Under contract, too late to shop around lenders?

Question

Hi All,

Under contract for a newly renovated SFH in KC, MO. Is it too late to shop around lenders? I'm pre-approved with a lender that was referred to me by my agent. Good lender and good experience so far but I want to shop around for a lower interest rate.

2 questions:

1). Is it too late to shop around lenders if I'm already under contract (have 45 days til close)

2). Any advice on local lenders I can reach out to?

I'll be making calls to local lenders and credit unions, but figured I would ask this forum for suggestions as well.

Thank you!

Harrison Kliegl · Answer

@Ujwal Velagapudi

Thank you Ujwal for the response. That is a good point, I should have some backup options regardless of whether I like the terms of my loan from the beginning.

Thanks

Harrison Kliegl · Answer

@Raymond J. Rodrigues

Raymond, appreciate the feedback. I will keep these questions in mind when talking with other lenders.

Thanks again

Raymond J. Rodrigues · Answer

You have time. Shop around.

Two important things to ask the lenders that you speak to.

1) what’s your average time to close now on purchase transactions?

2) what are your rates and fees based on the information that I provide you?

Ujwal Velagapudi · Answer

No, definitely not too late. I've had lenders not come through, thrice, in the same deal within 45 days. Stuff happens, so you should always be prepared with an alternative option.

Under contract, too late to shop around lenders?

4 Replies