AboutBobbi Buehl Expertise Home mortgages is my expertise
Experience Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.
Question I signed a construction loan with my lender on 2/1/08. The loan documents stated that I must complete the basement which was not my intent. Can I cancel the loan if I pay the actual fees that the lender has incurred? And if so who do I go about the cancelation process
Answer Hello Kerry,
You will have to check with your lender to verify that you can cancel your loan. In most cases, once you sign a purchase or construction loan, you are locked in and have no recision period. Sorry, but if you didn't agree with the terms, you really shouldn't have signed the loan and waited until it was ironed out with the lender.
Good Luck, and I hope all turns out in your favor!
