can i change mortgage lenders?
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Anonymous
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I have been working with a mortgage lender for the last two months and she has me locked into a rate of 3.375 with no points just before (one day before) the recent stock market crash. I was wondering if it is considered unethical to shop for another mortgage lender and have another mortgage application pending but have the rate as floating.
I asked my current lender if they could drop the locked rate and they replied begrudgingly they could drop it to 3.25 with a .125 point (I guess there was a penalty). It seems, on her part, the mortgage is done and she doesn't want to do anything. I'm closing on march 20 and was wondering when it is considered too close to the closing date to have the rate adjusted. In other words, when does everything have to be finalized in terms of the mortgage rate? My mortgage lender doesn't seem to want to answer this question as we watch the stock market (and mortgage rates) crumble. Thanks. |
Anonymous
| You can switch lenders. But 3 weeks is pretty tight to get a mortgage. You can call a few lenders with better rates and ask if it’s feasible to get it done before closing. |
Anonymous
| Yes, if it hasn't closed. |
Anonymous
| Not unethical but pretty tight timing and you already have a good rate. I'd let it lie. Not worth the stress at this point to save maybe an eighth of a percentage point. You can always refi later if they crash further. |
Anonymous
| If you miss your closing and have a finance contingency, you may also be putting that at risk. |
Anonymous
| How much better do you think you are going to get? You are playing with fire here. 3.375 no points is excellent and you should be thrilled with it. |
Anonymous
| shop around asap. rates are at least 3.2 right now |
Anonymous
| i did a refi with cash out and got 3.25 for 30 years. had I not taken cashout, It would have been 3.125 |
Anonymous
| OP, keep shopping....rates are headed one way: LOWER. I further suggest an ARM |
Anonymous
| If you have a financing contingency via the GCAAR contract, you will lose the right to use it if you can't get the loan. |
Anonymous
| I recently did a 10/1 arm. 3% for a jumbo in DC. |
Anonymous
| op here; they just offered me 3.125 rate with .25 points. Should I take or wait? it seems like I should wait. |
Anonymous
What are you waiting for, exactly? They’re not going to offer you unlimited float downs. |
Anonymous
| I would take it. It’s a great rate. |
Anonymous
that's great. we were offered 3.25 with no points. 30 year fixed. pnc. |