Posted on: 02nd Oct, 2010 11:42 am
I am in the process of confirming my mortgage agreement - I just have to sign the forms at my bank but I have been pre-approved by credit.
I just found out that I have been laid off from my job. The mortgage is based on my regular income, but I will be able to pay my monthly mortgage payments with no problem even without my regular income.
Am I legally obliged to tell the bank that I no longer have a job? If I do, will they still proceed with the mortgage agreement since it has been pre-approved?
I just found out that I have been laid off from my job. The mortgage is based on my regular income, but I will be able to pay my monthly mortgage payments with no problem even without my regular income.
Am I legally obliged to tell the bank that I no longer have a job? If I do, will they still proceed with the mortgage agreement since it has been pre-approved?
Well, if you tell them you got laid off, you will not get this mortgage. So, just be sure you CAN make the payments.