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How do I withdraw from one lender and start working with a new lender?

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Regular Contributor

How do I withdraw from one lender and start working with a new lender?

I have a pre-qualification from one lender. 

 

However, this lender cannot provide a locked in rate.

 

I also found a better program at a Big Bank lender that provides me with a lower monthly payment, and interest rate and PMI that falls off after 78% and the rate can be locked at 60 days. 

 

I like knowing that my loan will be serviced by JP Morgan -- any reason to worry about them?

 

How do I notify a lender that I want to withdraw my application?

 

Can I have 2 applications open at once?

 

I want to lock a rate with the big bank lender. 

 

I want to think about the reasons why I might want to reconsider getting rid of the original lender who completed the pre-approval. I hate abondoning deals in that way. 

 

525 score as of 9/2015 --- only way to go is up!
4 REPLIES 4
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Frequent Contributor

Re: How do I withdraw from one lender and start working with a new lender?


@Sk323i wrote:

I have a pre-qualification from one lender. 

 

However, this lender cannot provide a locked in rate.

 

I also found a better program at a Big Bank lender that provides me with a lower monthly payment, and interest rate and PMI that falls off after 78% and the rate can be locked at 60 days. 

 

I like knowing that my loan will be serviced by JP Morgan -- any reason to worry about them?

 

How do I notify a lender that I want to withdraw my application?

 

Can I have 2 applications open at once?

 

I want to lock a rate with the big bank lender. 

 

I want to think about the reasons why I might want to reconsider getting rid of the original lender who completed the pre-approval. I hate abondoning deals in that way. 

 


Hi Lender #1,

 

I'm sorry, but I'm going another way with this loan.  The inability to lock in a rate is really a problem for me, especially with the recent flucuations.  I've found a lender who is ready to lock me in at .075% ( just being optimistic!) today. If you can match that, I am happy to reconsider.  

 

Thanks,

Sk323i

Sept 15 -- All mid 400s
Jan 16 -- All mid 500s
Current: Knocking on 700s
Message 2 of 5
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Frequent Contributor

Re: How do I withdraw from one lender and start working with a new lender?

Also, I just got your name...what year is your 323i?  I just had to bid adieu to my beloved 1987, 325i 5 Speed Convertable.  I LOVED driving that car.  

Sept 15 -- All mid 400s
Jan 16 -- All mid 500s
Current: Knocking on 700s
Message 3 of 5
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Established Contributor

Re: How do I withdraw from one lender and start working with a new lender?

What rate is Chase giving you? Be aware that like Wells and Quicken, Chase is known to leave people at the alter. Probably a bit less than the other 2 though.
Message 4 of 5
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Moderator Emerita

Re: How do I withdraw from one lender and start working with a new lender?

^^True. However, if you are getting an FHA loan do not use Chase. They dropped the number of FHA loans they originate to almost nothing - all across the country.  

Read this article for details: http://www.nationalmortgagenews.com/news/compliance-regulation/jpmorgan-leads-big-banks-out-the-door...

 

What they do is turn you down (deny the loan) rather than tell you they don't want to originate an FHA loan.  Don't give yourself a hard time.

 

Really, go to a non-bank lender that does nothing but originate mortgages. The likelihood that your loan will be sold to one of the big box banks or at least serviced by them is very high. 

Message 5 of 5
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