Are you beginning to feel that you chose the wrong lender to buy your Albuquerque home?

For whatever reason, you may feel that the mortgage lender you chose did not suit you. Perhaps you selected the wrong loan officer. In mortgage lending, the reputation of the staff is crucial. There is nothing like a lousy loan officer to make a prospective borrower regret their choice of the mortgage company they're working with.

Consider these things when switching mortgage lenders.

You are not under any obligation to continue working with the loan company, even after you have submitted all your documentation and completed the loan application. If you want to pull the plug, you can do so whenever you like. Perhaps you assumed that the rate you locked in was stable, but market rates exceeded your expectations. Perhaps you feel like it's impossible to get in touch with your loan officer. Then why not turn around?

You should know that the lender cannot send your loan documentation, including pay stubs, tax returns, bank statements, and similar documents, directly to the new mortgage lender. You must apply directly with the new bank for a loan if you switch banks. Exactly like the first bank, the bank will give you everything you need for closing after you've completed your application. In addition, the documents are probably too old to be useful. The credit report and pay stubs must have been dated within 30 days. Switching midstream will delay the approval of your loan.

The old appraisal won't follow you as well, even if you paid for it earlier. It is the lender who now owns the valuation, even if you paid for it. This report will have the lender's name on the front, not yours. Occasionally, you can get a 'retype' appraisal, in which the lender's name is changed after the first appraisal, but that's unusual. A new mortgage lender will order a new appraisal from an appraisal management company.

There is a possibility that the rate they locked in at is now higher than the rates offered by other lenders. If you are looking for a better rate, your current lender may want the opportunity to quote you a new rate to retain your business. Getting the lowest rate may not be possible, but you will get close.

The process of switching lenders is basically the same as the first time you did it. Do your best to work with the new loan officer and be patient.

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4 Bedrooms / 4 Bathrooms (4 full, 0 half) / 3520 Square Feet

Beautiful family home in La Cueva and North Star distrist. Floorplan features 4 bedrooms and 3 full baths, formal dining, breakfast nook, plus large bonus/game room with wine cooler and loft. Kitchen updated with granite countertops, island, double oven and pantry. Romantic mastersuite with gas fireplace, separate tub and large walk in closest. Tons of out door spaces includes a courtyard, two covered balconies, a covered patio and private parklike backyard with Gazebo that already has water and electric. Mountain views and located on a cul da sac finish out this lovely home.

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