Home Loan Worries???
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My husband and I were pre-approved for a home loan on June 27th found a house and got a call today that the loan had been approved through underwriting. The mortgage guy wanted to close on the 27th but my realtor said we have to wait until the 9th because the city has to do their inspection on the 3rd so I called the mortgage guy and he said If we dont close by the 1st we wont qualtify anymore because the guidlines are changing Im confused can this be dont because of 9 days the preapproval alone was good for 60 days and it hasent even been 30 yet Someone help please explain
Home Loan Worries???Ask for your LOAN COMMITMENT, this states the expiration date of the approval. Depending on the program, you have either 30, 60 or 90 days to close the loan based on the approval.
I am in the mortgage business, and usually if guidelines change and you were already approved at the time the guidelines changed, your approval stands. Be sure your RATE is locked in, if you went nonprime, rates change USUALLY at the first of the month - so be sure your rate is the same or be prepared that the rate CAN change. If you went on a regular conventional loan, the loan officer is just more concerned about his paycheck. Commissions are always based on a calendar month. Sounds like he wants your loan included in his volume for the month of July.
Simply put, if an inspection can not be moved up, you will close once that inspection is done. But ask for your loan commitment letter.
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