Posted on: 09th Mar, 2011 04:05 am
What do you do when a bank represents that that loan 70-75% LTV upfront and you submit all docs, the place is appraised and the bank offers you a 57% LTV. What is my recourse?
Hi muppies,
You will have to offer the bank with 20% of the down payment and you can receive rest of the amount as a mortgage from the lender. You should contact your lender and ask him to clarify the whole matter. If the lender does not give you satisfactory clarification, you can even change your lender.
You will have to offer the bank with 20% of the down payment and you can receive rest of the amount as a mortgage from the lender. You should contact your lender and ask him to clarify the whole matter. If the lender does not give you satisfactory clarification, you can even change your lender.
As central banks are not currently able to do anything to cool down inflation without affecting the recovery, commodity and food prices are likely to keep rising.
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