closing is tommorrow, and im quite sure i may be making a mistake.
what do i do?
the loan is for $250,000
help me please.
2007-07-30 10:41:12 · 5 answers · asked by adinney 1 in Business & Finance ➔ Renting & Real Estate
A purchase money mortgage CANNOT be cancelled 3 days after it closes! That only applies to refinances and second mortgages!
You can cancel your deal at any time before you sign the papers. Once you close you are locked into that mortgage until you sell the property or refinance. But keep in mind that if you cancel the deal then the seller may be able to keep your deposit and may be able to sue you for damages. I suggest that you speak to an attorney before taking any action.
2007-07-30 10:48:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
By the prospective lender, yes, if conditions change. By you, yes, if you decide you don't want to do the deal. Criteria: is the property a good value at the price? What are price tendencies in your area? (Seattle, up; Detroit, down.) How secure is the income stream that will be required to pay the mortgage? How long would you expect to own the property? What are you going to do if you don't buy it? Is the mortgage appropriately priced for your credit rating? (If you can get money for 6.25%, don't worry about this; that is about as good as it gets these days.) If the mortgage is not at a fixed rate, how badly can you get had when the rate adjusts? There is no doubt more of this, but that will get you started.
2007-07-30 17:49:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Call up the company where the meeting is and tell them you're canceling the meeting as well as the contract. Your husband (?) may have put down a deposit, which he will lose, but at least you won't lose your own money. He can't take advantage of you without your permission. Personally, if he's living in another town, I would have him investigated, or at least followed, because he sounds so crummy that I bet he has a gf on the side!
2007-07-30 17:46:20 · answer #3 · answered by Katherine W 7 · 0⤊ 0⤋
You can cancel at anytime up until closing on a purchase and up to 3 days after the loan closes if it's a refinance of your primary residence if you feel uncomfortable. If you are not satisfied, now is the time to act. Good luck.
2007-08-03 13:41:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Your lender and Realtor should have put your mind at ease by now, and you should be excited at the prospects of home ownership. It is natural to experience some cold feet, but not at this late date.
You do not have a 3 day right of recission on this.
You can cancel, but it is going to cost you the earnest money and perhaps some money to the lender (depending on what you signed).
2007-07-30 20:53:41 · answer #5 · answered by godged 7 · 0⤊ 0⤋