Absolutely! It’s actually more common than you think. It’s not always the most smooth transition but it’s possible. However, before you decide to switch you need to first find out how the change will affect your pockets and closing date.
Many times, when you switch lenders, that also causes for another appraisal. Lenders don’t use other institution’s appraisal unless it is a loan backed by the federal government such as FHA or VA. But be mindful, if you have to conduct a new appraisal you’re going to have to pay.
Additionally, you want to check and see how the closing date will be affected. Because the new lender will need to gather so much information from you as well as start the processing of your loan this can hold things up, and sometimes by a couple weeks. So be sure to check into that!
Switching lenders in the middle of a transaction can sometimes be necessary especially when you’re getting bad customer service. But be sure you know what it’s going to cost you before you make the change.
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