Mortgage Loan Commitment and Intrest rate?
by Mortgage Rates on Friday, October 29th, 2010 | 1 Comment
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As long as your purchase contract is “subject to financing” you should be protected. However 10 days is not sufficient time. It should be 30 at a minimum. If it’s a foreclosure home it must be bank owned. Will they finance the purchase? You will probably have to agree with the rate a lender quotes you. There’s probably not enough time to float. If the gets canceled, either by seller or buyer, you will out some expenses (appraisal) but not that much because your financing fees would be collected at closing.
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