Many people see the home-buying process as something that, once it has begun, is unalterable. This can lead people to feel as though they are trapped. Fortunately, this simply isn’t true. As a consumer, you have the right to change mortgage lenders if you aren’t satisfied for any reason, and you can do so at just about any time. And your mortgage lender isn’t the only thing that you have the power to change. You can ask for a change in title company, appraiser, processor, escrow, or notary on your loan, too.
Buying a house is a big decision, and it can feel pretty overwhelming at times, but just remember that, as the buyer, you’re the one in control. When you go to the store to buy a new mobile device, you expect to walk out of the store without any second thoughts about your purchase. The same goes for your new home, and it’s a much bigger purchase than an iPhone! At the end of the day, you want to leave the closing table without any regrets, and finding the right quick closing mortgage lender is a big part of that equation.
There are a lot of reasons why a home-buyer may choose to change mortgage lenders:
- A drop in rates can mean that a different lender may be able to offer you a better deal for your mortgage, which can potentially save you thousands of dollars over the term of your loan.
- Maybe you found another loan officer or a different firm who was willing to work harder to secure you a better rate for your loan. The savings can be significant, so don’t feel bad about shopping around.
- One of the biggest reasons that home buyers look into changing mortgage lenders before closing is because they’ve lost confidence in their current lender or loan for one reason or another. Sometimes they’re concerned about the rate, hidden costs, buried loan conditions, or excessive fees. Other times, the lender seems honest and reputable but is simply disorganized. Whatever the reason, don’t be afraid to bring your concerns to your current lender, or to change lenders if you feel uncomfortable with the way your loan is being handled.
- The number one reason most home buyers choose to make the change to a different mortgage lender is also the simplest: delays. The typical window in which a mortgage lender works on your loan is 40 to 60 days, and delays can make that even longer. A lot can change in that much time, which is why a quick closing mortgage lender can be a major asset to the home-buying process.
Whatever your reasons for changing your mortgage lender, the most important thing is that you are as happy with your loan as you are with your new house. If you do decide to switch lenders in the middle of the process, remember that your previous loan officer will not earn their commission, and you won’t owe them any money after closing. If you’re thinking of switching lenders—or if you’re looking for the best mortgage lender in Kansas City—we hope you’ll consider First Fidelis, LLC in Kansas City today.