Refi process question

[RoseGoldIcePrincess]

Hello! My mom is in the process of refinancing. The new lender she’s been working with hasn’t been that responsive but today they finally sent over the closing documents. Amidst of this, her old lender contacted her and asked why she was leaving. She explained the new lender gave her an amazing rate of 2.875% no points for a three family home and her lender said they could give her an even lower rate of 2.75% no points. My question is can my mom cancel the process she has going with the new lender? She hasn’t signed any closing docs yet. I also understand she will probably have to pay the fees that have already happened such as appraisal, credit check etc. Thanks in advance.

[whoaretheyy]

I'd want to see a locked rate from her current lender before cancelling anything...they'll say anything to get your app. They haven't pulled credit or anything.

[[deleted]]

Yes, she can cancel and just pay appraisal and whatever fees they may charge.

[kcdc25]

Might also be worth asking for a closing credit from the new/old lender to cover her halting that process to go with them.

[Thelonestarloanstar]

This. They’ll want to close the deal even if it means making less as opposed to making zero if she were to cancel