How to Change Your Mortgage Lender

What Are Home Equity Loans Used For 6


The first thing you should know is as a consumer it is always your choice to pick a lender and if needed switch to another mortgage lender. You are free to move to another mortgage lender right up until you close. The only fees you might lose are for an appraisal which may have been done and any other good faith deposit you may have provided. Sometimes, certain appraisals can be transferred from the old lender to the new lender but beware that the old lender may be reluctant or slow to release it and may ask for it to be paid by the consumer.

Why would you want to move to another lender? There are many reasons why. First, you may just receive a better deal from a new lender especially if interest rates are trending downward. Another reason is you are just dissatisfied with the customer service you have received up to this point. A poor customer experience can stem from a lack of communication or responsiveness to your questions or calls. It also could come from unexplained delays in getting your mortgage approved in a timely manner.

Remember that changing lenders can cause a delay and if you are purchasing a home you need to be in close communication with your real estate agent, so all interested parties are aware. It will also result in another credit pull as well because the new lender will have to check your credit.

So, you can change lenders but be very thoughtful about the consequences of doing so and work with a trusted mortgage professional to gain the best advice possible. The Home Loan Advisors at Hall Financial are a great resource for you and are here to help you.