Profile picture for east2west2013

Changing loan terms while waiting for loan approval?

First time home buyer here - 
If I'm in the process of getting a 30 yr loan approved, can I still  have my lender run numbers for a 15 yr and change to a 15 yr if I decide it's a better fit?

Also, do most lenders wait for appraisal before approving the loan?  
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October 26 2013 - San Diego
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Answers (4)

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Speak to your mortgage lender regarding your questions on other mortgage term options.  It is called a "change of circumstance" when the loan characteristics change from initial mortgage application.   Prior to receiving the appraisal, mortgage lenders may give a conditional loan approval but you need the appraisal for a full loan approval as the appraisal is a material condition and need to get reviewed and cleared.  Good luck! 
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October 26 2013
Yes, you can inquire to a 15 year mortgage and even change it if you are still able to qualify at the higher mortgage payment.  If your rate was locked, you will be subject to a change in the rate, likely based on worst case scenario (current rates or the rates when it was locked).

Yes, most lenders require an appraisal/complete loan file before submitting it to an underwriter for loan approval.  This way the file isn't being submitted to underwriting multiple times.  It may be possible to get a conditional loan approval prior to getting a completed appraisal, but there may be a fee also.  This is because you are asking them to underwrite the file twice.

Good luck on your home purchase!

Sincerely,
Julio Zapata
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October 28 2013
you can talk to your loan officer and see if he or she can  qualify you for 15 years fix loan, you can get the approval with condition without ordering the appraisal . 

Good luck! 

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October 26 2013
Profile picture for wetdawgs
Yes, you can ask your lender about 15 year terms.

Yes, appraisal happens before approval, this is the rule not the exception.  Why?   Because the bank wants to know that the property will support the amount you wish to borrow.  (Perhaps the Bank of Mom and Dad doesn't require an appraisal, I don't know, never tried it.)

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October 26 2013
 
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