If you are purchasing a new construction home and your mortgage credit letter expires before you can close on your new home, what should you do? In this case, your lender may need you to resubmit some of your financial documents, as they usually need all documents to be “current”, meaning the most recent 30 day period. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that since your commitment letter is expiring before the home is finished, the lender will have to update all your financial information. You may want to start having the lender update all your financial information around the time the home is sheetrocked. This will give the lender plenty of time to receive all the documents they will need. The lender will be able to give you another letter of loan approval prior to closing on your home as long as your financial situation has not changed. Check out below to see what sold in Stonewater in October 2015:
18627 Marble Head Drive, Northville: 4 bedrooms, 3.2 bathrooms, 3,802 sq. feet, 3 car garage, Sold Price: $750,000
Stonewater Home Sold
Requiring a new mortgage letter is not uncommon. Your lender can guide you and provide you with an updated letter, as long as you provide him/her with all necessary documents. For more information on Stonewater, or similar Northville or Novi neighborhoods such as Steeplechase, Northville Hills Golf Club and Pheasant Hills, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.