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Last minute transactional change.

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julaney Joined: 11 Nov 2009 Posts: 3 1.85 Dollars($)	Posted: Wed Nov 11, 2009 11:01 am    Post subject: Last minute transactional change. Like 0 Dislike 0 Will a last minute reduction to my loan amount impact my closing date? I have been approved to barrow 334K for an equity buyout loan which gives my ex domeatic partner 255 K for the buyout. We have determined that the buyout should be 225K so I need to reduce the load amount accordingly. This type of loan does not allow the buyer to receive any additional cash at closing. Closing is scheduled for next Monday.
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Fri Nov 13, 2009 12:20 am    Post subject: Like 0 Dislike 0 Hi julaney, A reduction in the loan amount should not affect you a big deal, because you have already been approved for a larger loan amount. However, it might delay the closing a bit, as the lender will now have to change the loan agreement, note and other documents accordingly. Talk with your lender regarding this to know if it can cause any delay in the closing of the loan.

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