Switching Lenders After The Rule Changes
March 23, 2011
So far, the most popular question we’ve seen following Friday’s mortgage rule changesis:
Can I switch lenders if myloan-to-value is over 85% and my amortization is over 30 years?
The answer is yes, as long as your amortization, mortgage amount, and LTV don’t increase.
Even if you got a 40-year amortization (or 100% financing) pre-2009, you can still switch lenders if you qualify.
That said, not all lenders will accept transfers onamortizations over 30-35 years (or LTVs over 90-95%), so check with your mortgage adviser to find out who does.