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Old 10-27-2004, 11:06 AM
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Join Date: Oct 2004
Location: CA, NC
Posts: 79

Switching Lenders, breach of contract?

What is the name of your state? NC
Our home is being built. Our agreement required a commitment letter by a set date. We met that date via a letter of commitment with lender #1. I now choose to utilize lender #2. The application is in the process right now. Are there any issues with the requirment of a commitment letter?

Getting a commitment letter by the original set date doesn't mean that I am bound to that original commitment does it? I would hate to lose my $5000 I already put down for a breach of contract.

DAM
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Old 10-27-2004, 09:58 PM
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Join Date: Jul 2004
Location: Nashville, TN
Posts: 249
You can switch lenders at any time. A commitment letter sent to a builder before construction is complete is pretty much worthless. Read the stipulations on it.
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