Can I change mortgage companies half way through purchasing a home?

Your chances of getting all the necessary paperwork done between now and September 19 are not good. That’s a pretty slim timeframe. As well, you will be required to pay for certain expenses incurred by the credit union for working to secure your loan, such as appraisals and credit checks.

You can, but only if it does not delay your closing date.

You’ll have to pay for another appraisal b/c the old bank won’t release it (yes, they have to release it) to another lender.

Also, don’t believe someone that will tell you that they can get you that new interest rate….a broker WILL NOT get you that rate without charging you points out the ying yang.

Did you know you can even get a 5% rate? Just pay it down far enough..and you’ll get there.

PS: I can count on one-finger with some left over how many times I have seen another lender beat the rate of a credit union….credit unions traditionally have the best rates available and they are very, very difficult to beat.

You’ll get screwed if you try to move.

It can be done. Question is, did you give your credit union a deposit, application fee or lock fee? You’ll probably lose that money. And if you decide to switch make sure your new lender knows about your time line and is prepared to move quickly.

Yes, you can. Did you already pay some fees to your current lender? If so, just weigh the benefits of that lower rate against the costs already paid.

Be sure to get a Good Faith Estimate AND a Truth in Lending disclosure. The GFE is nice, but the Truth in Lending is where you will see your APR. If the rate is 5.75% but your APR is something like 6.125%, you will know that they are hiding a LOT of points in that GFE. You always want your interest rate and your APR to be very close together.

You are on a short timetable so don’t delay. Also, note that rates were very low earlier this week, but just today they went back above 6%.

You may not get that nice interest rate without paying a point or two.

Good luck!