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Can I use a different lender than my pre approval?

Can I use a different lender than my pre approval?

Can you switch lenders? If you’ve been preapproved for a loan and a home seller has accepted your bid, do you have to stick with that lender? No — unless you’ve signed a contract with the lender that states you can’t switch lenders. But such a stipulation is uncommon, real estate experts say.

Can I switch mortgage lenders after locking rate?

Yes, you can change lenders after locking a rate. But you’ll have to start the application process over with your new lender. That means getting pre-approved, submitting all your documents, and waiting for underwriting — twice. All in all, closing a mortgage or refinance usually takes more than a month.

Can I do 2 mortgage applications at the same time?

Contact multiple lenders now Applying for more than one mortgage at once allows you to compare costs, rates, program options and even “test-drive” lenders prior to committing to just one lender.

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Can I lock with multiple lenders?

Can you lock with more than one lender? You can lock in a mortgage rate with more than one lender if you’re willing to deal with multiple mortgage applications, fees, and a lot of paperwork. Some borrowers lock a rate with Lender A and let their rate float with Lender B.

Is it bad to switch lenders?

Yes, it is possible to switch lenders before closing. However, switching lenders may — and most likely will — cause a closing delay, which could be a problem.

Can I back out of a mortgage loan before closing?

You can back out of a mortgage before closing No matter why you back away from a mortgage before closing, the lender is likely to charge you for the trouble. While federal law puts limits on how much a mortgage company can charge, there is a lot of wiggle room when it comes to added fees.

How soon can you apply for a mortgage after being declined?

You should therefore either wait a few months or weeks before applying for a mortgage after being declined or you should at least request that the new mortgage lender carries out a manual underwriting check when accessing your mortgage application before they decide on whether to give you a mortgage offer or not.

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How many pre approval letters should I have?

To receive these benefits, you only need one preapproval letter. Nothing, though, is stopping you from getting preapproved by more than one lender, and doing so is a good way to see if you can qualify for a loan with lower interest rates and fees.

Does locking a rate commit you to a lender?

A rate lock commits the lender to honoring the rate at closing as long as it occurs before the lock expires. To a degree, it also commits the buyer to using that lender to close the loan.

How many times can you lock in a mortgage rate?

Most lenders won’t lock your rate for less than 30 days unless you’re ready to close, and often offer the same rate for a 15- and 45-day period. Ask about the rates for several lock periods: 30, 45 or 60 days.

Do you have to pay to get preapproved for a mortgage?

Many lenders will charge a fee to be preapproved for a loan, and a mortgage application will also have to be filled out. Neither a preapproval or prequalification for a home loan commits you to a specific lender, though you may lose your fee if you back out of the loan with that lender.

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Can a loan officer be denied a mortgage after pre-approval?

As long as the loan officer does their due diligence and qualifies borrowers correctly, there is no reason for mortgage denied after pre-approval Loan officers need to understand both the federal guidelines as well as their company’s lender overlays

Should you get more than one loan approval?

Obtaining more than one loan approval allows you to test the waters with lenders on these variables. It doesn’t hurt to tell lenders that you are shopping around. In fact, you should tell them.

Can I use someone else’s pre-approval for a loan?

No, you can use anyone you like. A pre-approval is only the bank saying you are LIKELY to be approved for the shown amount. They are not even promising that the will fund you for that amount, they are just saying, based on a little investigation, you are LIKELY to be approved.