Mortgage Loan

I already got approved for a morgage loan from a lender. I also have applied to other lenders, and a bank would do appraisal tomorrow and the branch manager has told me that there’s high probability to be approved for the loan.

However, the first company which already approved the loan recognized that I was trying other lenders, then, the company is pushing me to get my credit card information and is hurrying to issue commitment letter. The company want me to tell the bank stop proceeding. The company also want me to pick up the commitment letter as soon as it is ready and tell the seller’s attoney that I get the commitment letter from the company.
However, since the loan offer, which means both interest rate and closing costs, is better with the bank. So, I want to wait more until I get approval and commitment letter from the bank.

Is it ok to get commitment letter from both parties in my hand? Any legal obligation? Any penalty? Anything to be careful?

Thanks for help!

As an owner of a mortgage company, I can tell you with 100% ccertainty that you are more than welcome to get as many commitment letters and quotes from as many companies as you like without any commitment or legal binding issues on your end. You may lose some money (the cost of the appraisal) if you go with a different company than the one pressuring you, but you are not bound to anything until you sign final loan docs.

I would tell the company pressuring you that you will provide them with a GFE from your bank and if they can beat it, they have your business. In this environment, the buyer has ALL the chips. Play hardball….