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Real Estate $
Eileen M. Day REALTOR
LOAN COMMITMENT RISKS
Once you get a loan commitment, don't taKe it for granted that you will get the loan. Some borrowers have been sadly surprised. Since lenders take a risk when committing to a fixedrate loan, they often put in conditions.
For example: A commitment can become null and void if the borrower fails to qualify, the appraisal falls short of the contract price, the loan isn't closed before the commitment expires or a third party fails to provide necessary documents. To protect themselves against wide swings in interest rates, some lenders will insert a clause which releases them if rates change more than a certain amount. Often, fine print clauses allow the lender to back out should the original terms no longer be advantageous.
This is why it is extremely Important that the buyer utilize the services of a real estate professional such as myself. Knowing what to look for, understanding the terminology and being able to explain every minor detail to my clients is a valuable service I can provide.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor, the Clopton House, Washington, Va. 22747. Phone 675-3033. Were here to help.
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