My closing got extended and mortgage rate lock got expired. Current lender is charging me very high fees to extend lock. So I have decided to shop around with other lenders and check rate, closing costs etc. my existing lender paid appraisal fee on my behalf. Is it possible to walk away from them? Would I be subject to any contract breach?
Man go talk to a real estate lawyer. You need one at closing anyways.
You should be fine because the papers signed conditional on funding secured usually. The worst should be the deal is off and you need a new contract. You signed papers in good faith
Thanks
This is mostly a math question. Assuming rates are now higher? By the way your lender did not pay any fees on your behalf ... they will just roll them into your loan. And an appraisal is a condition of any loan so expect to have to pay it again if you switch. They are betting you can’t find a better loan in the amount of time you have left so that you can close on your house and therefore want you to pay.
As I mentioned, I did not pay for appraisal . My broker did
Depending on the state and lender they may be entitled to recoup this if you walk away. That’s certainly the case with BofA in IN. Can’t say for CA.
It depends entirely on what you signed. There was someone weeks ago saying never to have a contingency. *This is why that was awful advice* Hopefully OP is smart enough to have that as a contingency so it becomes a math question and not a legal question
Rates are lower now. Your lender can just start another loan. And you can extend the contract. You can find another lender but time is of the essence
You may have to pay for the mortgage and tax of the seller for the extra days you’ve added. Are you sure it’s worth it to restart the process?
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Why are you asking Blind?