Can I get a diffrent mortgage broker this far along?

Asked by Debbie, San Jose, CA Mon May 12, 2008

I made an offer on a home and it was accepted the third week in april, but I want to get a diffrent mortgage broker. Is it to late to change?

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5
Brent Bester, , Columbus, OH
Tue May 13, 2008
When are you supposed to close? I would definately make sure to see if the appraisal has been ordered. It might be easier to go to a local bank that underwrites their own files so you don't have to rely the "middleman" releying information to the bank. As a former broker myself, I know that sometimes even if the broker is doing everything on thier end, things still get deleyed because they are waiting on the bank to underwrite the file or sign off on conditions. If your doing an FHA loan, you can get those most anywhere.
0 votes
Lindsey Schn…, , Palm Springs, CA
Mon May 12, 2008
I always think it's a good idea to work with a couple of lenders initially as a checks and balances method to protect yourself and ensure you're getting the best program to meet your needs. If you feel your mortgage broker is not delivering on his/her promise, you should feel free to contact a different lender to at least get advise and potentially put your actual lender back in check. Even if the appraisal has been ordered and you're up against deadlines. I assure you, any lender with your best interests in mind will work with you to make sure you are comfortable and satisfied with the process. Just make sure to communicate with your realtor so he/she can protect you on the timeframe and contract terms prior to making any final decisions to change lenders. All the best, Lindsey Schneider (PS my fiance is a lender and always available to answer questions and offer advise. Even if he can't service your loan, he is a great resource and honest ali. Eric Bennett, Palm Springs Mutual, CA 760-861-LOAN)
0 votes
Sylvia Barry,…, Agent, Marin, CA
Mon May 12, 2008
Hi Debbie:

As long as the new mortgage broker can get you a loan with the right terms and conditions which allows you to remove loan / appraisal contingency prior to the date as specified on the contract and then able to fund the loan in time to meet the close o escrow date; then by all means, go ahead and do it.

One thing you do have to be sure of is to use a reputable mortgage broker who works with a lender that are able to deliver on time. We have heard several instances recently where the lenders (or mortgage brokers) can not meet the required time frame as they promised the buyers (back logs, or just changed products, etc) nd the deal falls through; which is not what you want.

Best,
Sylvia
0 votes
The Hagley G…, Agent, Pleasanton, CA
Mon May 12, 2008
Has the appraisals been ordered? If so, you may encounter another appraisal fee if the lender is changed. Is this a conventional loan? VA? Cal HFA? Why the change?
Web Reference:  http://www.cindihagley.com
0 votes
Laarni G. Om…, , Orange County, CA
Mon May 12, 2008
Hi Debbie,

As long as you can close on time, you still can. But you may have already incurred some costs from the other broker. If this broker is causing you a great deal of aggravation, by all means, do what you need to do.

All the best,
Laarni
0 votes
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