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Personal Finances / Buying or Selling a Home


Subject:  Re: Chase no longer issues commitment letters? Date:  7/16/2013  5:15 PM
Author:  joelcorley Number:  125811 of 128075


You wrote, However, even under the old process, if, for instance, the purchaser got laid off the day before the closing, the bank would not lend the money, even if they hadn't specified 'the purchaser must remain employed' in their 'commitment' letter, because that condition was contained somewhere else in the fine print of qualifying for the loan, and the 'commitment' letter generally had some generic statement about 'all other conditions of the loan must be satisfied'.

One more minor point (and one that might not have applied to new purchases):

Prior to the credit crisis, you could get low or no-doc loans. I did a refinance in '03 or '04 that was considered an Alt-A loan. My broker did it that way because he could get me just as good a rate with minimal documentation as going full-doc. I'm fairly sure the lender d