It's a little tight. Normally it takes 4-6 weeks for the bank to close. Normally what happens is that you have a commitment date a week or two before the closing date and if you can't get a commitment letter from the bank by then, you extend out the closing. You basically picked a pretty aggressive closing date so that didn't give you much time to shop around. Most people spend about a week shopping different banks. With the same bank, nothing much changes if you want to switch the type of loan like the 5/1 ARM or 10/1 ARM for the lower rate. Then you could always refi later. For your loan amount, probably the credit unions would have the best rates.I’d shop around, but I’m not sure I have time, with closing being on Sep 28…
I shopped a few banks. A couple were obviously high, a couple didnt communicate well or we’re hard to get a hold of, and a couple were hitting me about the same.
Last week or week before, I got a quote for 5.875%, but then rates went up this week.
Im not sure about switching things up now. Would hate for something to go wrong and lose the deal on the house. I’ve heard of things like that happening.
With my job, I don’t have a lot of time during my work week (which starts tomorrow). I work 4:45 am - 4:30 pm, Wed-Sat.