Comments on: Home Mortgage Pre-Qualification, Pre-Approval and Loan Commitment

By: Angie

Angie — Tue, 08 Nov 2011 19:58:19 +0000

My 20yrs old son just bought his first house on 10/3/11. He got a letter from his insurance company saying they are canceling him in 60 days due 10k worth of pre exsisting hail damage to house. The hail damage happened to the home prior to him buying the home. I dont understand how the policy was ever approved from the start if there was so much pre exsiting damage. Don't the underwriters have certain guidlines when approving policies? If he was aware that he was going to have to pay out 10k in repairs in order to insure the home he would have never bought the house.

By: harold patterson

harold patterson — Fri, 16 Sep 2011 19:24:59 +0000

Should any one order a home apraisil with being approved for a loan?

By: Dianne

Dianne — Fri, 22 Jul 2011 22:29:48 +0000

When the commitment letter is received by the buyer and the loan amount is wrong, can it be changed?
Also, the letter states that I am responsible for all attorney fees and closing cost which my mortgage lender said I am not. Any adv?