Re: Financing Contingency Issue

Let me clarify the timeline of this a bit.

Day after offer: Confirmed with a lender (AIG) that we had a rate of
6.25 and 1,500 closing costs. Paid our $495 to start the application
process.

5 days prior to financing contingency expiration: AIG informs us that
the rate has changed to 6.75 and closing cost to $5000.

2 days prior to financing contingency: Speak with 2 separate lenders
from a local lender, they could not offer within the terms listed in
our contingency. Later that afternoon our realtor tells us to call a
third lender who promises 6.5% and under 2,000 closing costs. Having
been burned by AIG in the past thinking that the 6.25% rate would go
through until the closing, we found there to be too much risk in
proceeding with this lender (again, who has never run a "real" number
on us) because if we did we would be outside of the 30 day on our
financing contingency by the time everything was finalized. In
essence, continuing with said lender without having a way out if
suddenly his stated rate changed.

Today: 4 days after 30 day financing contingency expired.

.

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