If you work with a mortgage lender...

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SandiSAHM
Posts: 2263
Joined: Fri Aug 28, 2015 11:46 am
Location: Oklahoma

If you work with a mortgage lender...

Post by SandiSAHM »

If you shop around for a mortgage lender, how far into the process can you get before you can drop the process with the lenders you don't choose?

I know interest rates are wonky right now but I'm seeing some %'s that make no sense at all. Knowing that it'll likely get worse between now and summer I was considering a 150 day lock (you can drop to the market rate 30 days before closing if it's better than your locked rate) just to not get smacked later.

But I'm not sure I want to 'commit' yet. Is non-commitment a 'no lock' scenario?

:?
swtnsassy1
Posts: 30
Joined: Fri Sep 18, 2015 9:50 am

Re: If you work with a mortgage lender...

Post by swtnsassy1 »

I have been out of the mortgage lending field for about 6 years after spending about 18 years in the field. It used to be that if you wanted a lock longer than 60 days you had to pay for it. I am not sure it that is still the case or not. That being said, you are NOT committed to a loan until you sign the closing documents. You can back out an hour prior to closing if you want. Keep in mind though, you will have to pay for an appraisal and a credit report up front, so make sure you know what lender you want to go with before writing those checks. The appraisal and credit reports are usually not transferable.
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