LOAN QUESTION PLEASE HELP
 

Team:

I had been working with 2 lenders on my home mortgage and I am about to
close in 30days. Here is my dilemma

2 weeks ago LenderA had given me 5.8% rate and Lender B gave me a rate
of 5.5%.
I went and locked with both of them. However, few days later lenderB
loan officer refuse to answer my emails. As such I started my loan
process with higher rate lender A. I sent them all my W2, bank
statement etc to process the loan and they have also done their
appraisal.

Ironically, I got a call today from a loan officer from lenderB telling
me that the loan officer I had earlier talked to left the company and
henow had my file and they were more then willing to do the loan at the
lower interest rate of 5.5% and also knock $500 off for inconveneince.

My question is can I change my mind and go ahead and close my loan with
lenderB even though lenderA has ordered the appraisal and I have sent
them the usual loan related stuff? Am I legally binded in anyway to do
the loan with lenderA?

Please help
thanks
adnanx786

I'm only answering cause nobody else has answered, and I'm no lawyer,
but I think you can switch to B.

Good example of why not to send original bank statements/pay stubs.

yes,
You can back out extremely late in the process. Similar scenario
happened with me. I got rate locked with Company A. Then, rates
significantly dropped. Tried to get them to lower the rate. They
refused. I dropped them and went with Company B. There is nothing
truly commital until the closing. If you had to put a downpayment in
for a rate lock, you could lose that.

fak005 wrote:
Team:

I had been working with 2 lenders on my home mortgage and I am about
to
close in 30days. Here is my dilemma

2 weeks ago LenderA had given me 5.8% rate and Lender B gave me a
rate
of 5.5%.
I went and locked with both of them. However, few days later lenderB
loan officer refuse to answer my emails. As such I started my loan
process with higher rate lender A. I sent them all my W2, bank
statement etc to process the loan and they have also done their
appraisal.

Ironically, I got a call today from a loan officer from lenderB
telling
me that the loan officer I had earlier talked to left the company and
henow had my file and they were more then willing to do the loan at
the
lower interest rate of 5.5% and also knock $500 off for
inconveneince.

My question is can I change my mind and go ahead and close my loan
with
lenderB even though lenderA has ordered the appraisal and I have sent
them the usual loan related stuff? Am I legally binded in anyway to
do
the loan with lenderA?

Please help
thanks
adnanx786

fak005 wrote:
Team:

I had been working with 2 lenders on my home mortgage and I am about
to
close in 30days. Here is my dilemma

2 weeks ago LenderA had given me 5.8% rate and Lender B gave me a
rate
of 5.5%.
I went and locked with both of them. However, few days later lenderB
loan officer refuse to answer my emails. As such I started my loan
process with higher rate lender A. I sent them all my W2, bank
statement etc to process the loan and they have also done their
appraisal.

Ironically, I got a call today from a loan officer from lenderB
telling
me that the loan officer I had earlier talked to left the company and
henow had my file and they were more then willing to do the loan at
the
lower interest rate of 5.5% and also knock $500 off for
inconveneince.

I would show "Lender A" the offer of the 5.5 from "B" and ask if they
will match it. If they say no, you can walk.

--
Rich Greenberg Marietta, GA, USA richgr atsign panix.com + 1 770 321 6507
Eastern time. N6LRT I speak for myself & my dogs only. VM'er since CP-67
Canines:Val, Red & Shasta (RIP),Red, husky Owner:Chinook-L
Atlanta Siberian Husky Rescue. www.panix.com/~richgr/ Asst Owner:Sibernet-L

On 31 Mar 2005 11:31:24 -0500, someone wrote:


I would show "Lender A" the offer of the 5.5 from "B" and ask if they
will match it. If they say no, you can walk.

Good idea. BUT - he ends up walking, if Lender A has incurred costs
such as an appraisal based on the Buyer's previous directive that he
is now reneging on, than Buyer SHOULD be liable for those. He can
switch but its gonna cost him.

Also an xxample of why not to get hysterical. Lender B was not
"refusing" (i.e., intentionally and with knowledge) to answer his
e-mails. Instead they had a personnel change and contacted him as
soon as it was strightened out. Also an example of why NOT to rely
solely on e-mails - if he had picked up the phone, he may have gotten
it going with Lender B much quicker.


Reply to NG only - this e.mail address goes to a kill file.