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Question...about mortgages and contracts...
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pixiedust
LIF Adolescent
Member since 8/07 553 total posts
Name:
<3
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Question...about mortgages and contracts...
ok, we placed a binder (spelling?) on a co-op we like. We still have not recieved/signed a contract yet, can we still apply for a mortgage (we already have an approval letter). Should we wait to apply for the mortgage once we sign the contract? or can this process be done before then?
TIA 
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Posted 5/6/08 7:40 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
jgl
Love my little boys!!!
Member since 8/07 7060 total posts
Name:
g
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Re: Question...about mortgages and contracts...
good question.. i would like to know this too..
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| Posted 5/6/08 7:43 PM |
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dpli
Daylight savings :)
Member since 5/05 13973 total posts
Name:
D
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Re: Question...about mortgages and contracts...
I'm pretty sure you have to have a signed contract before the bank will give you the mortgage.
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| Posted 5/6/08 8:22 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Question...about mortgages and contracts...
You can apply before you have a signed contract (this is a preapproval). But most banks won't rate lock you unless you have a signed contract.
Granted I said most... I have gotten rate locks with some banks before a signed contract. Chase did this for me once.
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| Posted 5/6/08 8:41 PM |
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ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Re: Question...about mortgages and contracts...
To lock in - I think it's best to have a signed contract because you will have your on or about closing date (which means you can close up to 30 days from that date).
Most rates are a 30 or 60 day lock from what I've seen.
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| Posted 5/6/08 8:46 PM |
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pixiedust
LIF Adolescent
Member since 8/07 553 total posts
Name:
<3
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Re: Question...about mortgages and contracts...
Thanks for the info 
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| Posted 5/6/08 10:12 PM |
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