Home Buying in Springfield>Question Details

Joel, Home Buyer in 07081

can i back out from a mortgage commitment from my lender?

Asked by Joel, 07081 Mon Jun 13, 2011

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Answers

7
Hopefully you didnt pay any aplication fee, but the appraisal just has to be switch over to the new company.
0 votes Thank Flag Link Mon Jun 13, 2011
You can alway switch lenders, to make sure give yourself at least 10 business days before your closing date.
If you need anything or if your rate seems high, please feel free to call 908-285-6700
0 votes Thank Flag Link Mon Jun 13, 2011
Once you make closing its over, mainly because money has changed hands and therefore you got your loan. If you need out of a loan before that you can get out of it, but maybe not the sales contract! Talk with an attorney!
0 votes Thank Flag Link Mon Jun 13, 2011
Joel is not saying he wants to cancel his contract, although this may be the case. Joel, is it that you locked in your rate and find that you can get something for less now? Please give more details.
0 votes Thank Flag Link Mon Jun 13, 2011
Hi Joel,

You need to consult your attorney and share with him/her the reasons why you want to cancel your purchase. The issue here is with the homeowner and the risk to lose your deposit.

Joel, good luck!
0 votes Thank Flag Link Mon Jun 13, 2011
YES! what would be stopping you from doing so?
Web Reference: http://blog.house-guy.com
0 votes Thank Flag Link Mon Jun 13, 2011
Hello Joel,
The problem is not with your lender. You can cancel your loan application at any time and you will only lose whatever you have spent in the way of application fees, appraisal fee, etc. The problem is with the other party to your real estate contract. If you already have a mortgage commitment, mortgage contingency clause cannot protect you if you are having second thoughts about purchasing the property. You should consult your attorney to protect yourself from losing your deposit.
Good Luck,
Donna Clayton
0 votes Thank Flag Link Mon Jun 13, 2011
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