All Forum Posts by: Matt Austin

@Chris Collins

Thanks Chris, that’s what I love about Bigger Pockets. I get to leverage the knowledge of pros like you! I will certainly heed your advice.

I have talked it over with my agent and he assures me that there is nothing I need to disclose to the seller.

@Matt Groth we just crossed the 60 days from closing mark and we were able to lock the rate for 60 days

@Matt Groth one of the big reasons I am even considering this is that I have MONTHS until closing, so lots of time to get things done, and the new lender knows my timeline and seems committed to a speedy underwriting. For those asking, the difference in rates is 0.75%, which was enticing enough for me to take the leap.

@Russell Brazil Definitely an important note, thanks Russell. I have been approved for this rate and have seen the loan estimate and everything checks out so far. This lender also has very good reviews which is reassuring. Since I haven’t locked rate with the original lender, I think I’m clear, except for the appraisal fee since the appraisal already occurred.

@Harjeet Bhatti thanks Harjeet, yes I talked to the original lender and they are unable/unwilling to match the rate

Thank you Matthew!  As I have plenty of time until closing, I should have plenty of time to go through underwriting, etc with the new lender.

I have been under contract on a property for a while now (closing was pushed back in order to allow one unit's lease to expire so as to allow me to owner occupy), and I have been in negotiations with a local lender.  I haven't locked a rate with them, and recently I became aware of a much better rate available with a different lender.  I have signed some disclosure docs with the current lender, but to the best of my knowledge, I haven't signed anything binding.  However, we have met several times in person and were very close to locking everything in prior to closing.  I also want to be professional and not burn any bridges, but this new rate is too good to pass up, especially for an agreement as long term as a 30 year note.

Based on what I have provided, is it still fair to switch lenders?  Is there anything binding I could have signed besides the actual document that spells out the loan terms, closing costs, etc (which I haven't signed)?

Will definitely do that! Thanks David.

Hi all,

I am currently a college student in Madison, Wisconsin, and have been interested in REI for the last couple of years. I would love make my first investment before graduating, but am unsure how to go about it. I think the first step for me will be to start building a team (attorney, accountant, broker, etc.) and go from there. If anyone can offer some advice, I would greatly appreciate it!

Excited to get started in the near future!

Matt