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JennCo
My greatest joy is my baby boy
Member since 1/07 2772 total posts
Name:
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Mortgage Commitment letter (eta another question)
HOw long does it take??
ETA: What is the difference between a pre-approval (which we already have) and a commitment letter???
TIA
Message edited 2/1/2007 11:04:46 AM.
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Posted 2/1/07 9:55 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Marcie
Complete Happiness :)
Member since 5/05 27789 total posts
Name:
LOVE being a Mommy!
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Re: Mortgage Commitment letter
I would ask them for it.
My mortgage said they sent it to me and never did - so I would call them to make sure.
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| Posted 2/1/07 10:42 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Mortgage Commitment letter
for us through HSBC
pre-approval letter came in about 5 days after meeting with him
once we put in the offer, and began the contract phase it took 1 week to get the offical mortgage approval letter.
HSBC is great with getting back stuff in a timely manner
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| Posted 2/1/07 10:42 AM |
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JennCo
My greatest joy is my baby boy
Member since 1/07 2772 total posts
Name:
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Re: Mortgage Commitment letter
Thanks so much!
We are buying a home and we got a call this morning that the owners want the commitment letter ASAP. - like by MONDAY!!   
Message edited 2/1/2007 11:05:44 AM.
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| Posted 2/1/07 11:02 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Mortgage Commitment letter (eta another question)
The Committment letter comes AFTER you activate your loan application, nd t's the letter that you have to supply a copy of to the seller's attorney, so you can go to closing.
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| Posted 2/1/07 11:09 AM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Mortgage Commitment letter (eta another question)
I believe that the pre-approval is basically a bank saying that they would offer you a mortgage.
A committment letter is a bank saying that they can and will - ultimately I think it's even that they are - offering you a mortgage.
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| Posted 2/1/07 11:57 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Mortgage Commitment letter (eta another question)
Posted by Ang-Rich
I believe that the pre-approval is basically a bank saying that they would offer you a mortgage.
A committment letter is a bank saying that they can and will - ultimately I think it's even that they are - offering you a mortgage.
yes, for a pre-approval, they don't usually require ALL the paperwork.
when you get an committment letter, it means the bank is going to give you that amount of money on the committment.
Just because you get pre-approved for a certain amount doesn't mean you will actually get that amount.
I might be wrong, but I don't think a pre-approval goes to the underwriter.
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| Posted 2/1/07 12:05 PM |
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