Buying A House

What is the name of your state?
Maryland

I was pre-approved for a home loan 1 1/2 months ago. Since then my credit rating has gone down. The original mortgage company that pre-approved me has turned me down for the mortgage & referred my case to another lender. This lender came up with a loan that is considerably higher than the first. I don't agree with this loan. AM I OBLIGATED TO TAKE THIS LOAN???

[HomeGuru]

[quote]Originally posted by JackandJudee
[b]What is the name of your state?
Maryland

I was pre-approved for a home loan 1 1/2 months ago. Since then my credit rating has gone down. The original mortgage company that pre-approved me has turned me down for the mortgage & referred my case to another lender. This lender came up with a loan that is considerably higher than the first. I don't agree with this loan. AM I OBLIGATED TO TAKE THIS LOAN???

**A: of course not. You can reject it but then you will either have to look at other financing sources or terminate your real estate purchase or refinance.

If I choose to terminate my purchase agreement because of not being able to acquire financing that is reasonable, can I legally be sued by the seller???

[HomeGuru]

[quote]Originally posted by JackandJudee
[b]If I choose to terminate my purchase agreement because of not being able to acquire financing that is reasonable,

**A: yes, as long as your purchase contract contained a financing contingency.
**********

can I legally be sued by the seller???

**A: see above.