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01-18-2008, 03:52 PM
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 Need loan to help towards the deposit
We are getting a mortgage and we need a loan to help towards the deposit? but we can't apply for a loan before the mortgage is fully accepeted after receiving surveyors report in case it affects the mortgage if declined. Do you think we would be able to apply for a loan straight after we have signed and has been accepted. It is a bit risky in case we don't get it, but i don't know if we could secure it on the house by then or not.
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01-18-2008, 03:56 PM
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Andy consult your real estate agent and lawyer.
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01-18-2008, 04:01 PM
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good question. there is a 3day hold after signing the loan papers, give you the opportuntiy to back out. thats 72 hours not buisness days.what they do, is run your credit again to make sure, nothing has change, right before you sign.yes, its risky to apply, but if you are approve good for you!!has for securing on the house, that would be a 2nd loan call equilty.good luck!
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01-18-2008, 08:08 PM
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Most loan programs do not allow for you to borrow money for closing cost, down payment, or pre paids. I would suggest you talk to your Realtor if no contract has been signed and ask for seller assistance.It is likely, depending on how long the property has been on the market and how much the seller truely wants to get out of the property, there can be a seller consession.These rules normally apply for FHA loans.
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