Asked by Firsttimebuyer, Boston, MA • Tue May 25, 2010
The day after we applied for a loan, we decided to go with a different mortgage company (and thus called to tell them thanks for their time but we would not be moving forward with them). Last night we recieved a statement of credit denial, termination or change for "insufficient funds to close the loan" and "we do not grant credit to any applicant on terms and conditions which you have requested." Now, this seems ABSURD as we both have great credit scores and plenty of money tucked away. I might be new to this process, but it seems they should have marked "loan applicationw as withdrawn." Am I off on this? Is it worth following up with? WIll it in any way influence our credit score or anything else? Thanks for any and all input!
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