Change Lender prior to closing

This is disheartening. Unfortunately, loan officers come in all shapes and sizes, some knowing their craft well and some who should (in my not so humble opinion) find another job.I would absolutely start the process of a second opinion from a reputable loan officer...one who knows what he/she is doing.

First I want to apologize for the misinformation the other lender gave you. A mortgage professional should know the guidelines and where their client falls within them. You can start over but you run the risk of a few things happeneing: 1. your credit score could continue to decrease due to multiple credit inquiries, 2. the seller may not continue to extend the contract and 3. you will incur additional costs like the appraisal, application fees, ect...Can you tell me what type of loan they were trying to put you in: fha, conventional, VA?

When are you looking to go to settlement? To answer your question YES you can change lender, however it could put a slight delay in your mortgage application process but you could have less hassle. If you had some questions (credit-wise) your LO should not have let you put the house under contract until those questions were answered. Please remember the loan officer is not the decision maker and when your file gets into underwriting after their review more items/questions are asked. If you consider of switching lenders I am available but I will not promise anything until I receive a complete application with all supporting documents. Also the next lender might be the hero now that everything has come to light on your file doesn't mean the previous lender was bad. I hope this helps and contact me directly if you would like to proceed with your mortgage application else where.

As a mortgage loan officer I have occasionally met with borrowers in a similar situation. With their permission I call the loan officer they have been working with and hear their side. I don't think it's a good idea to change lenders without the new lender having a complete understanding of the issues. If the loan can be approved at the current lender that is what I would like to see and will provide any advice to the current loan officer to make that happen. If the loan is denied and only if I think I can do some good is when I would take over. You will probably meet a few professionals on this forum that are in your area. I would talk more at length with them. I only lend in NM where I am licensed. Good luck to you.

This is a very disturbing to me and hate when I hear these stories. It is unfortunate that sometimes you get a person who does not have the experience, guidance or support to do their job. The worst part is that it has cost you money, I would absolutely find a new loan officer prior to paying for anything else. If we can help in any way, even if you decide to stay with them please feel free to call us to verify if what they are saying is accurate.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Based on the information you provided, I would most definitely change lenders. Please give me a callSharon7th Level Mortgage732 606 6264

So sorry for the poor perfomance by your loan officers and lenders. Sometimes shopping for the lowest rate results in low performance. Contact one of the lenders who responded on this forum, and has experience with these type of challenges.

I am based in NJ if you would like to discuss your loan scenario this weekend. Call our office at 973 979 4100, we would appreciate the opportunity to earn your business.Bart Gabewww.bartprequalifies.com Lending since 1987bart@bartprequalifies.com973 979 4100 - 7 days a week