As to your last question, be advised that if you switch lenders without the consent of the seller, that might result in a waiver of your financing contingency, putting your earnest money at risk. That is yet another reason to go with a lender who can actually perform the task of providing financing.
If you are planning to buy a home, then one of the first things that you look at is getting a loan. For first-time home buyers, this may be a bit overwhelming. You can hear about all kinds of terms that you don't understand and one of those involves the lender that you work with. You may discover that you can obtain financing through either a lender or a mortgage broker and wonder which one is a better choice for you. Here you can find some information about both parties to help you decide the best option for your situation.
Loan shopping has actually become harder with the latest changes in the process. A lender can't give you a firm quote without collecting all of your data and submitting it for preapproval. There are some lenders who advertise low rates, others focus on service.
As a formerly licensed mortgage lender, I had wholesale sources that fit different applications better than others. My most competitive source was also the most difficult with underwriting, what good is a low rate if they won't approve it? Using a mortgage broker they shop the loan for you. They know if you well established or just getting started. If you've had some credit issues, they also know which source will be most forgiving.
As a Realtor who was licensed I'm picky who I recommend to my clients. I have a few sources I trust that have come through very well. Ask your agent for a recommendation or contact any of us who are answering your question.
The answer to your question really comes down to knowing more than you should reveal here.
Best of luck.
Good luck to you in any case,
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
Mortgage Loan Originator Best in Client Satisfaction