If you apply for a construction loan and you've done all the paperwork, they've sent
GreenPartyVoter
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Tue Sep-14-10 03:12 PM
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| If you apply for a construction loan and you've done all the paperwork, they've sent |
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a letter with a good faith estimate, asked for a deposit, and set a closing date, does that mean everything is good to go? Or are there still possibilities of it not working out?
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| Mr. Ected
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Tue Sep-14-10 03:20 PM
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You will need to ask for a letter of commitment. There are always conditions to be met, now more than ever.
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| GreenPartyVoter
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Tue Sep-14-10 03:24 PM
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| 2. Thanks! Does the letter of commitment get sent before, on, or after, the closing date? |
| Mr. Ected
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Tue Sep-14-10 03:29 PM
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I'm not a banker...actually, a real estate attorney...but I'm certain that the actions that you have taken are no guarantee that the loan will be made. Talk to your banker about the process and what pitfalls you may be confronted with.
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| GreenPartyVoter
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Tue Sep-14-10 03:34 PM
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| 4. Thanks again. I will definitely get in touch with them. :^) |
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