Buying A Home
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mortgage deadline

hi all..

My contract has a deadline for obtaining a mortgage. Of course the bank is waiting until last minute. What should I do if I don't hear from them soon?

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Re: mortgage deadline

  • Contact your realtor and ask for an extension on the commitment letter for the mortgage. As long as it's not changing the closing date, most sellers will sign off on an extension.
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  • You should have an idea if you're going to get approved for the mortgage or not.  Your underwriter should also let you know if they believe the loan is going to close. 

    Our deadline was coming up and the sellers wouldn't sign off on an extension so we lifted the mortgage financing clause without the final ok from the bank.  At this point we were pre approved and everything was done.  It was just back and forth with a gift letter etc. 

  • We will be approved, we were pre-approved for more, but I'm not willing to remove that clause. I hope this doesn't deter the sellers as it won't affect the closing date at the end of September.
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