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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I have a 30 day interest rate lock with my lender on a home in which i'm in escrow. what happens if rates drop 1/8 of a pt or more? do i have any option to get the better rate besides switching lenders? thx hey dusty_ti... what the ??? why do you waste everybody's time with such a lame, irrelevant response. if you don't have anything constructive to say, then bug off!

Unfortunately nothing. The interest rate lock is just that, it locks your rate for a period of time. I know it is disappointing that the rates dropped, but you would be dancing in the aisles of the rates had nudged up a bit. You could switch lenders and try to get that cheaper rate, but you run the risk of delaying the transaction and exceeding the duration of your contract. If you are going to change horses in the middle of the race, make sure the new lender can deliver in the time frame you are facing. Be sure to ask the questions, especially about turn around time, how long underwriting takes, etc..

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I've been with countrywide as of last december and locked in a fixed rate of 6%. i hate countrywide. now that the interest rate has gone down, can i switch lenders or is there a specific amount of time you must be with a lender before you make any changes?

You can do whatever you want. It would be best to stay with them for a few months to establish a paying history. Usually too a lender will sell off your loan to another company so keep that in mind. Do whatever feels right for you, but no, there's no time limit on changing lenders.

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We had an appraisal done for a refinance. the lender that we are working with gave us numbers that were decent contingent upon the house coming up a certain price. the appraisal came out much higher than what we expected. great for us. now the lender changed all the numbers to our disadvantage. although we locked in the rate, they raised our loan amount saying that there were things they forgot to put on the initial application that we have to pay for. we want to go with another lender. our appraisal is noly a few days old. can we use that appraisal with the other lender since we already paid for it?

It is unlikely that the new lender will accept the previous appraisal. I know that sounds stupid and it is, but MOST lenders want to order their own appraisal from their pool of appraisers. With that being said, it doesn't hurt to ask, but be prepared to hear no. Let the first lender know that you are going to shop around since they cannot stick to the original figures and see if they revert back to the previous terms.

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My fiance and i have signed papers (yesterday) with a lender we chose a couple of weeks ago from a different house we were going with. we ended up backing out of that deal and found a new house. we got a competative rate locked in (6.75) but another lender/bank offered the same rate but with 1000 off the closing costs. is it worth it to switch for this incentive? we had our lender match this, then she told us that to get that 1000 off we'd have to increase the percentage to 6.85 to get it. my fiance is up in arms about this and was bitter to sign all this paperwork with her in the end. now he's holding it against me saying i should have made the phone calls before hand to figure this all out. are we screwed now or can we do something about this? thanks!

This $1,000 deal could cost you thousands down the road if you don't compare everything. Uninformed lenders miss things like pre-payment penalties, transaction fees, late fees, processing fees, duck duck goose fees that lenders tack on to compensate for something, either low percentage rates, reduced closing costs, etc., etc.. Calculate what that percentage rate change will effect over the term of the loan, see if that $1,000 is worth it.

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I locked in on monday for a mortgage and rates dropped today. a different lender called and offered me a better deal. can i switch to this lender even though i have locked wiht the other guy?

Can you change? Absolutely. Might there be a forfeiture or penalty? Depends upon the agreement you had, but yes. Never pay for anything more than a credit report up front!

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Does a rate lock or gfe protect me? can you sue the lender if you are duped?

You should know exactly what you want, and how much you are willing to pay for it, before you go to but anything. That completely removes an unscrupulous sellers use of " bait and switch " tactics.

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I only interacted with the loan officer over the phone. he told me he would lock in a rate but when i recieved a copy of the application the rate was higher. it also said that i didn't need to sign anything unless asked. can banks fill out mortgage application for you over the phone and have it bindng if i didn't sign anything or pay them any money? found a better broker and would like to switch but wamu is telling me that i'd have to pay for some of the things they've already done. my realtor told me that they haven't done anything and the law office said that unless i sign something or give someone money nothing is binding. is this true? can i switch to a different lender with better rates without any penalties? doesn't make any sense to me that a bank could lock you into a mortgage over the phone without any signatures. i never even meet the loan officer face to face. would appreciate any advice/knowledge on this. thanks

As far as I know, no signature, no deal. Words are not legally binding as a business contract. the only thing that can tie you down is a written contract with your signature on it. BUT take a look at this sites definition and see if it says anything a little more helpful. http://www.lectlaw.com/files/bul02.htm

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I'm in escrow on a short sale. 4 months after submitting our offer, seller's lender accepted. we locked in a 4.5 percent loan on 12/07 & it'll expire on 01/07. last week, we discovered that the seller's realtor has committed fraud because he is related to the seller & that is against the law with short sales. the seller's lender now knows about it and is demanding that the escrow company sign a document accepting responsibility. the escrow company is refusing unless the seller's lender signs some other document (don't ask me what). the seller is now talking about switching thee title company but that will cost me $2000 because the seller doesn't have the money to pay it. closing the escrow account and starting all over would cost me even more. so, do i pay the $2000 ticket or do i take a chance and wait to see if i can buy it at the county foreclosure sale. my husband and i really love this house & are not really interested in other houses.

You should contact a competent real estate attorney in your state for any type relief you might be entitled to, prior to conclusion of this transaction. Since this real estate agent has committed fraud there might be other things that might not be legal in this transaction. It might not be against the law to prepare the documents for a short sale for your relatives, however, I think the relationship between the seller and real estate agent must be disclosed initially. This might have been the fraud. Since the fraud was discovered and the lender now want to have the escrow sign documents as well as the escrow now want the seller to sign documents, you in the mean time might contact the real estate agent to find out their plans to rectify this situation financially as there would not have been this extra cost had they not committed fraud. I hope this has been of some benefit to you, good luck. "FIGHT ON"

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My ex is keeping our house, and was told by the bank that he could not refinance the 1st and 2nd (18k) loans solely under his name until we were officially divorced. we (well, he, but i'm helping) continued the process, the house didn't appraise for the amount we had hoped for (actually, the first loan rep we spoke to suggested putting it at almost $40k more than we originally paid for in 2006). due to his now single income, we were told he could not refinance both loans under his name. the 1st one would be refinanced, but the second one, the bank would subordinate (still keeping me in the 2nd one). we were reassured all was well, we just needed to be divorced (finalized last week), and then we could set up the closing date. now, 10 business days prior to the locked-in rate expires, we are being told that the 2nd loan cannot be subordinated, so he has to bring "around" $16,000 to the closing or they cannot proceed. i'm thinking they knew this all along, and i had a bad feeling when the loan processor was avoiding answering my questions on the actual closing date, and when my ex should start paying directly to this lender (as opposed to chase, with which we still have the 2 loans)... is this, then, a form of bait & switch, or plain bad business? orange county sheriff: hi, actually, we had had the appraisal done in july, so all the information was already in. the loan processor had also said we just needed to get the divorce decree, and then proceed with the closing.

Probably not bad faith. The mortgage companies can not bring themselves to deliver bad news. They just can't do it. So everyone is told "Everything's fine" when it really isn't. Your husband (ex) never had a chance of getting a loan at 6.5%. He does qualify for a loan at 9.9% and that is your one remaining choice. Otherwise he pays you rent and stays there....... or the house is sold. /

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Should a refinance with a 30 yr. fixed rate mortgage be the same rate as a regular 30 yr. frm? when i locked for refi when rates were 4.79, then was switched to home affordable plan when rates are 4.72, my quoted cost went from 4.875% with a .625 (or $1,506.25) rebate to 5% @ (0.336) rebate. should i stick with this lender? thanks!!!!

I will advise you not to stick with the plan cos getting a lower monthly home loan payment is not that hard. Even for homeowners facing financial hardships, or who are stuck in bad mortgages. This is all because of President Obama's "Making Home Affordable" plan. With this plan, mortgage lenders and banks can now offer 2% mortgage rates, change the terms and conditions of the home loan, and approve more homeowners than ever before.