lender. But we lost about two weeks of time. The good news is that seller allowed the extension. And the happy ending is that we will close this week.

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Posted by Eric Fang on August 10th, 2015 10:35 PMPost a Comment

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