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Updated 11 months ago on . Most recent reply

User Stats

12
Posts
6
Votes
Shari B.
  • Investor
  • Rockville, MD/Washington, DC
6
Votes |
12
Posts

When am i bound to go through with a refinance?

Shari B.
  • Investor
  • Rockville, MD/Washington, DC
Posted

I am shopping around for a cash out refi on a rental property and have a couple of very good prospects. Conventional loan, excellent credit and reserves, nothing owed on the property and the property is seasoned. One of the mortgage companies has approved me, subject of course to an appraisal. They want me to sign something that lets them start the title search. Is that customary? I mean, I'm not sure if I want to go with this lender yet, as I'm still waiting for the conditional approval from another lender who might come with better terms. If I let the first lender start the title search am I bound to go through with the mortgage with this lender? The broker that I am talking to says that this is standard.

Let's say it is standard and it doesn't bind me to go forward. Should I feel bad if the lender spends the money on the title search and I don't use them? Thanks!

Most Popular Reply

User Stats

539
Posts
403
Votes
Mike Grudzien
  • Lender
  • Eugene, OR
403
Votes |
539
Posts
Mike Grudzien
  • Lender
  • Eugene, OR
Replied

Shari,
Good job thinking ahead and thinking this through.  I'm going to follow to see the answers, too!  Wish you well in your search and your project.
Mike

  • Mike Grudzien
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