Common Mortgage Terms
- A 15-year term means monthly payments for 15 years.
- Most common mortgage terms are 15 and 30 years.
Mortgage Lenders Overview
- Multi-billion dollar lenders like First National and Merix are prime, not B lenders.
- You may be denied after pre-approval if new information appears.
Adding & Removing Names on Mortgage
- To add your name to a mortgage, contact your lender for a request.
- To remove a spouse’s name, ask for a release of liability.
Switching Lenders
- You can switch lenders after the offer is accepted.
- Start with your current lender before considering a switch.
Relationship with Realtors
How To Tell A Realtor You Are Going With Someone Else
Knowing ‘how to tell a realtor you are going with someone else‘ can be challenging. Being upfront and personable can lessen potential discomfort and maintain professional rapport.
Licensing and Complaints
- Visit California DRE’s website to file a complaint.
- Call the California DRE Public Information Line at (877) 373-4542 for details.
Changing Lenders After Locking
- You can switch lenders after locking, depending on the terms of your mortgage.
- Remember that your previous loan officer will not earn their commission if you switch lenders.
Commitment to Lender
- Locking a rate does not commit you to a lender.
Considerations Before Switching Lenders
- Stick to your current lender if they offer a good deal.
- Borrowers frequently consider switching lenders to get the best rates and terms.