Posted on: 09th Sep, 2008 06:10 pm
HI, my name is Marianna.
Currently I have 1 mortgage and 1 credit line on my house, I decided to combine them into one, I was preapproved for refinancing. What if during the process I wouldn’t be approving fore the mtg, would I lose the existing loans. Thank you
Currently I have 1 mortgage and 1 credit line on my house, I decided to combine them into one, I was preapproved for refinancing. What if during the process I wouldn’t be approving fore the mtg, would I lose the existing loans. Thank you
Welcome Tymava,
If you are not approved a new mortgage, you wouldn't lose the loans. But if you don't continue paying them, it may affect your credit. By the way, how much is the lender offering you? and how's your credit right now?
If you are not approved a new mortgage, you wouldn't lose the loans. But if you don't continue paying them, it may affect your credit. By the way, how much is the lender offering you? and how's your credit right now?
i really don't understand why you might think you'd "lose" your existing loans. where might you surmise they would go?
Hi Tymava,
There would be no risk in losing those loans if you are not approved. Just make sure you continue to make your current mortgage payments while this loan is being processed.
I would like to add that you may want to compare lenders at this time since rates went down drastically last week. I don't know when you applied with your current lender or if your rate is locked with them, but if it was prior to last week, I would definately compare. You could see a reduction of 1/2% in rate today vs. 10 days ago.
There would be no risk in losing those loans if you are not approved. Just make sure you continue to make your current mortgage payments while this loan is being processed.
I would like to add that you may want to compare lenders at this time since rates went down drastically last week. I don't know when you applied with your current lender or if your rate is locked with them, but if it was prior to last week, I would definately compare. You could see a reduction of 1/2% in rate today vs. 10 days ago.