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Answers (8)
- SummerBoyAlways
- Contributions:3
Thank you all for helpful answers.
- Deb Forte, "debbieforte"
- Contributions:271
A mortgage commitment letter must come from the lender that will be funding your loan. Ask the lender for the conditional loan approval letter.
Good Luck
Good Luck
- shapiroamg
- Contributions:3058
I'm in MA and will galdly answer. A mortgage broker can not issue an approval. The commitment can only be issued by the lender or bank that a broker will place the loan with. As a broker we do not lend money so we can not issue a commitment.
What we can do is run your loan through Fannie or Freddie's automated underwriting system for an automated credit decision. We then gather up the supporting docs and give them to the lender for review. Your loan approval should come from the lender/bank.
I would be very cautious with the situation you describe. Is this 'commitment" related to a specific property?
- Joe Trovato, "Joe Trovato"
- Contributions:11
Ask the broker if he received an approval from Fannie Mae it should be "approved eligible" of Freddie Mac Accept Plus. Than inquire if an underwriter has issued at least a "Credit Approval" this is an approval where the income assets and credit are underwritten and pending that the home will appraise for enough value.
- warren w1
- Contributions:122
I'm not a professional but I'm building new and I have a commitment letter direct from the lender. I'm pretty sure that's what counts. I think the broker is trying to get your business? Be careful, been there, done that...
- Patrick Nolan, "Bucks County Banker"
- Contributions:239
A mortgage commitment letter to be meaningful (and binding) must come from the lender that will be funding your loan. Most states specifically prohibit mortgage brokers from issuing commitments as they are not the party that is underwriting, approving, and funding your loan.
Advise your mortgage broker that you want to see the lender's conditonal loan approval for your loan.
Advise your mortgage broker that you want to see the lender's conditonal loan approval for your loan.
- SummerBoyAlways
- Contributions:3
Hi John,
I am into the process, where, I have
. got a good faith estimate and pre-approval from the broker b4 looking for houses.
. found the house that I want to buy.
. negotiated the purchase price.
. put in an offer that was accepted.
. done the home inspection
. signed the Purchase and sale agreement
. done the home appraisal
. applied for a loan with a mortgage broker and furnished all the documents requested.
. waiting for a loan commitment b4 the date specified in the p&s agreement, so that I can notify the seller that I am ready for closing.
I am into the process, where, I have
. got a good faith estimate and pre-approval from the broker b4 looking for houses.
. found the house that I want to buy.
. negotiated the purchase price.
. put in an offer that was accepted.
. done the home inspection
. signed the Purchase and sale agreement
. done the home appraisal
. applied for a loan with a mortgage broker and furnished all the documents requested.
. waiting for a loan commitment b4 the date specified in the p&s agreement, so that I can notify the seller that I am ready for closing.
- John Dean, "Cambridge Agent"
- Contributions:336
Not knowing where you are in the process of your mortgage I am going to take a guess.
Are you sure they gve you a commitment letter or is a pre-qualification or pre-approval letter. All three are VERY different.
In Mass, usually you would not ask for a letter of commitment until well into the home buying process. The date is part of your purchase and sale agreement which is after have an accepted offer.
Both the pre-approval and pre-qualification are things you get before you head out looking for your home and they are usually generated by mortgage brokers.
Are you sure they gve you a commitment letter or is a pre-qualification or pre-approval letter. All three are VERY different.
In Mass, usually you would not ask for a letter of commitment until well into the home buying process. The date is part of your purchase and sale agreement which is after have an accepted offer.
Both the pre-approval and pre-qualification are things you get before you head out looking for your home and they are usually generated by mortgage brokers.
Can a mortgage broker issue a commitment
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