You can, but it is risky and the clock is short. Your contract’s loan deadlines do not pause while you compare. Switching lenders late can delay settlement or put your deposit at risk.
The clock
The standard NVAR contract calls for you to apply for financing within 7 days after ratification. Other deadlines, such as the appraisal and loan approval, follow. A new lender has to meet them too.
If you want to compare
- Compare official Loan Estimates from each lender, not just a quoted rate.
- Do it right away, before your application deadline.
- Ask each lender whether it can close by your settlement date.
- Multiple mortgage inquiries in a short window are generally treated as one for scoring. Ask a lender to confirm.
The cost of switching
A new lender may need a new appraisal and a fresh file. Fees already paid may not carry over. A cheaper rate is not worth a missed deadline.
Best practice: compare lenders before you write offers. See the financing contingency.
Part of our guide to making an offer in Virginia.
Talk to Glenn and Gift before you sign
Questions about your offer or contract? Call 703-707-0334 or send us your question.
General information for Northern Virginia buyers, not legal or financial advice. Your contract controls, so read it and ask before you act.
