Can banks change the terms of your loan?
I’m fully aware that banks usually sell mortgages. My question is, are they able to change the terms of the loan? Specifically, are they able to change the minimum amount of insurance you must have? by marylambert647 from Miami, Florida. Sep 12th 2022
Dave Skow (daveskow)
#15 ranked lender in Washington - 453 contributions
mary -All lenders will have their own guidelines on what level of ins is needed ....most lenders are the same but some might require certian coverages depending on the location of the property ....many lenders will want enough insurance to match the GRC ( guaranteed replacement cost ) that comes off the appraisal ...if you have an issue - contact the current servicer asap with your questions
Barclay Butler (Barclay)
#83 ranked lender in Illinois - 89 contributions
No a lender cannot change the terms of your loan. Yes they can require you to carry a certain amount of insurance. The only items that can change on a loan are taxes, insurance, and the monthly MI may drop off. I lend in CA, FL, IL, GA, NC, SC, & TN for residential loans. We can go down to 500 scores for VA & FHA. Barclay Butler. NMLS 225269.www.barclaybutlerfinancial.com
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