Changing Lenders

[azhomebuyer]

What is the name of your state? AZ

I am buying a newly built home and the builder was offering an incentive to use a certain lender. After comparing the good faith estimate of their lender with another, I have decided not to use their lender and give up the incentive. I am supposed to close escrow in 15 days and my new lender says that there will be absolutely no problem with them funding the loan on time. The builder called me today to say that they will not allow me to change lenders because we are so close to closing. Can they do this?

 

[MORTGAGEman]

It's my understanding that you can do whatever you'd like... because I've had customers come to me 7 days before closing because they weren't happy with their previous lender.

You may get hit with some sort of fee, maybe if they have already received the appraisal or something. But they can't force you to stay!