Can I switch mortgage lenders after locking my loan?

Mortgage question: rate locks and Switching Lenders Before Closing. My rate is based on 3.5% 30-year FNMA and if I switch to another lender can immediately get a 3.875% rate today if I lock in with. Should I ditch my current lender and re-lock with another lender that will get me the lower.

When you float a loan, you haven't yet secured a lender's quoted interest rate. Floating means you're willing to take the risk that interest rates will either not go up or that. A rate lock is an agreement from a mortgage lender to hold a specific. that rate is set for the lock period chosen unless the terms of your loan change.

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Can the lender change your rate after they lock you in if the credit score drops few points right before the closing? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

You can typically lock your loan Monday through Friday during normal business hours, which tend to mirror market hours. Some lenders may allow a lock on a weekend, but the pricing will likely factor in the uncertainty of the week ahead. Can Mortgage Rates Change Once Locked? Once you’re locked, the interest rate won’t change

Can my rate change after I lock? Yes, if you make changes to your loan application then your rate can change. For example, if you adjust the loan amount or switch from a 30 year fixed to a 15 year fixed then the lender might modify the rate lock agreement.

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Like someone mentioned below until the loan funds which means you signed the final paperwork with the title company and they wired the money, you can do whatever you want. However the biggest risk you have is the appraisal cost you may have paid o.

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LoanLock is a premier mortgage lender headquartered in sunny Southern California. We lend in multiple states across the nation and assist everyone from first-time homebuyers to seasoned real estate investors. As a direct lender, we process and underwrite your loans on-site, so approval decisions are faster.

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