if i get a mortgage for one house and it falls through,will i have to get a brand new mortgage for a new prop?

Question

or will this mortgage be vallid.

Answer 1

If you are saying the contract fell through you don't have a mortgage yet. I have had many customers change their mind mid-stream on which home they are buying. Hopefully you are dealing with a broker that can simply make some changes to the loan amounts, and provide a new purchase contract and make the switch rather easily.

If you are saying that you have completed and signed the final papers for a mortgage on 1 home and you are wanting to get a new home and let the other one go- you will need a new mortgage.

A mortgage is typically tied to a particular property address and any changes will require a new mortgage or at least the origination of a new loan for the new property.

Answer 2

If you were denied to get a loan for a new property you can re-submit as many applications as you want to other lenders on the same property. Other factors are to be considered such as the willingness of the seller to extend a commitment date and you really need to pay attention at the reason why the deal fell through. If you have serious judgments on your credit or if you really can't afford a payment, etc.

I hope my answer helps since you are not specific enough.

Answer 3

Half and half. You got approved for one mortgage, so you can take that approval and apply it to the same value home as long as it is done very quickly. The new property still has to be approved by the lender. If there are any other changes, or more than 60 days (usually) that passes since your credit was pulled, that needs to be updated, as does more current pay stubs, account balances, etc...

Answer 4

You'll just have to change some of the paperwork, maybe even sign a new app., but the money will still be there.