Relationship Between Rates and Loan Term

You will likely lose any application or processing fees paid to the original lender that are non-refundable. You will also have to pay for a new credit report, a new appraisal, and potentially a new title search.

While technically possible up until the moment you sign, it becomes extremely risky and impractical very close to the closing date. Switching with less than two weeks until closing is generally considered too late, as it will almost certainly delay the sale and jeopardize the entire transaction.

Contact your new servicer immediately if you are incorrectly charged a late fee or see a negative credit report related to the transfer.
Federal law provides protections, and servicers are required to correct errors that occur during a transfer.
Keep records of all your communication in case you need to dispute the issue.

Lenders look at your entire financial profile, which is often called the “Three C’s of Credit”: Credit (your score and report), Capacity (your debt-to-income ratio), and Capital (your assets and down payment). While your credit score is critical for determining your rate, a lender will also thoroughly examine your income, employment history, and existing debts to ensure you can afford the mortgage payment.