We Sell Louisville's video: Mortgage secrets: Changing lenders after offer

Learn more: Reasons to Change Lenders Better Rates and Terms: If you find another lender offering a significantly better interest rate, lower fees, or more favorable loan terms, it may be worth switching. Customer Service: Poor service from your current lender can be a strong motivator to switch. Better communication and responsiveness from another lender can make the process smoother. Different Loan Products: Another lender might offer loan products that are better suited to your needs, such as different types of adjustable-rate mortgages or fixed-rate terms. Loan Denial: If your original lender denies your loan application, you might need to find another lender willing to approve your loan. Potential Drawbacks Restarting the Process: Switching lenders means starting the application process over, which can delay your home purchase and require resubmitting documentation. Appraisal Costs: You might have to pay for a new appraisal if your new lender doesn't accept the previous one. Rate Lock Expiration: If you had a rate lock with your original lender, switching lenders means you could lose that rate, which could have gone up since your initial application. Credit Impact: Multiple credit checks in a short period can impact your credit score, though multiple inquiries for a mortgage within a short timeframe are usually treated as a single inquiry by credit bureaus. Steps to Take if You Decide to Switch Compare Offers: Thoroughly compare the new offer with your current one, considering the total cost over the life of the loan, not just the interest rate. Check Timing: Ensure that the switch won't delay your closing date. Communicate with all parties involved (sellers, real estate agents, etc.) about any potential delays. Understand Costs: Ask the new lender about any costs associated with switching, including appraisal fees, application fees, and any other closing costs. Notify Your Current Lender: Inform your current lender as soon as you decide to switch. There might be cancellation fees or other considerations to discuss. Get Pre-Approval: Before formally switching, get pre-approved with the new lender to ensure they can offer you the terms you expect. Final Considerations Legal Advice: It might be beneficial to consult with a mortgage broker or real estate attorney to understand the full implications of switching lenders. Read the Fine Print: Carefully review the terms and conditions of your current offer and the new offer to avoid any surprises. Plan for Contingencies: Have a backup plan in case there are unexpected delays or issues with the new lender. Changing lenders can lead to better mortgage terms and savings over the life of the loan, but it requires careful planning and consideration of all the associated factors. -- ✨The decision to buy or sell a home shouldn’t be made lightly. Here at the Sokoler Team, we want to help make that decision easier by providing you with relevant, educational information about Louisville real estate and the Louisville real estate market right here on our YouTube channel. Whether you’re looking for helpful tips about buying a home, selling a home, or the latest market statistics, we’re here to bring that information together all in one place. We have a passion for helping homebuyers and home sellers achieve their goals and we’d love to talk to you about how we might help you achieve yours. If you have any real estate-related questions for us, don’t hesitate to reach out to us via phone or email today. Watch next ► youtube.com/playlist?list=PLJDE2_ddvA0hieo2zi-Jtzko96_0ZwCNr youtube.com/playlist?list=PLJDE2_ddvA0jvaT8vBKit6OOi4AMmoDWh 🏠Want to sell your Louisville home? Check out our free home value report: https://thesokolerteam.hifello.com/lp/642acd417d3a850019accf7d 🏠Want to buy a Louisville home? Check out our free home search: http://www.weselllouisville.com/property-search/search-form/ Visit us on ► Facebook: https://www.facebook.com/WeSellLouisville Twitter: https://twitter.com/SellLouisville LinkedIn: https://www.linkedin.com/in/bob-sokoler-5076a59/detail/recent-activity Instagram: https://www.instagram.com/thesokolerteam Bob Sokoler RE/MAX Properties East Tel: 502-376-5483 Bob@weselllouisville.com CREDITS: ✨Agency - Vyral Marketing - https://www.getvyral.com ✨Coach / Director - Aaron Tucker - https://www.linkedin.com/in/aaron-tucker-a6045120b ✨Video Editor - Tabitha Lassek ✨Marketing Assistant - Tabitha Lassek ✨Writer -