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Shopping Around |
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Dear Edith,
Question #1: My husband and I are in the process of purchasing a new home using a VA loan. We shopped around for Lending Companies who we thought could provide the least Total Amount Financed and least closing cost $$.
The Builder has offered to pay $4000 of the closing cost, however, there were other fees which brought the total amount financed to $217k (with approx $2300 due at closing). Another Lending company had a total amount financed for $215K and approx $4000 cash due at closing.
Which is a better deal?
Question# 2: We have already locked in the Interest rate, signed the application, and the documents have been submitted to underwriting. Is it too late to back out and go with another lending company who we think is cheaper? |
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You can refuse a loan even after you've been okayed for it. The lending company has already spent money and won't offer to refund your application fees, but there's one expense you may have luck with. In many cases, particualrly with a VA loan, you can use the appraisal you paid for on a different loan application elsewhere. Ask about that.
I'm not sure what you mean by "least amount financed" so I can't answer your first question. |
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Edith
Originally published on May 14, 2008 |
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