Question: brokers know that you are dealing with three brokers at once? obvious, what do you mean by “I’m a difficult borrower.” If you are willing to pay for the appraisal to be redrafted, the broker should >have no problem signing the release, however you are putting him in a >situation of liability should that appraisal be used for purposes other than >obtaining a mortgage loan i.e. solicitors etc. What type of loan are you looking for, and what are the three offers? Are any >of them in writing?
Answer: My fundamental question is this; why does the appraisal need to be “released” before another broker can work with it? Why can’t all three brokers work with the same appraisal at the same time? Noted above, and all three offers have had good faith estimates, but in my experience a signed GFE says nothing about whether or not you’ll actually get the loan at the quoted terms. Maybe I’ve just had bad experiences with previous lenders… It shouldn’t be that hard to get you a “stated income” loan with good credit at 80% loan to value…..you should be around 7.5% and no points with an APR around 7.8% fixed.
I cannot understand why you would need three brokers at the same time. Do you feel compelled to get three bids on any service that you buy? Remember, rates are a moving target like the stock market. You eventually have to “lock” a rate, and take what you get at that point. It is highly unlikely you will get the absolute rock bottom of the market no matter how hard you try, just like stock purchases.
As for the appraiser, he came to you on the recommendation of the broker, and although you paid for it, the broker has to release it. You have a right to a copy of it. There are numerous reasons for this, liability is one.
Let me know if I can be of further assistance.
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