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Can I change lenders? Closing is on 09/30

Hi folks!

This is my first time buying a house.
My wife and I found this perfect home and we have been working with a lender that our realtor suggested.
We have been trusting them in this process.

We currently have a rate of 4.625% (my credit was at 738 as of beginning of this month) with this lender. But I'm looking around and I can see that we can definitely get a lower rate than that.

What got me really ticked off about this lender is that #1, I was asking about their rates and telling them what I'm seeing online and they said "I can't just pick the lowest rate I see"... What? :O These rates were matching my criteria.

The other thing that ticked me off is that the last time they checked my rate was on the 18th. My rate is very close to 740, and they could have checked right before they wrote the HUD final? I'm guessing they did that because they were probably sure if they checked later, I would fall in the 740 bracket which gives me a better rate?

Is it too late to get anotherr lender? What would be affected?
I payed for the attorney fees and something else I think?

Also, we have $5000 deposit with our realtor. Would I lose that money in case I decide to find another lender?
Lose the house maybe?

I'm writing this in desperation as you can tell... I'm really not happy with what I'm getting.

Please let me know your opinions.

Thank you
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September 26 2013 - US
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Answers (5)

Did you sign a lock in agreement? If so then you agreed to those terms.

What if the interest rate had gone up? Would it be fair if the Lender asked you to take a higher interest rate?
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September 27 2013
It is HIGHLY unlikely another lender could close in time.  Rates depend on income, credit, cash down etc and not every loan product is the same.  The seller might be willing to extend the contract but be prepared to offset their holding costs and provide more earnest money to ensure the deal is closed.

Let us know how this goes for you!

Best of luck!!!  
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September 27 2013
Profile picture for wetdawgs
Talk with your agent.

Some sellers are willing to be flexible,  not all.   At this point you probably have released your financing contingency, so they could take you to the cleaners if not pleased.   Please be aware in the negotiations that they incur additional costs by having closing delayed.



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September 26 2013
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 Is it possible for me to change the closing date?

If my realtor talks to the seller would that be possible?
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September 26 2013
Profile picture for wetdawgs
Is it too late to get another lender?  Are you serious?!? Really????   If you wish to close on the 30th (less than 2 business days from now), yes, it is too late.    There is no lender in the world (besides perhaps the bank of Mom and Dad) that can approve you and have you ready for closing on Monday the 30th.  




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September 26 2013
 
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