Dear Forms Committee: If my buyer provided a pre-approval letter with their offer, can they switch lenders later to get a better interest rate?

In the Buyer’s Obligations Regarding Financing section of the Sale Agreement, the buyer promises in item (d) not to replace the lender or loan program without the seller’s written consent. If the buyer wants to switch lenders or loan types (for example, Conventional to VA), the seller must consent to that change in writing, which can be done using a standard addendum.  If the buyer wants to be able to switch lenders or loan types without consent, the buyer’s agent should add that to Section 9 (Additional Financing Provisions).  When presented with such a request, the seller’s agent should discuss with the seller the delay that switching lenders could cause.

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