Posted on: 17th Aug, 2009 06:52 pm
We closed on a construction-permanent loan in Jan. of this year. We were approved and signed closing documents on a 30 year fixed loan. Our house was built and our lender paid the builder. We have already moved into the house, and met all of the requirements laid out in closing. Our construction loan is now supposed to roll to the permanent mortgage. Our lender is now saying that we no longer qualify for the 30 year fixed program. We can only get a 5 year arm. But we already signed the closing documents on a 30 year fixed. Can the bank change our program after we have already closed on the loan?
Everything depends on what you signed at closing...The Promissory Note defines these terms of the contract
As you see there is a section for Amendments...on the promissory note, does it indicate whether or not the lender can exercise their option to offer different loan programs?
Call them back and find out specifically why they will not roll it into a 30 year fixed...
And post back here for more help
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As you see there is a section for Amendments...on the promissory note, does it indicate whether or not the lender can exercise their option to offer different loan programs?
Call them back and find out specifically why they will not roll it into a 30 year fixed...
And post back here for more help
[System detected duplicate content; converted into image. Thanks.]