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| *The Commerce Journal>>>Renting & Real Estate |
Can we lose our financing after we close on our home? |
We are in the process of purchasing a new home. Our closing date is May 8th and we just found out that my husbands company is closing. It is not closing until June so we are choosing not to mention to our broker. Is it safe for my husband to accept another job offer after the closing date? We do not take possesion until May 29th. Can we lose our financing? Or once we close are we approved and safe? We have a large trust and nothing in our financing will be changing until June with our finances. Should we diclose something that is happening after closing and possesion? At closing your situation is same when you applied for financing. ,therefore you don't have to mention anything. Your husband can change jobs any time he wishes , there is no restriction for that. just keep your payments on time , never even delay. At the closing table all financing is done. Once you have closed on the home your financing cannot be taken away with exception of foreclosure if you do not pay. So don't worry, once you have closed you are safe if you pay. Not once the loan funds. But at closing, the lender will likely require you to sign a statement that nothing in your financial situation has changed since you applied for the loan. If you don't disclose this, you are in effect falsifying your application. The question I think you should be asking is "Is it a good time to buy a home when your husband's company just closed down?". |
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