Searching for financing - Posted by Val

Posted by SDM on July 19, 2002 at 19:14:54:

Well Val,

sometimes it takes that long to close and sometimes when it takes that long, there is a problem. Why can’t they give you a closing date? What is your credit at? Why did they only give you 75%?

Searching for financing - Posted by Val

Posted by Val on July 19, 2002 at 08:59:41:

Is it ok to search for more than one bank/broker when looking for financing? i.e (We have applied for a lst mortgage for a property that we purchased 2 months ago). We are still waiting for the loan to be approved and we were told recently by our loan officer that the loan has been approved, however, we are waiting on a closing date. I think they are trying to sell the loan and we need cash like YESTERDAY to complete some minor repairs. We have a tenant waiting to move in, however the village is holding up the certificate of occupancy. I know we should have shopped around or possibly took out a home equity loan from our primary residence, but that is water under the bridge. We have no idea on interest rates, however, we do know that it will be 75% of the appraised value of 68K. Any advice on what to do at this point. The lender promised a closing within ten days, however, it has been almost 2 months at the end of this month? Help!