Prequalified...some Q's
Hello! I received the pre-qual letter from my lender a short while ago. Pre-qualified for $30K - the property we told him we were interested in is $25K, and we indicated $3,500 down. I left him a message, but he hasn't responded yet. Can anybody please tell me what happens since we only need $21,500, and not the full $30K? If I remember correctly, he mentioned in a e-mail that he would have to charge us 2 pts if the loan amt were less than $30K...
What do you think the chances are of borrowing the full $30K (despite need $21,500) and walking away with cash at the closing? How (it at all) could such a thing be done?
Thanks much as always for your replies...
Tony
Comments(0)