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Too Late to Switch Lenders?

Hey everyone - I’ll keep this short!

We had an offer accepted last week (11/17). We obtained pre approval from Bank A. Our closing date is 12/16.

We have been submitting documents and signed our initial loan estimate with Bank A since then. Our mortgage rate is locked but fairly high (7.375%). We have not completed underwriting, submitted all our statements and documents yet, or gotten final loan approval from Bank A.

Given the fairly high rate, I’ve been shopping around for a new one just with preliminary talks. Bank B can offer a better rate at 7%.

Is it too late in the game to switch, is this something I can do without penalty? Assuming Bank B can still close by 12/16 of course.

Any advice is appreciated.

submitted by /u/Relax_Aaron_Rodgers
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1h110m5/too_late_to_switch_lenders/
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