Question re: mortgage amount

We are in the process of purchasing a house after selling ours After closing costs we could afford to put a little more than 20% down. My mortgage guy said put only 20% down and use the rest to fix up the house (needs everything). My question is in the contract is says we are taking a mortgage less than what we are actually are. My mortgage guy says that does not matter because the money is coming from a check and they do not have to know where it is actually coming from. Does anyone think this is a problem?

TIA

Also, does anyone know a company that does termite inspection?

Re: Question re: mortgage amount

i just want to make sure in your contract it states x amount but your actually putting more down then that? All papers need to state the actual amounts because it will affect your closing numbers. It needs to be 100% correct on your mortgage paperwork and they pull that from your contract. Contracts can be amended but need to be signed so that takes time.

I would call your lawyer and let them handle this.

Re: Question re: mortgage amount

The lawyer should be addressing this.

Typically if it's in the binder that you are putting down XXXXX... the seller and seller's attorney will want to see your mortgage committment that says you are cleared to borrow that XXXXX.

You can at the last minute borrow more if you want if the bank will allow. It will be the bank's attorney that will give the two seller/buyer attornies the final numbers.

Re: Question re: mortgage amount

According to our contract we owe-- at closing in which we have. But in regard to our mortgage we are only putting down 20% not 25%. We have been approved for the mortgage with the 20% down but when we bought the house we told the seller's we were putting 25% down in cash.

Re: Question re: mortgage amount

If you are approved for a mortgage and have the difference in the bank to close then in the end the Sellers don't care how they get their money as long as you close. From what you are saying it seems that the contracts are already signed and you gave them your downpayment--so long as you have a mortgage commitment it will not matter in the end.