Does you know how long loans usually stay in Quality Control? Do you think this letter states I basically have it? I need some type of reassurance
Please see below:
Date: December 9, 2014
Property Address: ABC
123 Mortgage Corp. is pleased to inform you that your application for mortgage financing to be sured by the real described aove as " Property Address" has been approved by our lender(s). The referenced lender on page two of this commitment letter, agree to provide mortgage financing to you subject to the conditions set forth. All outstanding conditions must be satisfied at least (5) Business Days prior to scheduling your closing. 123 Mortgage Corp's lender(s) reserve the right to terminate this commitment if, prior to closing, any adverse change occurs in any applicant's financial position or credit standing, which in the judgement of 123 Mortgage Corp and our Lender(s) affects the ability of the applicant to repay the mortgage indebtedness or if the imporvements to the property are damaged by fire or other casualty.
This commitment becomes void by and will expire if settlement does not occur within 60 days of the date of this letter.
The terms of the financing being offered in this commitment are:
Sales Price $X
Loan Amount $X
Interest Rate 4%
Estimate Monthly Payments
Principal and Interest $X
Homeowners Ins: X
Real Estate Tax $X
Mortgage Ins. $X
Total Est. Pmt $X
Rate Lock Exp Date: 1/2/15
This commitment is issued based on an interest rate of 4%. This rate is locked until the date indicated above. If no Rate Lock Exp Date is indicated above you haven't locked in your interest rate. To indicate acceptance, all borrowers must sign and date each page of this letter and return it to 123 Mortgage Corp. It is agreed and understood that if this mortgage loan is not settled in accordance w/ the terms and conditions of this commitment, and if you withdraw your loan request, 123 Mortgage Corp shall retain any fees collected as liquidated damages for the origination and approval of the loan. It is agreed that you are responsible for all attorney's fees and other expenses incurred as a result of processing this loan. Upon receipt of your acceptance of this commitment, we will instruct to initiate procedures necessary in preparation of your loan settlement.
SPECIAL CONDITIONS OF MORTGAGE LOAN COMMITMENT LETTER
*** Please note, any additional credit inquirers of our credit check dated 11/17/14 will need verified and documented. Please contact your LO immediately prior to having your credit checked by another party. It is best to refrain from having your credit checked will your loan is in process.
THE FOLLOWING CONDITIONS MUST BE RECEIVED (7) BUSINESS DAYS PRIOR TO CLOSING
Loan is subject to final approval of ABC Union's Quality Control Dept.
On behalf of 123 Mortgage Corp, it is a pleasure to assist you in financing your home.