Profile picture for t.n.n

in wastate, is there a date after the contract mutual acceptance date by which I can't change lender

  • December 07 2011 - Kirkland
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Answers (7)

As long as you have the sellers consent you can switch lenders. Ultimately what it will boil down to is whether or not the lender you are switching to will be able to close by the date specified in the contract.

It is getting increasingly hard to find lenders that are in fact closing within 30 days, so be advised if your situation is more difficult relative to an easy transaction, it may take longer.

Mortgage banks typically have the ability to be the fastest because they have their own internal underwriting departments. I would recommend that you inquire about the lenders turn times prior to switching.
  • July 03 2012
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Just to clarify a little more on the financing addendum. Depending on how your contract is written but using standard defaults. Once your in contract or mutual acceptance you have 5 days to make formal loan application. You could in this time frame "pick" your lender. Often I see this especially when rates are bouncing a bit, and your really shopping rates. What I often do is have both lenders provide the prequalify, and then inform the seller which lender we have pulled the trigger with. If your having serious lender issues, don't wait, talk to your agent, so she can talk to the other side. Nobody wants a deal to fall through in the 11th hour, so I always pay attention to red flags.
  • December 08 2011
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"You may change lenders at any point in time if you are not satisfied with them. 

And this is a perfect example of why loan officers should not answer real estate questions, especially state specific ones.

Great answer Sally and informative.
  • December 08 2011
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Profile picture for JuliaSellsHomes
Sally is correct. You would want to get the Seller's written consent prior to changing lenders. You also might consider whether the change in lenders will delay the closing date and deal with that issue as well while drawing up that addendum.
Being proactive is always best.

-Julia
  • December 08 2011
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If you are working with a real estate agent and your contract was written on forms provided by the Northwest Multiple Listing Service, and is subject to the Financing Addendum (Form 22A), then 1.b. of the form states "If buyer ... (iii) changes the lender without Seller's prior written consent after the agreed upon time to apply for financing expires, then the Financing Contingency shall be deemed waived ..."

Make sure you discuss any plans to change lenders with your agent ASAP, to ensure you don't inadvertently waive your contingency.
  • December 08 2011
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Profile picture for GMerino

You may change lenders at any point in time if you are not satisfied with them.  You want to commuicate your issues to your current lender/broker, because they are running the show.  I have ran into to many cases where the buyer has two lenders they are working with and dragging both along just to see who closes quicker.  Work with someone who has your best interest and someone you are comfortable with. 

Reach out to me if you have any questions.

Geofrey Merino
Lending in all 50 states

  • December 08 2011
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Profile picture for daveskow
if you change lenders .....1)  make sure  both agents  and seller know and 2) make sure that you provide  " new lender " ample time  to process  , approve and close the loan

fyi- if intial lender ordered completed  appraisal you will likely not be able to use this appraisal with lender #2
  • December 07 2011
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