We have just gone under contract on a townhouse in Parker CO. The loan amount will be 220k (with 10% down).
I have had two lenders recommended to me: a local Colorado lender, Universal, and a national one: Pen Fed Credit Union. Pen Fed has me locked in at 2.75% (with a 1% buy down for a 15 year fixed), which is amazing. Universal is offering 3.125%. Universal originally told me they'd match other offers, but they are resisting bringing their rate down to Pen Fed's rate.
The twist? We have less than 30 days to close the deal. Pen Fed guarantees 30 days but I have had a hard time getting a hold of people, and keep getting handed off to the next agent because of their internal procedure. I don't get warm fuzzies that they're going to close the deal. On the other hand, Universal is trusted and local and the realtor says they will make sure the deal goes through. No one can vouch for Pen Fed.
I did the math, and the Mustachian in me says - 'the difference in those two rates adds up to over $7000 over the life of the loan.' That's a good car. Yet a friend of mine says it's not a big deal - both offers are good. Fair enough, but 7k is a lot of money!
The question I have is if I should put all my emphasis on the cheaper deal (Pen Fed) or go with the smoother, "guaranteed" lender. Thoughts?
