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Updated over 5 years ago on . Most recent reply

User Stats

11
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0
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Umer S.
  • Specialist
  • Tampa, FL
0
Votes |
11
Posts

Loan process for newly build single family property.

Umer S.
  • Specialist
  • Tampa, FL
Posted

Hello BP, 

I am in the process of getting a commitment letter from a Lender to comply with contractual terms. I am shopping around for the rate for a closing to take place sometimes in Oct/Nov but to get the builder know I am qualified, I am getting a commitment letter from their Lender. The lender sent me loan disclosure forms and want me to sign. What I want to know is that by signing these disclosure forms, am I telling the lender that I will only use them regardless of their rate or do I still have option to go with a different lender after signing the forms should I get a better deal without any concerns.

I am fairly new to the loan process so want to confirm if disclosure forms are not going to tie me down to one lender only and what should I look for in those forms to be more aware?  

Any help is greatly appreciated. Thank you. 

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