Lender shopping question

[spicyfish]

Hello friends,  first time home buyer ikkada so process telisina vallu or recebt ga konna illu konna varu please share info.

Lender shopping so dcu , inka other credit unions lo application fill chestunnanu . Dcu asking 300 to rate lock , other credit union free .. once locked they asking to upload docs n other things .

My question : idanta oka credit union lo fill chesi , upload chesi ...inkoti shopping chestu undocha?

If we find some other better deal vaste first one atla vodileyochA??

I mean till appraisal fee katte varaku.. once paid we have to stick to tht one I guess.

 

 

[spicyfish]

Ltt

[YaYaBalaya]

@Sonu_Patel

[csrcsr]

39 minutes ago, spicyfish said:

Hello friends,  first time home buyer ikkada so process telisina vallu or recebt ga konna illu konna varu please share info.

Lender shopping so dcu , inka other credit unions lo application fill chestunnanu . Dcu asking 300 to rate lock , other credit union free .. once locked they asking to upload docs n other things .

My question : idanta oka credit union lo fill chesi , upload chesi ...inkoti shopping chestu undocha?

If we find some other better deal vaste first one atla vodileyochA??

I mean till appraisal fee katte varaku.. once paid we have to stick to tht one I guess.

 

 

YES you can do lender shopping but if you cut too close below 30 days etc closing date atu itu avutadi 

Also why are you locking now when is the closing date ?? Ipudu chala high undi kada  appraisal order chesaka kuda cheyochu but you might have ro order new appraisal for the new lender, the new lender won't accept the previous appraisal report 

[spicyfish]

25 minutes ago, csrcsr said:

YES you can do lender shopping but if you cut too close below 30 days etc closing date atu itu avutadi 

Also why are you locking now when is the closing date ?? Ipudu chala high undi kada  appraisal order chesaka kuda cheyochu but you might have ro order new appraisal for the new lender, the new lender won't accept the previous appraisal report 

Closing date 1 month lo exactly . Appraisal order chesaka ante... we pay tor Appraisal kada I don't know how much but once paid ...you will continue kada... high undi interest I know... closing ki time takkuva undi...so inko 1 or 2 days lender final cheyali. Just today started process 

[csrcsr]

11 minutes ago, spicyfish said:

Closing date 1 month lo exactly . Appraisal order chesaka ante... we pay tor Appraisal kada I don't know how much but once paid ...you will continue kada... high undi interest I know... closing ki time takkuva undi...so inko 1 or 2 days lender final cheyali. Just today started process 

Ah old home ok appraisal will be around 500 to 700 if you get really a good deal beyond this amount you can try again it delays up to order appriasal

30 days ante yup you have to finalize good luck bro ATB

[Gorantlamdhav]

23 minutes ago, spicyfish said:

Closing date 1 month lo exactly . Appraisal order chesaka ante... we pay tor Appraisal kada I don't know how much but once paid ...you will continue kada... high undi interest I know... closing ki time takkuva undi...so inko 1 or 2 days lender final cheyali. Just today started process 

You should have lock yesterday, I think rates will go up next few days and you don’t have more time. You can shop any number of places and fill application. 
appraisal is separate from application and locking. It doesn’t matter when you get appraisal, they need it to approve the loan amount not interest rate because you will apply for the loan amount you want

[csrcsr]

8 minutes ago, Gorantlamdhav said:

You should have lock yesterday, I think rates will go up next few days and you don’t have more time. You can shop any number of places and fill application. 
appraisal is separate from application and locking. It doesn’t matter when you get appraisal, they need it to approve the loan amount not interest rate because you will apply for the loan amount you want

But problem is new lender has to order nee appraisal that takes some time , second himeski seller signs contract for 30 days , off course best case scenario 14 working days lo close chestaru escrow it will be getting too close

[Gorantlamdhav]

11 hours ago, csrcsr said:

But problem is new lender has to order nee appraisal that takes some time , second himeski seller signs contract for 30 days , off course best case scenario 14 working days lo close chestaru escrow it will be getting too close

Why new appraisal? One can be used by all of them right 

[csrcsr]

Just now, Gorantlamdhav said:

Why new appraisal? One can be used by all of them right 

Fannie Mae/Freddie mac guidelines says the appraisal report can be transferred but most of the times they tend to order new one 

I

[sarvayogi]

45 days before closing varaku neeku istam vacchindi chesko..shop how much ever you want...45 days lopu matram fix to one and close with that lender...chillara 100's of dollars by changing lender kosam dont risk the thousands of dollars home

time nuvvu close cheyyakapote builder gaadu oka aata aadukuntadu

[Gorantlamdhav]

23 hours ago, csrcsr said:

Fannie Mae/Freddie mac guidelines says the appraisal report can be transferred but most of the times they tend to order new one 

I

Everyone will accept the certfied one I think. All lenders are in customer favor as they loose business otherwise . They always try to find a way to give you loan