obviously i provided all the paper work but how can someone be so sure. Am i right too feel excited or should i wait. Noone guaranteed it before. Yes its legit and registered with FSA etc.
Please tell me i aint dreaming,,
2007-01-25 08:32:47 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Please be careful
It can't be guaranteed completely
Good luck
2007-01-25 08:52:02 · answer #1 · answered by Scotty 7 · 0⤊ 0⤋
I dont know how he can be 100% sure since he isnt the one making the decision about the mortgage. He may not be able to see any reason that you would be declined, but the mortgage lender may see one. If he said 'in principle' then that's what he means - provided you fit the criteria you'll get the mortgage (which is a bit obvious!) I hope hes right anyhoo cos its so exciting when you actually can walk around your own house for the first time!!
2007-01-25 08:49:29 · answer #2 · answered by jeanimus 7 · 2⤊ 0⤋
What your mortgage adviser is telling you is that based on all the information you have provided to day and the approval he has from a reputable lender everything is OK.
No one in the mortgage field can really guarantee your mortgage 100% until after you have signed your loan docs. So unless there is some extremely big problem that present itself you are approved and he is simply trying to put your mind at ease.
I am glad it is registered but is that the FHA?
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-01-25 08:49:17 · answer #3 · answered by Skip 6 · 1⤊ 0⤋
The only way a mortgage is 100% is once you reach the closing table. It is very easy for mortgage advisors/consultants to jump the gun and promise things to borrowers. Make sure that you are getting the best rate you qualify for without paying thousands in closing costs. Watch "discount" points. Even after the advisor pre-qualifies you something else like title, the appraisal, processing can kill a loan quick..Good luck, need anymore help let me know....
2007-01-25 08:48:54 · answer #4 · answered by Anthony P 2 · 0⤊ 0⤋
I used to work in that industry and many times Loan Officers will tell you whatever you need to hear to keep working with them. No mortgage is guaranteed until the final docs have been signed, the recision period has passed, and the money is in whatever hands it needs to be in. There are many things that can make a loan go south very quickly. Just be sure to stay on top of your loan officer and make sure everything you have the smallest question about is explained to you until you're satisfied. Don't feel guilty about making them work. This is a lot of money you're dealing with.
2007-01-25 08:50:01 · answer #5 · answered by Reggie B 2 · 1⤊ 0⤋
There's no guarantee until you have closed. Actually, on a refinance, not even until 3 days AFTER closing.
If you lose your job tomorrow, your loan will be suspended or declined.
The appraisal has to be acceptable. The title has to be clear.
No such thing as a 100% guarantee in this business.
2007-01-25 09:12:06 · answer #6 · answered by Anonymous · 1⤊ 0⤋
some lenders have stopped lending one hundred% mortgages. its because of the sub top disaster in u.s. as lots because of the fact the Northern Rock debacle. With an activity purely very own loan you're able to nevertheless might desire to have some sort of endowment coverage which might pay off the quantity of funds you have borrowed on the top of the internal maximum loan term. you ought to communicate to somebody who isn't affiliated with a particular economic business enterprise, i could advise an IFA (self reliant economic consultant) who bargains with the 'complete of industry'. they would be waiting to get you the terrific deal for you.
2016-11-01 07:01:18 · answer #7 · answered by gripp 4 · 0⤊ 0⤋
it is his opinion, that is all. what if the property doesn't appraise? or the lender refuses the appraisal? What if the seller has back child support and the sale price doesn't cover the liens? 100% no way. 95% ... well OK.
2007-01-25 09:20:29 · answer #8 · answered by Patrick G 4 · 1⤊ 0⤋
hes just predicting. if you have a job, and good history then should not be any problems
2007-01-27 04:04:23 · answer #9 · answered by bidia 3 · 0⤊ 0⤋
pinch pinch...wake up.
2007-01-25 08:41:21 · answer #10 · answered by Anonymous · 0⤊ 0⤋