1. Mortgage Denial Notice after Conditional Approval and Before Close
* Most borrowers trust their Loan Officers when they receive a letter confirming that the initial approval is correct.
Homebuyers would never have thought of refusing a mortgage after conditional approval and before closing
Refusing a mortgage during the loan process can be devastating and stressful
However, it sometimes causes excessive stress to borrowers
Over 75% of our borrowers at Gustan Cho Associates are people who have been denied by another lender or are stressed during the loan process
There are cases where a home loan is rejected at closure
However, refusing a loan before or on the closing date is not the end of the world
* Take steps and move on to transferring your mortgage to another competent, experienced lender.
2. The lender is moving during the loan process
There can be many reasons for refusing a mortgage during the loan process. The reason for the refusal may be the fault of the buyer or seller. Or both. If everyone is on the same page, they can work together to reverse the denial. In most cases, the file should be sent to another lender. In case the borrower needs to change the lender it is a very simple process. FHA and VA valuations will be transferred. Therefore, no new assessment is required. However, it takes a good thirty days to change the lender during the loan process. If all goes well, it may take two to three weeks. However, expect a 30-day delay if you’re transferring your mortgage lenders.
* You want to know more, contact The Gustan Cho Team at 262-716-8151 or send a text message for faster response.
Or write to us at [email protected] We are available 7 days a week, in the evening, on weekends and holidays.
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ALEX CARLUCCI – SVP Mortgage Banker, NMLS# 229891
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All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Loan Cabin, Inc. and GCA does not guarantee the quality, accuracy, completeness, or timeliness of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Loan Cabin, Inc.. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
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