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mortgage process question
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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mortgage process question
Question regarding the mortgage process. If we apply for a mortgage thru BOA how long does it take get the commitment letter and how long is it valid for. What are your penalties if you need to extend the mortgage?
Thank you
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Posted 7/7/08 3:19 PM  |
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TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: mortgage process question
It usually takes about 30 days after you get all your paper work in. I'm not sure how long they are valid for though.
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| Posted 7/7/08 3:26 PM |
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qtdimps231
LIF Toddler
Member since 11/07 477 total posts
Name:
Diana
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Re: mortgage process question
your attorney will negotiate a date in the contract for your commitment date. usually thats 30 or 45 days. thats how long it usually takes the bank. you need to find out from BOA what their penalty is for extending the lock in rate. it's usually a percentage of the loan. it can be a lot. try to lock in the rate for 60 days.
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| Posted 7/7/08 4:27 PM |
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bigspender
Back to school
Member since 4/07 1385 total posts
Name:
Irene
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Re: mortgage process question
thanks for the help
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| Posted 7/7/08 5:18 PM |
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