Is it possible to change the amount of a loan, from say for example 150k to 170k, days before the closing date? I ran into some unexpected problems and need a new loan.
2007-03-06 10:32:04 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It will almost definitely delay the closing. The papers will all have to be redone and your signatures notarized again. It may even have to go through their underwriting department again. We had to go through all the signatures again because the lender made a typing mistake on one of the figures. Fortunately we weren't delayed because they paid for the rush job since it was their error and it didn't have to go back to underwriting for the typo.
2007-03-06 10:40:23 · answer #1 · answered by Brian G 6 · 0⤊ 0⤋
You can change the loan amount only if the property has appraised at that higher amount. Otherwise, to save time, if there is sufficient equity in the house, go ahead and close. Then after closing determine whether or not you really need that higher amount and do either a line of credit or home equity loan, or can you use your income for whatever you thought you'd need $20,000 more for.
You don't want to delay closing because the Sellers have responsibilities, as do you in giving notice.
2007-03-06 10:55:49 · answer #2 · answered by Venita Peyton 6 · 0⤊ 0⤋
it will possibly delay closing because the lender will have to re prepare their docs..but you have to make sure there is enough room to do that in the appraisal. You cannot purchase a house for more than the appraised value is. talk to your broker. They'll help you the best!
2007-03-06 10:35:31 · answer #3 · answered by Shawnaj 3 · 0⤊ 0⤋