If you are the client, you should review the mortgage commitment in detail with your mortgage broker. If your broker does not show you the commitment/approval, I would be nervous and look for another broker with better customer service. James Shinners. Mortgage Managers. www.mortgagemanagers.ca 1-877-996-6677

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My husband and i are purchasing a new construction. as a part of the contract, we were required to submit a pre-approval letter at the time we signed the contract. we also were required to submit a loan commitment letter within 30 days of the contract date, which we fulfilled. my mortgage broker said the commitment process is like going to close. we plan to close in about 30 days or so. is it possible for our loan to be denied at the last minute even though we have a commitment letter? this is our first mortgage and we appreciate any information or help that could relieve our worries. thanks!

Actually, it can be denied...unfortunately. Basically, it can be denied up to three days after you sign the closing papers, especially if you are going directly to a bank. The bank can make up any kind of excuse to turn it down. Your best protection is to make sure you applied with a mortgage broker (someone who deals with lots of lending companies), because if the loan gets dropped last minute, the broker can slide your application into another lender asap. It may take a week or two longer to close, but at least it can still get funded. If this does happen to you, just make sure you look at the terms closely when you sign. Loans often get changed last minute. Hope this helps.

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We put a good faith deposit down,paid for the appraisal, and survey.we are approved,and have a mortgage loan commitment letter.now the broker isn't communicating at all,and seems to not want to follow through.we have had 2 closing dates,but she always comes up with a reason it can't be done.can we transfer all we've done to this point to another broker,or mortgage company? thank you for any help or advice you can give us. i am talking about the broker.this is a family owned real estate agency,so the agebt,and broker are tired into the same office.we have been put off by both the agent,and the broker. i actually just received a call from her,telling me the loan company she submitted our info to,and approved us, is no longer financing manufactured homes. i called and spoke directly to the loan company,and they never received any of our info,and in fact they only finance manufactered homes.so again,we were lied to by the broker.

HI - I understand the Broker is not returning your calls, or has lied to you - that gives us a bad name that is in the business. The Broker should always stay in contact with their clients. YES you can transfer to another Broker - ok - Or you can call the Lender that was doing the financing - and find out who else is able to do your loan with their company. If you have paid for the appraisal, your broker needs to release it to the NEW broker (ok - follow me so far). Do not know what state you live in, but here is a web site for you to check out - you can also put in key words on yahoo: manfacturing financing; moble home loans, etc Welcome to 21stmobilehomeloan.com Your source for Mobile Home Financing Following is a summary of our most popular programs. Additional guidelines apply. Please call 1-800-955-0021 or complete one of the online loan applications. Our Conventional Loan program provides standard fixed rate financing for new and previously-owned manufactured homes (1974 and newer). Our all-in-one Land/Home financing program offers financing for both home and property. This program features flexible loan terms for both new and pre-owned homes, and the option to use land equity towards the down-payment. Staged Funding Our Staged Funding program for land/home purchases provides funding in four stages as work progresses, and offers convenient payment options during the construction period. With Classic-Land-in-Lieu, customers use the equity in the land they own towards a down-payment on a new or pre-owned manufactured home. FHA / FNMA Freddie Mac Yes, you may qualify for trememdous savings with a conventional mortgage loan on your multisectional manufactured home or modular home. 21st Mortgage Corporation 21stmortgage.com info@21stmobilehomeloan.com 1-800-955-0021 Hope this information helps - I also can do manfacturing home loans - if you are interested. Good Luck to you.

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Require that i put down only 3% down. the bank also informed me that i could take out an additional loan, fixed rate. this additional loan would help with all closing costs as well as some of the down payment because i want to put down 5%. my initial preapproval was for 5 % down requirement for a purchase price of about 340k. when i place the offer on a home i loved, the offer was 90k lower than what i was approved for. however, the listing price was also much lower. my agent suggested that acquire another preapproval to the seller less than what i was preapproved for. the new preapproval should show that i am approved for the offer price. when the bank put the preapproval request in, it was at 20% down and my bank broker told me not to panic. when she put my application together, it still showed that it was 20% down loan. now i'm screwed! the loan that i can get "to help pay with closing costs" does not even cover all of the 15%. it does not help me. can this be changed? the contract states that i'm only putting 5% down. so with regards to the contract, i'm not in breach of anything. however, shouldn't the loan also state that i'm putting 5% down too. since we have not got to closing, is it possible to change things without having to go through the underwriting process again. the broker i've been working with is on vacation but should have returned. in her absence, i've been dealing with her colleague who has answered my questions to the best of her knowledge but i'm still confused. because all along, i've been going on the notion that i was only required to put 5% down. also, naive me thought the larger loan would pay for part of the downpayment and closing costs and the balance would go to me for any cosmetic work i wanted or needed to do on the house that would not credited by the seller. the plot thickens. also, going to another lender may be an option to consider but another lender will hit my credti history and further reduce my score.

Part of what you did was right. It's best to match the preapproval letter to the offering price. You don't want the preapproval to say $400,000 wen you are offering $340,000. Not good. Yes, the fnancing can be changed at any time up to financing. The problem is that if the seller thinks you are putting down 20%, you need to inform them that you are not. You are chaning the terms of the contract (unless the contract does not specify how much you need to put as a down payment - unlikely) The good part is that if you can't come up with 15% or 20% down, you don't have to buy the house. No one can force you to come up with the cash. This is called a financing contingency. It is contingent on you getting a loan at 3% or 5% down, not 15% or 20%. 1. Get the preapproval letter changed to 3% down 2. Make sure the agent informs the seller (in writing) 3. Negotiate the best rate you can with the lender. One fixed rate loan is generally better, but I don't know what they are offering you. Sometimes 2 are better if you can pay one off within a year or two.

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We have followed every detail and met it. found a local mortgage broker, a local real estate lawyer, and local lender. we received our commitment letter. we also were approved through the va. our finances are in order and we are easily able to afford this property. the appraisal for the property was even more than what we agreed to purchase for! so, long story short, we were supposed to close this week. all the paperwork was in the hands of the underwriter. suddenly, our mortgage broker (who we have been working with for a month) seems confused and tells us he didn't know that this was a log frame home. then the lender tells us that the investor was going to sell the loan, but now will not finance because this is a log home! a $300,000, built in 1990, in perfect shape, log home. what's the deal? is it legal for the lender to do this after giving us a commitment letter? there is nothing wrong with the property, or our finances. please advise! additional info: the underwriter approved it. when it was presented to the investor, it was rejected.

The commitment letter is not an absolute legal binding agreement, it has many conditions required within the agreement, The majority of loans are not keep in house with the original issuer of the loan, its sold in a secondary market to allow equity to follow into the bank/lender to do other deals if this lender does not believe your note can be sold on the secondary market because its a log home you will have to look toward other lenders, there should be a lender that specializes in these types of homes An resent article pointed out that many people who built home out of used tires, used plastic etc are finding they can not refinance because no lender wants to touch this type of home and there is no re-sale market for them I'm talking about very nice 500K homes whose foundation insulation is used materials, not a health problem just no secondary market for those type of loans after the crash

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When i applied i was told we locked in at 5.375 and 1/4 point with two different places to see who could work faster. now the closing is set for thursday the 5th and she sent me a commitment letter yesterday stating the rate is 5.75 with no points. she had e-mailed me the two commitment letters and the other remained at 5.375 with 1/4 point but she said i can't use it because the house has no kitchen sink and the bank won't approve the loan. i told her i would put it in b/c i need it anyways but she said we should go with the other because it is a clean deal. is she making some extra money off going with the other bank?? i'm going to try and call the other bank monday morning and see if i can still use them but that letter was dated the 17th and it says i have to acknowledge it in 10 days. what do i do?? the house is bank owned- it was a foreclosure and they took the kitchen sink and the appliances.

the rate you received was not LOCKED in. It was the current rate when you made loan appliance. UNLESS YOU ACTUALLY SIGN A RATE LOCK IN ADDENDUM, the rate floats until you actually sign the addendum.

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This is my situation...i talked to a mortgage broker a while back about getting a loan. he ran me and my husbands credit and he told me we would qualify. after checking around alittle more i decided to go with his mortgage and finamce company.he has sent me a pre-qualification letter saying we conditionally qualify for a loan up to 250,000. so we put in an offer on a house and it was acccepted. i got a commitment statement from him quoting my interest rate and he also said he needs copy of purchase agreement and w2's and pay stubs. he wrote that once he receives this is will be sent to the lender for final approval.i don't understand this. why does the lender have to make final approval. we have had some credit issues in the past, but he already pre-qualified us for the loan. now we are buying this house..what if something goes wrong and the loan doesn't go through? can this happen if they already ran our credit and pre-qualified us.i'm terrified he will say we can't get the money

Sometimes when a lender says one thing, it sounds scary to someone in your position. When he said he has to send the info to the lender for final approval, he maybe should have phrased it better. It is the brokers job to look over the info and know if it fits the guidelines. Then the file is sent to an underwriter to verify the facts and the file that the broker submits. They put their final stamp of approval on it and all is good. Buying a house can be scary and stressful, but it is best to just take a deep breathe and let the lender work his magic. The more you worry, the worse you feel, so don't worry, be happy. Look at the end result of living in your new home.

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Hey, i'm in a little dilema right now and could use some advice so any suggestions are greatly appreciate. i found a house that i wanted to purchase. when i made the conditional offer, it was based upon inspection and financing that suits my needs. i had the home inspected and found several flaws in the home. we negotiated and came to terms on how we would solve the problem. condition #1 met. my broker shopped around and found a loan based on 60 below prime that the bank approved me for. based on my approval they worked on a commitment for me to state the terms. once i agreed to the terms and conditions of the mortgage commitment, my realtor suggested that the next step i take is to waive the conditions in the offer which makes the offer binding. this is perfect! i have secured the home i wanted plus the financing that meets my needs! not! the brokerage wanted to provide additional documents for the bank after the commitment. this was understood because it was conditional. i knew all of my documents were fine, and that there would be no problems whatsoever. this changed once the broker refused to accept certain documents i had to offer such as letter of employment, paystubs and cpc contributions. not only that, she refused to believe the company i worked for existed because they chose not to have a 411 directory listing. (internet company) because of all of this they decided to cancel the commitment 3 days before closing. now i'm in a position where the market has completely changed, and the banks are not willing to offer an even slightly comparable deal for me. i'm at a loss now, there is a 10k deposit on the line here and other than the obvious with hiring an expensive lawyer, i'm not entirely sure how to proceed. thanks for reading, and any thing you can offer would be much appreciated! i forgot to mention that the same broker came back the day after she cancelled with a new deal (even though she wouldnt accept my documents in the first place) but this time, at 1.64% higher. another reason why i'm not sure how to proceed is because of the seller. the seller didn't do anything wrong at all. he accepted the offer and by doing this took his home off the market. it's been off the market for about 20 days. isn't he going to want some form of compensation for his lost time? at the same time this is entirely not my fault either.

If I understood your question correctly, you " waive the conditions in the offer which makes the offer binding." So you should be able to get your 10k deposit. ALSO, you may want to consider a lawsuit against your broker for specific performance. Because it’s very obviously that they want to make 1.64% out of you. Why would they come back when they declined your document in the first place! Any reasonable judge will know something is going on. You may also file a complain with real estate commision of your state in which broker may lost their license for imporoper conduct

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I am closing on a property. the mortgage company on may 22 gave me a letter of commitment for a mortgage then i paid my deposit on the home. a day before the closing on june 12, the mortgage company said i can not close yet since i will have a fanny mae loan the seller agent/broker who flipped the home for sale with a closing date under 90 days. i can't close for two weeks now. what are the ramification's. can the seller keep the deposit? is the seller broker responsible too to ask for a closing date under 90 days. how much is the mortgage company responsible for giving me a commitment letter?

Mortgage companies make commitments based on the information they have available at the time. New information could cause the lender to change that commitment or even rescind this commitment. Most people that are not in the mortgage profession would not be aware of the seasoning on a property for a mortgage loan. So that should not be a burden on you. Now your real estate agent, mortgage broker as well as the closing has access to title reports that tell when the last sales date on the property. They also are aware of the seasoning requirements. Since all that is water under the bridge, most sellers will extend the time for the closing, so that should not really be a problem. Simply have your real estate professional explain the situation to the sellers and ask for the extension. Make sure the extension is in writing. I hope this has been of some use to you, good luck. "FIGHT ON"