Buying A Home
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Mortgage Commitment Letter
My DH and I received our Commitment Letter yesterday from Chase - I'm amazed! They requested no additional paperwork or anything. It seems surreal.
Is there anything else we need to do? Can anything go wrong at this point?
Thank you!
Re: Mortgage Commitment Letter
Today?s finicky credit markets are rendering mortgage contingencies a most common inclusion in purchase contracts. A mortgage contingency makes the buyer?s commitment to purchase the property conditional upon the ability to obtain financing (technically getting the bank commitment vs. the mortgage itself). This is particularly the case in Manhattan, where a great proportion of loans fall in the jumbo category ($729k+). Nowadays, having a contingency-free contract can be a fantastic bargaining chip in helping whittle the apartment price down further, such that the seller does not have to roll the dice on whether the buyer will or won?t be approved by the respective bank.
what mortgage can i afford