Asked by Miya, Warren, MI • Mon Dec 12, 2011
I signed a purchase agreement (subjected to mortgage approval), and had a set closing day (today!). I was assured by Quicken Loans everything would be done in time. They even pressured me into giving them a $500 "good faith deposit" to "expedite the process." My interest rates are locked in for another 7 days. It's closing day, and I have yet to obtain a mortgage. The seller has agreed to wait for a mortgage approval (or denial). I'm afraid that Quicken Loans will approve of my mortgage after the lock rate date, thus, resulting in higher interest rates. What to do? The specialists in charge of my loan case is not responding to emails or calls either. If I walk now without getting a written denial, I risk losing my $1,000 earnest deposit. If I wait, I risk getting higher interest. Should I tell them to release my loan case to another lender? Will this affect my credit scores at all?
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