Changing Lender after Appraisal

[Eka Linwood]

So, this is probably my fault for not doing a better due diligence ahead of time.

We got under contract early Jan for a closing date of Feb 20, and this is my first time buying a house. I got a pre-approval from Lender A, and right after the Seller accepted the offer, I went shopping for Financing.  I went to Lender B, C and D.  Only Lender B were able to get back to us with a loan estimate.  Lender C and D were not able to, due to the various complexities on the deal.

Just last week, I got curious and read up on FHA rates some more. I found a new Lender (Lender X) that is publicizing 0.25% better rate. Now, my credit score is excellent and DTI is very low, so I should have no problem qualifying for the best FHA rate. I do prefer to sign up for the least amount of down-payment (FHA 3.5%) though, so there is that.

Since I thought this issue is closed, I ended up getting this Lender to proceed with the whole process.  The only thing pending right now is the appraisal (ETA: Jan 31) and the Home Insurance (After Appraisal).

If Lender X rates (2.75%) come in significantly below Lender A's rates (3.0%), I see two scenarios:

• I move to Lender X - potentially jeopardizing the deal and have the Appraisal moved to Lender X or maybe paying for another appraisal altogether.
• I stick with Lender A and ask them to match this new Loan Estimate from Lender X.

My questions are:

• Would it be ethical to do this to the Lenders? 
• Is it possible to "move" appraisals to the new Lender?
• What are the chances of this action jeopardizing the deal?

[Jeff C.]

Originally posted by @Ella Vrolyk:

I'm a real estate appraiser and can answer your second question.  It is unusual for a lender to accept an appraisal that was done for another lender, since they are not the intended client per the report.  It is not unheard of, but not likely.  You would most likely have to pay for a second appraisal that would be addressed to the new lender.   

This is not accurate. An FHA appraisal sticks with the property for 120 days.. not just in the case of a new lender, but even in the case of an entirely new buyer and lender. A new lender would work with the already existing FHA case number.