Changing lender ~3months before closing (new build, AZ)

Hi everyone, first time buyer here so all of this is very new and admittedly some mistakes have been made. I understand that such things depend on the specific contract and circumstances, and I do plan on speaking, but before I do so, I would like to get some information so I don’t go in completely blind.

Here are the facts:

New build, set to complete and close in October

Rates have been locked with lender and cannot be floated down

Lender information was sent to title company and builder (but I don’t know how official these things are)

I locked at a bad time and would like to be able to get a new loan elsewhere at a more favorable rate (~0.5 better right now compared to my lock). Since I can’t float down the rate, I would like to explore the possibility of changing the lender.

Is it too late at this point? What factors would contribute towards it being too late or not too late?

Thank you in advance for the help and advice!

submitted by /u/purge00
[link] [comments]

Hi everyone, first time buyer here so all of this is very new and admittedly some mistakes have been made. I understand that such things depend on the specific contract and circumstances, and I do plan on speaking, but before I do so, I would like to get some information so I don’t go in completely blind. Here are the facts: New build, set to complete and close in October Rates have been locked with lender and cannot be floated down Lender information was sent to title company and builder (but I don’t know how official these things are) I locked at a bad time and would like to be able to get a new loan elsewhere at a more favorable rate (~0.5 better right now compared to my lock). Since I can’t float down the rate, I would like to explore the possibility of changing the lender. Is it too late at this point? What factors would contribute towards it being too late or not too late? Thank you in advance for the help and advice! submitted by /u/purge00 [link] [comments]

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