Money In Escrow
Hello,
I got a question. I've been pre-approved to buy a house by a bank. I will put some money in an escrow account with the offer. My question is: What if the lender doesn't keep the rate or closing costs he showed me in the good faith estimate? Will I be able to take my money back from the escrow? Because I know that I can get it back if they don't approve me, but what if I'm not happy with the terms?
Thanks a lot!
If the terms of a pre-approval or approval change, the bank is required by law to redisclose to you. If the new terms are not to your liking at that time you would show them to your real estate agent and that would make the original agreement null and void. At that time one of two things would happen, an extension of the agrrement would be proposed allowing you to secure another loan or since the original agreement was not met you would receive your esrow money back. lori