Posted on: 14th Nov, 2012 01:10 pm
Hi,
I am first time home buyer and applied with Mortgage Capital Associates.
i want to know that ,do we need a Title clearance to get loan approval and the commitment letter.
Please Help.
I am first time home buyer and applied with Mortgage Capital Associates.
i want to know that ,do we need a Title clearance to get loan approval and the commitment letter.
Please Help.
Hi Lester!
Welcome to forums!
As far as I know, the title should be clear in order to get qualified for a mortgage from any of the lenders. Unless the property is free and clear, you may not be able to get qualified for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, the title should be clear in order to get qualified for a mortgage from any of the lenders. Unless the property is free and clear, you may not be able to get qualified for a loan.
Feel free to ask if you've further queries.
Sussane
Hi Lester,
Yes, the title should be clear in order to get a mortgage at an affordable interest rate. You can contact a title search company in order to know whether or not the property has a free and clear title.
Thanks
Yes, the title should be clear in order to get a mortgage at an affordable interest rate. You can contact a title search company in order to know whether or not the property has a free and clear title.
Thanks
Title clearance is necessary to get the approval for a loan because the system requires the proof of your existence as legal and get assured of obtaining payments as per the scheduled duration.