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800+ credit score. Intown Atlanta highrise condo. What are my best options?

Profile picture for writerdude
The lender my Realtor works with has been hugely courteous and helpful, but I wonder if I should be shopping around anyway. I'm hearing 5.25-5.375% conventional 30-year fixed on a condo with 10% down.
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November 03 - Midtown
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Profile picture for MikeEmery
Real Estate Agent
Contributions: 2495
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Since December 2008

Well, lets put it this way. 

When you bought your last car, refrigerator....house...did you buy the first car, refrigerator...house that you saw? Or did you shop around?

With any major purchase (and a loan IS a purchase) you should get at least two quotes. If there is a wide dollar gap between the quotes (in the case of a loan it would be fees and interest), go for a third quote.

At least send Mr. Branch an email and see what he can do for you. I've only seen him on Zillow (not personally) but he seems to be one of the more forthright and honest lenders here. (and there are more than a few rascals!). 
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November 03
Profile picture for Bob Lowery
Mortgage Lender

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Since February 2009

If you are looking for alternatives, I would definately recommend Clay as a lender in Georgia if you need a 2nd opinion.  He is a very reputable lender on Zillow.

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November 03
Profile picture for Bob Lowery
Mortgage Lender

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Since February 2009

From an LO's standpoint, it would be a nice change to see a consumer give the original LO a chance to earn your business since they have done the majority of the work, if the original quote was reasonable (which it is in this case).

The offer seems a tad high, but definately not outrageous. 

Clay is right.  Its not a bad rate.  You should be able to get a small lender credit at 5.25%, but 5.375% is too high.

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November 03
Profile picture for writerdude
Yes, sort of. There aren't that many. 

I've been researching it as much as he has.
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November 03
Profile picture for Georgia Loans
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Since January 2009

Without an origination fee or discount fee and absorbing the condo hit, I would have the same as your lender at 5.25%. Has your realtor shown you recent comps in the same building?
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November 03
Profile picture for writerdude
Resale.
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November 03
Profile picture for Georgia Loans
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Since January 2009

Is this new construction?
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November 03
Profile picture for writerdude
Is it bad form to shop around after one has given you a pre-approval letter to go with your offer?

I mean, of course I have the option, but is it considered standard practice?
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November 03
Profile picture for Bob Lowery
Mortgage Lender

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Since February 2009

At 5.25%, you should be getting a lender credit to be applied towards closing costs with those scores.  If you aren't, you may just want to shop around to keep them honest.

5.375% is too high unless it comes with a very nice lender credit.
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November 03
Profile picture for writerdude
Loan amount is roughly 250,000, no points.
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November 03
Profile picture for Bob Lowery
Mortgage Lender

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Since February 2009

There is a .75% adjustment to the cost (not the rate) for condos over 75% LTV.  That would equal about a .25% in rate.

What is the loan amount and are you paying any points or an origination fee? 
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November 03
 

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Related Questions
Question 800+ credit score. Intown Atlanta highrise condo. What are my best options?
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