Ontario Canada - may I know why you want to switch? If you are not happy with them, email me what they have done for you and what documents you have signed with them to know what remedies you can get. victor_catalan@centum.ca.

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We went with a mortgage broker first and signed the intial paperwork, but not closing papers from the lender, we found out we had to pay pmi on the house, so we asked our bank if they could do a mortgage for us with no pmi or closing costs. how much can the mortgage company charge us if we went with the bank instead? we paid for the appraisal report already.

nothing, you just wasted the broker's time. brokers are on commission so if you dont get the loan through them, they dont get paid. even if you hadn't paid for the appraisal, most brokers won't hold you to paying anyway. some will take a post-dated check for the appraisal in case you do what you did or they will make you pay a processing fee up front.

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I have had too many delays with the current mortgage broker i am working with, so i looked for another broker as backup. they are offering a lower interest rate and have pre-approved me-how do i tell the first one that i am going with the other lender?

Tell him there were too many delays & you have found someone who will give you good service. Don't back down.

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Okay, so we were supposed to close on our house tomorrow (the 28th). my husband is using his va loan for the 2nd time. he was medically retired at the end of october 2010, and has a 40+ hour a week job within a month after that, & has maintained it ever since. he is 80% disabled. everything was going just fine with the whole process until the underwritter on friday came back & told our loan officer "no, the va won't approve". that didn't sound right to us or our loan officer. so she did some digging & found out that the va said no such thing, and that it was actually the underwritter who had the issue with my husband. the underwritter claimed that my husband has not held his new job long enough according to century 21's standards (which they say is anywhere between 6 months to a year). but the va said that they had no problem with that, & that they take each individual person's situation into consideration because no two are the same. [i should also mention that with the 1st va loan we had, we had also gone thru century 21 for that one, and that we had never missed a payment & were always on time with our payments.] this underwritter would not budge on his decision after our loan officer practially begged & pleaded with him all day friday. so our loan officer took action and asked if we would be comfortable with switching lenders (which we are). so she {our loan officer} contacted another lender whom she also does business with, and she faxed over all of our paper work to the new lender late friday afternoon. they (the new lender) looked everything over thuroughly and said that they would lend to us. so basically, from what our loan officer that we've been working with all along up until this point has told us, that because we've already done all that major paperwork, inspections, appraisal - all of that - that it's pretty much now just how quickly they can change over everything to this new lender. she said that they seller of the house we are buying would like to have everything taken care of and done by thursday of this coming week {which would be march 3rd}. so i guess all in all here, my question is, has anyone ever experienced anything like this before, and is it possible to switch lenders like this and still be able to close fairly quickly here? like i said, we've already done all of the major stuff that we did earlier on in the past 30 days, and our loan officer that we've had all along up to this point said that any fees that may come up with switching lenders that she will have them take that out of her 'bank' or 'fund [i believe is what she called it]. she feels that the underwritter that turned us down at the last minute is discriminating against my husband because he is a disabled veteran, and because he hasn't had a job for more than 6 months to a year (even tho he's only been a civilian for 4 months and has held this job he has no for 3 months of those 4 months). *** i did forget to include that the seller did agree to an extension, he's already said that he wants to sell this house to us [he's a re-habber].***

With new laws that were put in place about a year ago you couldn't close that soon even if everything is in place. From the time the new lender discloses & gets paperwork to you, you cannot close until the 8th day. Sunday doesn't count as one of those days. The certificate of eligibility is probably the only form the old lender has that can be used. Possibly the Indebtedness form, too, but that will be up to the lender. The old mortgage company does not own the appraisal so you are good there. It is available to new lender online. I still don't understand why people use a real estate agency's mortgage company to make the largest purchase of their life. They will probably soon be a thing of the past with new changes coming about. That is a good thing. It could be perceived as a conflict of interest. VA only guarantees the loan, they do not purchase the loan. Therefore it is not up to VA to say what is OK with them. It is up to the investor that will purchase the loan to say what they will accept. This particular underwriter knew what the investor would accept & your scenario wasn't it. Your agent was out of line saying she thinks your husband is being discriminated against. The other odd thing about that is that it is her company's affiliate she is bad mouthing. I rest my case.

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Is it possible to change lenders when you are very close to closing? i have a loan with my current loan agent who has done nothing on my loan so far and is now asking me to pay an additional $30,000 down payment. she initially told me that i could even do it without anything down but i am planning on putting $60,000 down for a $308,150 loan at 5.125% (calhfa). now she is coming back and saying it won’t be enough since the ratio would be too high, so she is asking me to put down $30,000 more. i even told her to remove the property taxes and i can pay that separately but she said due to cal hfa rules, they have to include it. also, i have excellent credit – 800. i am wondering if i am getting ripped off here and if it is too late to switch mortgage brokers, i have my final walk through on my new unit on thursday and they said i can close right away. would it be in my best interest to find a new loan agent at this point?

If you can afford the extra time it takes to switch your loan from lender to lender by all means see whats out there! Don't ever feel pressured into a closing. However time is of the essence so hurry. What exactly are you trying to do? I do loans in California and can have an answer for you regarding your loan within minutes. Email me so we can get started. I recommend everyone get a second opinion on home loans regardless. this way you have explored your options.

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I purchase a condo the beach. we were not notified until closing that our lender switched out loan to an adjustable mortgage with a balloon payment. we had already payed escrows and had no idea of what had taken place. are there any legal remedies for this behavior by lender and broker?

Lender has to honor original contract unless a clause is inserted. Check your original. Compare differences and see what the pros/cons are. Keep the info to yourself. Contact the lender and the MAIN loan processor and demand a reason and/or resolution.

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I live in washington state. in august we found a house to buy and started using a mortgage broker we felt comfortable with for our home loan. all was going well, he even gave the sellers agent a approval letter, until he actually tried to get the loan, then all of the sudden he couldn't find one and we had to switch to a company that had more loan programs available to them. anyways it turns out that he ordered an appraisal without even having a lender willing to take our application (in his words he ordered it when all looked like it would go through) once we switched mortgage brokers, the new lender we were going with wanted their own appraisal which was paid for out of closing. now the original broker is questioning us about paying for the first appraisal. seems to me he jumped the gun and should eat the cost himself. anyone know what the standard practice is here in my state?

If he specifically told you he was ordering an appraisal and you'd have to pay for it BEFORE he ordered it, then you should pay for it as agreed. However, if he ordered it on his own; based on his feeling he could get you an approval; and then couldn't get that approval...then I feel that's his responsibility. Typically we won't order an appraisal until after we get an approval from an underwriter, it sounds like he ordered one before he had that. If that's the case, I'd only pay if he had fully explained what type of approval he had and I had agreed to pay for that appraisal specifically before he ordered it.

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Our mortgage lender, bank of america, switched our mortgage documents before our closing. we were not given the mortage terms we had negotiated and were promised. does anyone know of a federal agency, or state agency in florida, that we can report this fraudulent behavior to?

HUD, Housing and Urban Development, might be the place to go. Their website lists HUD approved Foreclosure Avoidance Counselors. My experience with them is that they are knowledgeable about mortgages and working with lenders. I recently read a very interesting book called "Mortgage Wars" by Iris Martin. She had quite a bit to say about mortgages and deceptive lending practices. The Federal regulations are the Truth in Lending Act and the Real Estate Settlement Procedures Act. There may be quite a bit you can do. An attorney would be VERY helpful. Fair warning, taking your lender to task might be costly yet worth it if you win. Best of Luck!

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Can you switch to that bank? if you are preapproved with them? or are you under some contract once you lock in a rate with them even if its prior to closing? so hard to tell what is going to go on now with the market and this bailout plan failing and we're putting in an offer on our first house tonight.

YOu can lock in with the new bank but just make sure you tell the other bank. Sometimes you can tell the old bank and ask them to do a rate negotiation. Just make sure yuo dont have a closing anything within the next 30 days or you may not be able to amke it in time.

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I am purchasing a new home. we are going through our credit union with a locked in 6.375% rate. rates are now 5.75%. we are thinking of trying to switch to a mortgage broker so that we can get out of the locked rate and get the 5.75%. can this be done? closing is sept 19.

Yes, you can. Did you already pay some fees to your current lender? If so, just weigh the benefits of that lower rate against the costs already paid. Be sure to get a Good Faith Estimate AND a Truth in Lending disclosure. The GFE is nice, but the Truth in Lending is where you will see your APR. If the rate is 5.75% but your APR is something like 6.125%, you will know that they are hiding a LOT of points in that GFE. You always want your interest rate and your APR to be very close together. You are on a short timetable so don't delay. Also, note that rates were very low earlier this week, but just today they went back above 6%. You may not get that nice interest rate without paying a point or two. Good luck!

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I have a loan officer who is guaranteeing that i can get a 5% down (or 95% ltv) loan in a zip code that is a declining market. four other lenders are saying that in my zip code, mortgage insurance companies will not allow anything less then 10% down. i even confirmed this on 3 of the larger mortgage insurance's websites. however, i am going to go out on a limb and send my signed contracts to this lender who is guaranteeing me 5% down. because this will be a huge savings if i don't have to come up with 10%. if it turns out that the 4 other lenders were right and this lender calls me back after i sent him my contracts and states that he made a mistake and i owe 10% down payment instead of 5% down payment 1) do i owe him anything (i.e. appraisal costs, processing fees, etc.) and 2) can i switch lenders before closing?

Be prepared to put up 10% is your best bet. 3 outta' 4 are rarely wrong