Is it too late to switch mortgage lenders?

[Matt Austin]

I have been under contract on a property for a while now (closing was pushed back in order to allow one unit's lease to expire so as to allow me to owner occupy), and I have been in negotiations with a local lender.  I haven't locked a rate with them, and recently I became aware of a much better rate available with a different lender.  I have signed some disclosure docs with the current lender, but to the best of my knowledge, I haven't signed anything binding.  However, we have met several times in person and were very close to locking everything in prior to closing.  I also want to be professional and not burn any bridges, but this new rate is too good to pass up, especially for an agreement as long term as a 30 year note.

Based on what I have provided, is it still fair to switch lenders?  Is there anything binding I could have signed besides the actual document that spells out the loan terms, closing costs, etc (which I haven't signed)?

[Matthew John]

@Matt Austin It depends how far from closing you are & how quickly the seller wants out. 

I switched from Huntington to Chase 2 weeks before the closing date because Huntington decided to change the terms on me last minute. 

The seller told me he wasn't willing to push back the date and if I didn't close in time he would put it back on the market. I made sure Chase was aware of this and got them everything ASAP, we managed to close with Chase in 2 weeks! 

I wouldn't worry about burning a bridge...there's a million different lenders out there. Go with the best one! You're the one going to be stuck with the loan for 30yrs, not them!