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Message
How late is too late to change lender for mortgage? ETA: paging ellesssuuu
Posted on 8/6/20 at 10:36 am
Posted on 8/6/20 at 10:36 am
Haven't closed yet, not locked. Appraisal is done and came back good, but obviously we'd have to order another if we switch. Not exactly happy with the rates my current lender is offering and think I can do better. Being offered ~3.75% with good credit and 20% down, for reference.
ETA: ellesssuuu, shot you a text. Call or text me about using your company. 985 number.
ETA: ellesssuuu, shot you a text. Call or text me about using your company. 985 number.
This post was edited on 8/6/20 at 7:42 pm
9
Posted on 8/6/20 at 10:40 am to Ingeniero
That seems a bit high. Why’d you lock in with them if they were that high?
Posted on 8/6/20 at 10:58 am to Ingeniero
We bought our house when shite was going down in March.
Had to switch lenders 2 weeks before close.
New lender even accepted the prior appraisal.
Stressful.
Had to switch lenders 2 weeks before close.
New lender even accepted the prior appraisal.
Stressful.
Posted on 8/6/20 at 11:00 am to Ingeniero
time is really the only factor - can they close on your schedule?
I locked in at a % with one lender and the other one I was talking to came back with 0.25% lower a few days later.
Told the one I locked in with to re-lock or I walk.
I walked.
I locked in at a % with one lender and the other one I was talking to came back with 0.25% lower a few days later.
Told the one I locked in with to re-lock or I walk.
I walked.
Posted on 8/6/20 at 11:13 am to Ingeniero
if thats the 30yr rate that is extremly high unless your credit scores are low. 30yr rates are as low as 2.625% right now with the right scenero.
Posted on 8/6/20 at 11:14 am to Ingeniero
quote:
3.75%
Posted on 8/6/20 at 11:17 am to Ingeniero
I locked at 2.5% yesterday on a 30 year fixed. FYI.
Posted on 8/6/20 at 11:17 am to Ingeniero
Did you ask the lender to float down?
Posted on 8/6/20 at 11:43 am to C
quote:I did and they declined to. Not only that, if they're giving me 3.75% I'm not really expecting them to float down to an acceptable rate anyway.
Did you ask the lender to float down?
We've got 3 weeks until closing. I'll look around for lenders, get a time frame and see if they'll accept the previous appraisal report. Fingers crossed.
ETA: Credit score is around 740 if that makes a huge difference. First time homebuyer too.
This post was edited on 8/6/20 at 11:45 am
Posted on 8/6/20 at 11:47 am to Ingeniero
Unless things have changed since I was in that business, you'll have to convince ($) the appraiser to release the appraisal to another lender.
Posted on 8/6/20 at 12:21 pm to AUHighPlainsDrifter
quote:
Unless things have changed since I was in that business, you'll have to convince ($) the appraiser to release the appraisal to another lender.
Why would that be the case when you’ve paid for the appraisal?
Posted on 8/6/20 at 12:30 pm to Ingeniero
That seems high I got 2.85% with scores in the 720-700 range. I know from talking with him because I was curious that 700-680 was 3% and 680-670 was 3.375
Edit: lenders credit scores will vary from what you think you have also down payment %
Edit: lenders credit scores will vary from what you think you have also down payment %
This post was edited on 8/6/20 at 12:32 pm
Posted on 8/6/20 at 12:33 pm to Shepherd88
quote:
Why would that be the case when you’ve paid for the appraisal?
The appraisal is between the lender and the appraiser... you just get to pay for it.
Posted on 8/6/20 at 12:38 pm to Shepherd88
quote:
Why would that be the case when you’ve paid for the appraisal?
Back then (early 2000's) we loan officers ordered the appraisals and the appraiser would assign the appraisal to whichever lender we used (I worked for a broker). If we wanted to take that loan to a different lender, we would have to pay the appraiser to re-assign the appraisal. The appraisers would charge a small fee (usually $50-$100) to basically change the name on the cover sheet and send over another digital copy of the newly assigned appraisal.
Here is some more info I found about it. It's from 2014 so you may want to look for something more up-to-date... Transferring Appraisals
This post was edited on 8/6/20 at 12:41 pm
Posted on 8/6/20 at 12:40 pm to ConfusedHawgInMO
quote:
The appraisal is between the lender and the appraiser... you just get to pay for it.
Yep...never a fun thing to explain to the borrower.
Posted on 8/6/20 at 12:41 pm to ConfusedHawgInMO
Interesting. I just used my construction appraisal to contest a completed appraisal for a different bank without paying any extra.
Posted on 8/6/20 at 12:42 pm to AUHighPlainsDrifter
Even if I have to pay for a new appraisal, if it's something as drastic as 3.75% -> 2.85% it'll pay for itself.
Also my 740 score was from a credit pull by the lender, not a credit karma app or anything. As long as there's a hard inquiry by one lender, a new one shouldn't have to ding me again since it's within 14 days right?
Also my 740 score was from a credit pull by the lender, not a credit karma app or anything. As long as there's a hard inquiry by one lender, a new one shouldn't have to ding me again since it's within 14 days right?
Posted on 8/6/20 at 12:44 pm to Aug1
quote:
What lender? Any points?
Regions with 1.25 points. I should have mentioned that when I mentioned the 2.5 rate.
Posted on 8/6/20 at 12:59 pm to Ingeniero
No way I’m sticking with the current lender unless you have to close by a certain date. Depending on the size of the loan, you’re easily throwing away hundreds by sticking with that rate each year.
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