Changing Lenders After Placing an Offer

[Anonymous]

Despite my Zen approach to "just looking" at homes while I get things in place for a mortgage pre approval, I finally saw a home that makes me want to jump into things now. My thoughts are to get a pre approval from a lender quickly - one that is likely to approve me now, though perhaps not with the rates and costs I want so I in a position to be taken seriously to look at the home and make an offer if it actually matches the pictures and description, and likely switch to a different lender should things actually go my way.

The question is, is this something that's a normal part of the process - switching lenders after making an offer or going under contract or do buyers and/or agents look down (or write it of contacts) something like that?

[StartingOver10]

You can switch lenders during the process - just allow enough time for the lender to process the loan so write your contract with a few extra days to close if that is your intent.

[Anonymous]

😎 That is great to know!

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@StartingOver10 wrote:

You can switch lenders during the process - just allow enough time for the lender to process the loan so write your contract with a few extra days to close if that is your intent.

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[Anonymous]

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@Anonymous wrote:

Despite my Zen approach to "just looking" at homes while I get things in place for a mortgage pre approval, I finally saw a home that makes me want to jump into things now. My thoughts are to get a pre approval from a lender quickly - one that is likely to approve me now, though perhaps not with the rates and costs I want so I in a position to be taken seriously to look at the home and make an offer if it actually matches the pictures and description, and likely switch to a different lender should things actually go my way.

The question is, is this something that's a normal part of the process - switching lenders after making an offer or going under contract or do buyers and/or agents look down (or write it of contacts) something like that?

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it's certainly possible.... but it's a bad idea. Sellers don't like offers that have a long close, and you're going to need extra lead time in your close date to allow for the new lender to get your approval/underwriting/funding all done in a tight timeline. So your offer of 45-60 days is going to look ugly compared to someone w/ a <30 day close offer. 

[Anonymous]

In this case, I only want to do this for a specific house which if it checks out, I may offer more to sweeten the time to close pot. But yeah, shorter close would be better. I guess I see it as I just want to give myself a shot at the house. If the sellers don't go for it, I don't lose out anymore than just staying patient until the time I initially planned on starting the process and I return to self congratulating myself on being Zen.

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@Anonymous wrote:

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@Anonymous wrote:

Despite my Zen approach to "just looking" at homes while I get things in place for a mortgage pre approval, I finally saw a home that makes me want to jump into things now. My thoughts are to get a pre approval from a lender quickly - one that is likely to approve me now, though perhaps not with the rates and costs I want so I in a position to be taken seriously to look at the home and make an offer if it actually matches the pictures and description, and likely switch to a different lender should things actually go my way.

The question is, is this something that's a normal part of the process - switching lenders after making an offer or going under contract or do buyers and/or agents look down (or write it of contacts) something like that?

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it's certainly possible.... but it's a bad idea. Sellers don't like offers that have a long close, and you're going to need extra lead time in your close date to allow for the new lender to get your approval/underwriting/funding all done in a tight timeline. So your offer of 45-60 days is going to look ugly compared to someone w/ a <30 day close offer. 

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[ezdriver]

I recommend that you switch as quickly as possible to meet the mortgage committment timeframe requirement as specified in your contract ... assuming that your offer is accepted.