Anyone changed mortgage companies last minute?

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spittinfire

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I haven’t been around much because we are in the middle of trying to close on a house. Long story short, the mortgage company I used on my last loan is not giving me the same service they did on the first one. Then I get contacted by Navy Federal that they can offer me a better rate, .25% or more.
We close in 10 days. Navy Federal says they cane rush it and get it done. I would like to save the money but I would also like to just get this whole thing wrapped up.

So, anyone switched lenders at the last minute and had it work out?


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spittinfire said:
I haven’t been around much because we are in the middle of trying to close on a house. Long story short, the mortgage company I used on my last loan is not giving me the same service they did on the first one. Then I get contacted by Navy Federal that they can offer me a better rate, .25% or more.
We close in 10 days. Navy Federal says they cane rush it and get it done. I would like to save the money but I would also like to just get this whole thing wrapped up.

So, anyone switched lenders at the last minute and had it work out?


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you can switch but be prepared to miss the 10 day closing window. Even though they put a rush on it, it’s not guaranteed.

are they willing to accept the appraisal you just received? Also, I would go back to your current lender and ask them to match the rate or you’ll walk.
 
If your down payment is significant and you’re not near your borrowing capacity then they might get it done in 10 days.

You could explain to the seller that you’re unhappy with your mortgage company, would like to make a change, but may need a 5 day extension on closing. They might say no way or they might ask for a payment, but either is better than having a surprise at closing that might cost you your earnest money.
 
We did. Long story short, first company was fine, but we didn't go with them because a second company made us a better deal and we were all set to close in about a week's time - until they realized they don't actually handle manuf homes out in the country...
Back to the first company. We gave them a HUGE data dump of all the documents that we gave the other company, got to work on updating everything that needed to be "revised" because of the switch in companies, and followed up with them a couple times a day to handle any issues.
and yeah, we did wind up having to push back our date by a couple days.
but we got the house.

it helped that my wife did mortgage review for 10+ years and knew exactly what they were going to want. all the dead time was on the lender processing, not us.
 
The real kicker is that I cannot push closing back. It’s already been delayed once because of something outside of my control. Delaying it again would likely cost me some penalties.


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spittinfire said:
The real kicker is that I cannot push closing back. It’s already been delayed once because of something outside of my control. Delaying it again would likely cost me some penalties.


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Closing is beyond your control. I don’t know what penalties it would cost you
 
spittinfire said:
The real kicker is that I cannot push closing back. It’s already been delayed once because of something outside of my control. Delaying it again would likely cost me some penalties.


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We had to gamble on requesting early move-in, having all our stuff delivered, and pay a few bucks rent per day to the seller.
 
Lender said they will commit to the loan within 30 days of getting everything they need.

Applied and submitted everything they said they needed, property appraisal, 1040s, W-2, all account statement to document net worth, etc. Everything!

Committed to closing date (with penalties for failure to perform).

More than two weeks later, mortgage underwriter says they need more years of the same stuff, well beyond what they initially told us they needed to make a loan decision. This pushed their 30 day commitment well beyond closing date. This with 4 of 6 credit scores above 800!

I told them to copulate with themselves after fornicating with their $450 application fee.

Closed.

If their underwriters doesn't know how much information they need to make a decision and let their originators know up front, get out of the mortgage business and learn to say, "Would you like fries with that?"

I have a rediculously low tolerance threshold for stupid. It's barely above zero. And I am not playing your stupid games that leave me out on a ledge until the last minute because you let the application package sit for weeks before even opening it up.
 
Thanks for the responses guys but after having a few more conversations, it’s not going to happen. I want the house and I can live with my current deal so that’s what I’ll have to do.


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Howland said:
Lender said they will commit to the loan within 30 days of getting everything they need.

Applied and submitted everything they said they needed, property appraisal, 1040s, W-2, all account statement to document net worth, etc. Everything!

Committed to closing date (with penalties for failure to perform).

More than two weeks later, mortgage underwriter says they need more years of the same stuff, well beyond what they initially told us they needed to make a loan decision. This pushed their 30 day commitment well beyond closing date. This with 4 of 6 credit scores above 800!

I told them to copulate with themselves after fornicating with their $450 application fee.

Closed.

If their underwriters doesn't know how much information they need to make a decision and let their originators know up front, get out of the mortgage business and learn to say, "Would you like fries with that?"

I have a rediculously low tolerance threshold for stupid. It's barely above zero. And I am not playing your stupid games that leave me out on a ledge until the last minute because you let the application package sit for weeks before even opening it up.
Click to expand...
Just FWIW, I did the same thing for my last house, they came back and asked for additional information, I said that I wouldn’t provide it, would they like to be my lender or not. As it turns out, they did.
 
Lenders can promise plenty. May require another appraisal, inspection, title search etc. To answer your question, I've switched last minute a couple times and it's worked out. Had to grease the wheels with extra earnest money to incentivise the seller. Is a quarter of a percent worth it? Most folks move every 7 years so if that's you and this is a deal you dont want to fall through, then pass up temptation. However if you truly intend on living there for whatever the duration of your loan then its save you $10k in interest on a 200k 30yr loan. If navy fed was connected to a VA loan and avoiding PMI, then that's truly incentive IMHO. -Jim
 
FWIW...on the back end, there is only so much “hurrying” we can do. Despite you being an awesome human being...there is a line of “awesome borrowers” who also want their stuff done >now<:

Once again...you are special...but not really.


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