Has anyone changed brokers/lenders in midstream?

[tammyjk]

Got my approval back with minimal conditions and my broker neglected to lock in the rate.  One condition however was that the rate could not exceed 3.5 which was no issue at the time.  Now it's an issue.  I wasnt told of this condition until I called to make sure they locked in the rate.  After some very poor communication on his part I decided to look elsewhere.  Now my contract gives me aprox 34 days to close and I highly doubt the seller will extend.  We already have the appriasal so I do have the FHA case number, title company ect info to give to the new broker.  Has anyone else gone through this nightmare?  Is it possible to close in 30 days at this point? 

[Blackhawks_girl30]

My situation was different, but yes I switched lenders.  I ran out of time initially due to Village Inspections and the seller (bank owned property) not responding.  The seller actually re-listed the property because I was no longer in contract due to my original closing date passing.  I submitted a new offer with new terms/bank and they accepted.  It was a HUGE challenge because they wanted me to close in 20 days or less.  If I failed to close then they wanted to keep my earnest money ($3K).  I found a broker that said she was pretty confident that she could have me closed in 20 days or less......this also included Christmas!  I closed exactly 20 days later =)

Not sure how every state works, but in my original offer I had to put my lenders name and which financing I was going with (FHA/Conventional).  If anything was changed then I would have had to submit an amended form to them to sign and agree to new terms. 

Is there an issue where the bank is saying they can not get you closed in 34 days?  I would think if your appraisal was already done this should be plenty of time.  After my appraisal came back I closed the next week.  The only thing left for me after the appraisal was final underwriting and that only took 48 hours.  I do understand this is rare, but if you push them I see no reason you couldn't close in 30 days if no other issues are present.

Good luck =)

[Morenito0211]

It can be done, find a good lender and explain the situation. I was in UW for more than a month and kept getting senseless conditions and missed my closing date, seller agree to give me 20 more days so I switched lenders today. I had the inspection, survey, appraisal and even paid for homeowners insurance so I had all that to give to my new lender and he is confident in closing in two weeks....keeping my fingers crossed.

[tammyjk]

As I said, my broker failed to lock in the rate which cost me 1/2 percent in interest.  Then on top of that, Friday he looked over the conditions and said "we have a big problem"  and mentioned the interest rate.....he said "I will call you back in 30 min.  Well came Monday, he never called...3 days !!  When I finally got mad and called him, he acted like he forgot.  The new broker walked me through some very serious mistakes on application, good faith estimate and so on.  I have lost total confidence in him at this point.  I'm just afraid if I continue on with him that things will blow up days before closing and I will be out of money if they throw anything else at me. 

Someone told me that if the previous broker really wanted to cause me trouble they could ask for a denial to be put on the fha case?  I am waiting a few days to see if the new broker can get the approval back quickly before I call the old broker to say buh bye....

[ladana]

Yes, tammyjk it is possible to close within 30days! What state are you in I worked with an awesome loan officer that maybe able to help you.

[tammyjk]

Thankfully, I did find someone here in Florida.  Together we have corrected so many things that could have thrown a monkey wrentch into things at the last second.  The current broker is very confident we will hear back in 5 or so days perhaps sooner. 

Yesterday I find out that the previous broker called the sellers realtor and told them we could close as early as next week if I stuck with him!  So needless to say they are trying desperately to pressure me....I'm sticking to my guns though!