is there a timeframe you must wait until you can switch your mortgage loan provider?
boredtotears asked:
I’ve been with Countrywide as of last December and locked in a fixed rate of 6%. I hate Countrywide. Now that the interest rate has gone down, can I switch lenders or is there a specific amount of time you must be with a lender before you make any changes?
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I’ve been with Countrywide as of last December and locked in a fixed rate of 6%. I hate Countrywide. Now that the interest rate has gone down, can I switch lenders or is there a specific amount of time you must be with a lender before you make any changes?
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Tags: Amount Of Time, Lenders, Timeframe
February 7th, 2009 at 12:48 am
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You can do whatever you want. It would be best to stay with them for a few months to establish a paying history. Usually too a lender will sell off your loan to another company so keep that in mind. Do whatever feels right for you, but no, there’s no time limit on changing lenders.
February 7th, 2009 at 4:27 pm
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Many lenders have a fee for paying off the debt too early.. it is usually 1-2 years. Check your contract or call the company and ask them if its too early to do a pay off.
February 10th, 2009 at 1:45 pm
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You an switch any time you wish but if you do there may be charges involved. There will also be charges involved in setting up a new mortgage.
Read the small print to find out.
it may be better to stay where you are.
Ian M
February 11th, 2009 at 10:49 pm
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All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrowerand are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.