Credit union or broker? Complex income situation that broker may handle better, but CU rate is 5.49%.
We've gotten preapproved with two brokers and a credit union. Credit union is offering 5.49% rate for only a couple thousand extra cash down vs broker rate of 6.375%. It's by far a better offer and would save a lot on monthly payments, but I'm concerned about potential issues during escrow.
We are self employed and all set to file S Corp for 2025 for the first time (got an extension), so taxable income is much lower. We also have rental properties in a foreign country which are showing a taxable loss with depreciation, but about covering themselves in real cash flow.
The broker has already cleared with underwriting that we won't be asked for 2025 documentation and we easily qualify based on 2024 tax return (Schedule C).
Credit union hasn't asked for many docs yet, but loan officer did say that underwriting would want to see P&L and W2s for 2025. I've asked if they can have underwriting look at the docs early and confirm that 2025 income won't be an issue.
Is this a valid concern or am I overthinking this? What else specifically should I ask the credit union for to ensure we don't have problems with the loan approval during escrow?