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| *Loan,banking and credit>>>mortgage loan |
Working on getting a Home Mortgage Loan? Decide to go with second option... Do I have to return...? |
Do I need to return the original contract to the loaner? as long as you have not signed anything,,,just throw it away and go with the one you want. hope you read all the Fine Print There is some detail missing in your question that could affect the answer but in general no. If you have made an application with a mortgage lender for a loan and you find a better deal elsewhere that you want to pursue you can do that. In the case of a purchase loan, if you have not gone to settlement on your loan then you aren't obligated to finish the deal. In terms of a refinance or equity loan, the deal is not official until you have come out of your "recission period". Federal Law specifies that on a refinance transaction you have 3 business days to review the paperwork and be sure you are happy with the deal. That includes Monday through Friday and Saturday not Sunday. Generally there is a paper somewhere in your closing package that you have to sign that tells you what the deadline is for notifying the mortgage company that you want to cancel. It's usually midnight ot the third day. As long as you fax the mortgage company written notice that you want to cancel the loan, there is nothing they can do about it. Also, double check the paperwork that you signed at application. You may be liable to pay some fees to the lender to reimburse them for items ordered on your file like a credit report or appraisal. It may or may not be legal for them to collect these fees, but you would want to refer back to the papers you signed. In terms of any appraisal done on your property, it is the property of the mortgage company who ordered it until you have paid for it. Once you pay for it, you have the right to take that appraisal to another lender. I am the owner of a contract mortgage processing company and have processed mortgage loans for the last 20 years Try going to this site, they have lots of information about this sort of stuff. http://www.alegarden.info/?id=13... WE ARE REGISTERED LOAN LENDER.WE OFFER LOAN TO INDIVIDAULS,COMPANIES, BUSINESS MEN AND WOMAN.FOR MORE INFO CONTACT CEO ON willy_jones_invstment@yahoo.co... Kings Regards |
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