If you apply with a lender and then decide to apply with a different lender, you'll probably lose whatever money you've paid to the first lender. In addition, you have to be careful because some lenders will charge you an additional penalty for canceling the loan application.
However, if the lender changes the deal on you, you may have the right to sue the lender and recover the fees you paid to the lender and perhaps other damages as well.
While you should have thoroughly investigated rates, fees and points by the time you get to the closing table, sometimes deals look different on the day of closing.
Q: I'm reading your article on refinancing. At the bottom of one column you say, "Once you've signed the application, you've sealed the deal." Does that mean you still have to go through with the loan after you've done some research and found fees are too high? What if it is slightly different when it gets to the table?
A: I would hope that you would do your shopping around before you sign a loan application, because you'll never know you got the best deal unless you've talked to other lenders about the loans, interest rates and programs they're offering.
While you should have thoroughly investigated rates, fees and points by the time you get to the closing table, sometimes deals look different on the day of closing.
If you're at all concerned about the lender with whom you're doing business, you're far better off canceling the deal within the 3-day right of rescission than you are going through with the refinance and then starting the refinancing process all over again.
The best way to evaluate the different lenders is to compare the refinancing deals they offer. What can you expect them to put on the table?
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