Profile picture for John Lask

Firing my lender any cost to me?

My lender has been a nightmare for the past three weeks before closing.Misquoted me three times on my mortgage payment,has refused to give me a better rate although he is supposed to match the competitors GFE and now he has moved the closing date to who knows when. It was supposed to be July/19th and he said it has to be moved because the appraisal took longer then expected.My realtor was suspicious about that so he called their main office.They told him he was not available until July22nd when he comes back from vacation! My question is when i terminate him will there be any costs to me besides a new appraisal. thanks he hasn't answered me yet.
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July 10 2013 - US
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Answers (7)

Most lenders will require their own appraisal.  I am pretty sure that the appraisals do not stay with the property like they do with FHA.  If you have everything else ready to roll I would say 45 days is doable.  You have to take into account the 2 weeks that USDA will need to review everything after the lender's underwriter gets through with it.
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July 10 2013
Profile picture for John Lask
The home owners delayed the process in the beginning and i was patient so my realtor believes it will not be a problem delay wise. How long is the average process lets say the new lender can use the appraisal or if they cant use the appraisal either way is there an average time frame for USDA loan in NJ.
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July 10 2013
Is the other side okay with the possible delay.  As distasteful as this lender has been going to another lender is not going to be an overnight process.  I would be happy to give you a quote as well if you would like to contact me through my profile
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July 10 2013
Get a couple of loan proposals prior to choosing where ever your going.
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July 10 2013
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thanks guys, i have an appointment with my realtors lender tomorrow thanks everyone still havent heard from my former lender.
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July 10 2013
Christine,

Sorry, to here you are going through a big mess.  No cost at all in firing your loan officer.  You might even be able to use appraisal with another lender you choose to work, so long as the appraiser is approved with the management company that the lender uses.

When is your close of escrow and where are you located?
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July 10 2013
Hi Christine,

I am very sorry to hear that your lender has been a complete nightmare. I would recommend that you consult with your current Realtor on who he recommends you use for your mortgage financing. Other than the appraisal cost there should be no other fees due to your current lender.

I wish you the very best,
Doug Spiers
Elite Choice Real Estate 
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July 10 2013
 
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