However, Chase should have issued you a GFE as soon as you went into escrow on this transaction. You can take that GFE and shop around for a loan with it.
Jason K. Zaitz
NRBAÂ®, CDPEÂ®, NARÂ®
Direct - (925) 242-8971
Fax - (925) 807-5190 http://www.JasonSellsRealEstate.com
When your offer was accepted by the seller, it was on good faith that you are are already working on getting your loan. So you should have already shopped around for rates before you even got preapproved.
You may not have to use Chase as your lender, but how much time do you have to meet your contingencies periods, and how confident are you that you are going to get a better rate?
And as always....what does your Realtor tell you?
If you are already in escrow, I would not be messing with my loan to try to get a fraction of a percentage better loan. There is too much at stake to try switching loans at this point â€“ you are one of the lucky few who has managed to get an offer accepted â€“ donâ€™t mess it up by changing lenders and doing anything to delay the transaction.
In the interest of time, you should make that decision very quickly.
The seller accepted your offering with the knowledge that you had a loan 'approved' at Chase and any delays because you choose to change lenders would be risking your acceptance.
These two links might help you decide what your next step should be:
"True Pre-Approval" see:
Where to get financing see:
"Retail Banks vs. Mortgage Broker/Bankers"
But I always recommend to my clients to get at least 2-3 quotes from reputable sources. And make sure that the lender (And REALTOR) you use is responsive and answers your questions. If they are dismissive to your concerns/questions it might not be a good fit.
Good luck and congrats.
Cassandra Bickel, REALTOR