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Can I change different house during underwriting?

by pureaccord99861 from , California. Mar 23rd 2017 Reply


Timothy Howard (timehoward)
#70 ranked lender in Utah - 150 contributions

You can, it will make for new disclosures to be sent along with a new appraisal being ordered, and most likely new earnest money being put down. If you have already passed the financial deadline on the current house, you most likely will loose the earnest money on the current house.

Mar 23rd 2017
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Thank you. I am afraid to ask my lender bec I don't want them to disappoint to do start over.

Mar 23rd 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

This does happen from time to time, and there's nothing to be ashamed of... you are the one making the payments, so you have to do what you fee is best for you, regardless of who get's inconvenienced.. But the short answer is yes.. you can change it.. but you will be starting all over again.. all the disclosures that you have already signed will have the old address on them.. so you would need to sign new ones with the new address... also, appraisal fee's, pest inspection fees, home inspection fee's, etc.. will not be refundable.. and you will have those same costs on the new one.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Mar 23rd 2017
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Sara Deere (SARAinMO)
#1 ranked lender in Kansas - 504 contributions

Absolutely, but you will have to almost everything over from scratch.

Mar 24th 2017
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Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

Basically it has to do with how much time has gone by, but the underwriter can look at changes in the monthly payment...likely not much difference...and address the new appraisal and escrow can go much faster as a result of you having already started the home buying process and already got approved by the Underwriter.Whether you lose your earnest money will on whether you lifted all contingencies.Your lender should never allow all contingencies to be lifted until you having completed any negotiations after the appraisal and Underwriting approval and still feel the house is for you.

Mar 24th 2017
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