mortage company

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i have been in contact with the mortage company and I have provided all documentation. They are reasoning with when the mortage was preapproved and now with the new laws it is being looked at with a fine tooth comb. I have never purchased a new home . Should I just let them know that I am no longer interested and possibly find a used home. What chance do I have that purchasing a used home will not be as difficult as a new home.

jenkin7 · Posted: Thu Nov 05, 2009 10:32 pm Post subject:

Hi pzulaicaus,

It does not matter whether you are purchasing an used home or a new home. In any case, you will have to go through the same process of mortgage approval. Since the sub-prime mortgage crisis, the underwriting guidelines have become quite stringent. Lenders will now verify your credit and income quite carefully before approving your loan. But in case you qualify for it, you should not have any problem in getting the loan. If you think the mortgage company is unnecessarily delaying things, you can contact some other lenders for the mortgage.

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