This topic contains 4 replies, has 1 voice, and was last updated by Anonymous 7 years, 9 months ago.
- April 30, 2011 at 3:52 am #417402
I would find another mortgage person.
- April 30, 2011 at 3:52 am #417403
unfortunately once your loan is put in they cant do a redo. in otherwords they goet one shot at doing the loan. you cant in most cases put they deal in front of an underwritter for the bank then take it back and chagge things. look for anouthr bank if you have too!
- April 30, 2011 at 3:52 am #417404
Part of what you did was right. It’s best to match the preapproval letter to the offering price. You don’t want the preapproval to say $ 400,000 wen you are offering $ 340,000. Not good.
Yes, the fnancing can be changed at any time up to financing. The problem is that if the seller thinks you are putting down 20%, you need to inform them that you are not. You are chaning the terms of the contract (unless the contract does not specify how much you need to put as a down payment – unlikely)
The good part is that if you can’t come up with 15% or 20% down, you don’t have to buy the house. No one can force you to come up with the cash. This is called a financing contingency. It is contingent on you getting a loan at 3% or 5% down, not 15% or 20%.
1. Get the preapproval letter changed to 3% down
2. Make sure the agent informs the seller (in writing)
3. Negotiate the best rate you can with the lender. One fixed rate loan is generally better, but I don’t know what they are offering you. Sometimes 2 are better if you can pay one off within a year or two.
- April 30, 2011 at 3:52 am #417405
If I understand it correctly, you can put 3% down but the puchase contract says 20% and now you are having problems with the loan right. You can make changes to your purchase contract without going to under writer but if you are trying to make changes to loan scenario then file have to go back to under writer depending on the state and Bank. If you are using a mortgage broker he can submit you file to multiple banks with out running your credit over and over again. Ask him/her to make sure lender takes there credit report. If you are using a bank or a direct lender then you have to stay with them. If you need a second opinion send me the scenario such as doc type, mid score, state and county you are buying in. I can tell you if it can be done or not.
- May 1, 2011 at 6:05 am #200410
Hi, I have a HSBC acocunt that is closed.* At some point the account number was compromised and*HSBC sent me a new card with new account number,* I did not lose the card*HSBC had some kind of issue.* It is now reporting TWICE on my credit report.* The issue that I have is that this account had ONE 30 Day late in Dec 07.* however now*there are TWO*ACCOUNTS that*are reporting the same data for both accounts, so I have 2 negative indicators instead of one.* Should I dispute with CRA’s or try and deal with HSBC?
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