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Can I switch lenders after I have been "locked"? I haven't received a commitment letter yet.

by p.kelly142 from Montclair, California. Nov 23rd 2015 Reply


Joseph Hendizadeh (josephh)
#310 ranked lender in California - 29 contributions

Hello. Yes you can switch lenders after being locked in for a rate. However, why is it that you want to switch lenders? You may not get the same rate or a better rate if you do so. Feel free to ask me any other questions you may have. You can email me at josephh@myfhaexperts.com or request for me to give you a call. Thanks.

Nov 23rd 2015
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#135 ranked lender in Florida - 644 contributions

You can always switch, call me as I would do my absolute BEST to make you happy Ralph Guertin 954-274-7725 or email at ralph@absolutelowrates.com

Nov 24th 2015
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 591 contributions

Yes you can; just make sure you give the new lender enough time to close the deal.

Nov 24th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

Yes, but there's a lot more info needed to properly answer your question.. Is your lender not performing as you expected? things taking too long? you have seen lower rates somewhere else? What's the reason you want to switch? There's several things you will want to reconsider before thinking about moving your loan. If your loan has actually been locked, then you might be better off leaving your loan where it is.. If you move it.. it will delay your closing. If your purchasing a home and you have a closing deadline to meet, then by moving the loan, it's possible you can lose the home and your earnest money deposit... Also, it's very possible the new lender will not accept your appraisal meaning you would need to pay for another one.. If your concerned about the interest rate, then you can go back to your lender and tell him you've seen better rates, and you're considering moving the loan.. he might be able to do a little better.. some lenders have a "Float Down" option where after you have locked in a rate, if rates improve, then they can do a "One time" re-lock at a lower rate.. but regardless, in most cases, your better off leaving the loan where it is.. understand for him to get to the point where he's locked in the rate, there's been many man hours of work done on your file, and your lender does not get compensated unless the loan closes.. But realistically, the only real reason I would suggest moving it is if you feel that the lender has dropped the ball or is in some way incompetent.. and if that's the case, you should move it right away and let all the parties in your transaction know so if there is a delay, you've already explained why.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Nov 24th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,571 contributions

Technically yes, but why? Is there a problem with your file? Would a new lender have the same issue? Rates really haven't change lately, but is it rates? Be sure you understand the correlation between interest rates and closing costs. Finally, is there enough time for a new lender to get it done? Just make sure you are jumping for the right reasons, and be sure to talk to the current lender about addressing any issues before you pull the trigger. Good luck

Nov 24th 2015
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