I've already be approved for my mortgage loan but I dont close until Oct 31st. Should I be ok? ?
Should I be fine since I am already approved or will I have trouble since the economy is so desperate. They say that credit is "frozen."
Answers:
I take it you did not take a lock on the interest rate.
But with banks seeing how they will immediately be safe the interest rate may fall.
I craving you would have put down more info. Did you put 20% down, have you kept your credit verbs? Did you do a 30 year fixed?
The certainty is that nothing is certain until you close. Even though you've be preapproved, there are other factors: appraisal, title query, inspections and shifting lender standards/willingness to lend. It is always a stressful process. Good luck. Source(s): Experience.
Even in the best of times, nil is certain until the documents are signed, the money paid and the key handed to you.
I assume you have money for down return and closing costs?
Give your mortgage lender a call and ask, if it will help you consistency better.
Good luck and I hope all goes as planned.
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Answers:
I take it you did not take a lock on the interest rate.
But with banks seeing how they will immediately be safe the interest rate may fall.
I craving you would have put down more info. Did you put 20% down, have you kept your credit verbs? Did you do a 30 year fixed?
The certainty is that nothing is certain until you close. Even though you've be preapproved, there are other factors: appraisal, title query, inspections and shifting lender standards/willingness to lend. It is always a stressful process. Good luck. Source(s): Experience.
Even in the best of times, nil is certain until the documents are signed, the money paid and the key handed to you.
I assume you have money for down return and closing costs?
Give your mortgage lender a call and ask, if it will help you consistency better.
Good luck and I hope all goes as planned.
Related Questions:
Are within any loan plans to acquire dosh out next to strange homeowner first mortgage?
I have an approved offer on a condo but the section needs a little bit of remodeling. I hold good credit, an approved loan, but it would be great if I could include the remodeling cost with my...