dasmitchies
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For most lenders an approvel is good for 30 days. After that they will require the loan to be underwritten again and re-approved. Keep in mind even if you are approved the lender may change the terms of the agreement at anytime prior to closing if they disclose the changes to you. My advice is if you have found the loan you want, close the deal. If not, let it pass. |
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MYRAJEAN
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YES they can, however if you qualified for the first loan they will probably give you the loan, unless your credit has changed substantially. |
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n4il_p0lish2000
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they can but usually wont they want to make money just like everyone else. |
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canajoh
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Yes. Usually they specify the deadline for you to accept. |
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cosmosclara
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You should call and talk to those people. They usually hold the funds for a set amount of time, but may be willing to hold it (or allow you to re-apply without prejudice) if you talk to them. Call and ask how long you have to sign, and what the consequences are if you do not make that deadline. (Only the lender knows the specific details of the conditions on the loan.) |
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solo
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You are only approved "in priciple" ... until both parties sign there is no agreement. |
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Pigskin Princess
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It depends on who its through. A lot of times they will give you 30 days to complete the paperwork. You should probably call them and let them know your intentions. |
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twoquiltertwo
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You need to sign by the date they give you or yes it can be revoked. |
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blue_herron2001
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the bank is sitting in the catbird seat. |
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superchocolatechick
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YES, THEY CAN REVOKE YOU. IF YOU DO SIGN THEY ARE SUPPOSED TO GIVE YOU TO 3 BUSINESS DAYS TO CANCEL, THIS HELPS ESPECIALLY IF YOU FEEL PRESSURED. |
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npemtiv
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Yes, usually they only give you a few days. That's so that you don't get approved for a bunch of loans then go sign them all after they're all approved. |
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lilstreem
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loan approvals are normally good for 30 days only |
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PoisonIvy
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call the bank and explain the situation, ask their opinion |
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freeu
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yes the will be a charge to redo |
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psd1941
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Yes, if the approver has the ways and means for you, he also has the prerogative to show you the way out! |
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topkatgangsta
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yes they can sweetie, my name is joy dennis and i work for a financing company and if you do wait to long to sign papers alot of things can happen besides it getting revoked you can also allow the interest rate to go up on any loan that you have. so its good to do things in a timely manner so you can get a good interest rate, and if you are shopping around let them know so they can work harder to get you a low rate and monthly payment. |
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