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I got loan commitment from this broker and lock in a rate with him. But I found he is not completely honest with me. He asked me to buy 2 points for a lower rate, but we can only afford one point. So we trade off one point for a higher rate. He locked this rate for us. When I asked him whether there is any lender's credit, he said the bank gave me 1 point as credit so I can get that higher rate. When I discussed this with him, he denied anything. I feel so disappointed with him. Can I change to another broker at this time? I have paid appraisal fee. But I haven't paid him anything yet.
If the appraisal has not yet been done, you can cancel it and get a refund. Either way, yes you can change lenders.
If the appraisal has been done, you can request that it be transferred to your new lender. But the current lender can be a jerk about it and delay that process.
Seek out another reputable lender. Get a GFE and ask what their rates are for the same lock period. Check the rate, monthly payment and closing costs to see if your current lender is competitive or not.
The rates and credit/fee to get that rate should be readily available to you so that you can compare. Sounds like your lender is just telling you a rate so that he can reap some added benefit.
My loan officer sent me screenshots of rates along with their price on a scale of 100. I just had to do a simple calculation to determine the fee/credit for them.
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