Posted by dimpil on October 23, 2003 at 14:55:37:
Yes, but I’d let everyone know there will be a delay in closing, however I still work with the other lender because nothing is closed until it’s closed.
Can I choose a different lender after contract? - Posted by Ivan
Posted by Ivan on October 22, 2003 at 23:22:46:
I have 75% LTV through one lender for a $98k OO purchase. I’m getting a grant gift for 20% and putting in 5% of my own money. Contract signing will be in one week, but now that I have cleared a couple of things on my credit report I have 100% LTV from another lender.
Should I switch lenders and use the 75% LTV on another property where I can get owner financing on the 25% left over? Would that throw a wrench into the deal at this late stage. We are due to close in three weeks and I have a seller who is already a nervous seller.
How should I handle making sure that everyone in the deal does not get upset a me switching lenders or does it matter as long as the seller gets what he’s asking for?
My fear is that this would delay the close even though the lender who gave me 100% LTV said he could close by the current date.