I am going to sign the contract for a condo that I want. I am putting a 5% downpayment, I dont find out until tomorrow from greenpoint bank if I have a mortgage. Now what happens if I don't get the mortgage do I get my 5% back? Please help. Thanks
I think you should make sure you can get a mortgage before you sign a contract. Otherwise you might not get your downpayment back. Defiantely check with you lawyer first.
I believe you will get your money back if you don't approve for a mortgage, but double check w/your lawyer b/4 you sign.
Thank you. I think I am going to sign the contract, give the lawyer the check and ask him to hold on to it until further notice. I mean the latest will be Monday but I am so afraid if I don't sign the contract someone else will bid higher than me.
we were told a certain date we had to have the mortgage commitment by..should we not have it by then then if we back out before the date we get our money back..if we find out after the date that we can't get the mortgage then we lose our money
Posted by pinky424
I am going to sign the contract for a condo that I want. I am putting a 5% downpayment, I dont find out until tomorrow from greenpoint bank if I have a mortgage. Now what happens if I don't get the mortgage do I get my 5% back? Please help. Thanks
