Anyone change Mortgage Company's during the closing process?

AmyKay Posted: Jul 16, 2004 08:49 PM

Anyone change Mortgage Company's during the closing process?

We had locked in a rate with a company less than a month ago. We are set to close on the 28th of July.
We got a call from our mortgage broker today telling us we are switching lenders to save on the interest rate. This is great news, I just hope this doesn't delay our closing.
Did anyone do this so close to your closing date?

DjPiLL Posted: Jul 16, 2004 09:10 PM

Re: Anyone change Mortgage Company's during the closing process?

If your mortgage broker got you the original loan... and he now wants you to switch to a lower interest rate... i dont see why not.

You will see a delay though... but the rates have dipped nicely in the last four weeks.

AmyKay Posted: Jul 20, 2004 09:09 PM

Re: Anyone change Mortgage Company's during the closing process?

Luckily our closing date has stayed the same and we dropped a quarter of a percentage rate!!!!

DjPiLL Posted: Jul 20, 2004 10:04 PM

Re: Anyone change Mortgage Company's during the closing process?

You also have to check your contract. You could be in breach of contract if you change financing and do not have a commitment with the new mortgage by the date listed on the contract.