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From: Joo Joo
How r u guys n gals
Everytime I think I have grasped the concept, it seems to just slip through my fingers again.
Financing an OTP,I'm just going to shoot off a few questions and I hope some of you can help me out, here goes.......
Do you need a preapproval in order to attain a deposit bond?
does this mean you have to go through the whole proccess and actually get approved on the whole amount of the loan, deposit and all?
If you are approved and collect a deposit bond, what do you do with the deposit? can you spend it?
On settlement I am guessing you have to get approved again, does this mean that the initial approval does not count? was it just a borrowing capacity estimate, do you actually get approved on the specific property?
On settlement, must I go with the original lender who gave me the pre-approval, or could I just go on and find another lender?
I am assuming that the deposit bond guys need a preapproval to last for the length of the construction period, is this right?
I thought I'd cut through the cr...p and ask questions, I have a limited knowledge unlike you fountains out there.
Regards
joojoo
'Thanks much'
How r u guys n gals
Everytime I think I have grasped the concept, it seems to just slip through my fingers again.
Financing an OTP,I'm just going to shoot off a few questions and I hope some of you can help me out, here goes.......
Do you need a preapproval in order to attain a deposit bond?
does this mean you have to go through the whole proccess and actually get approved on the whole amount of the loan, deposit and all?
If you are approved and collect a deposit bond, what do you do with the deposit? can you spend it?
On settlement I am guessing you have to get approved again, does this mean that the initial approval does not count? was it just a borrowing capacity estimate, do you actually get approved on the specific property?
On settlement, must I go with the original lender who gave me the pre-approval, or could I just go on and find another lender?
I am assuming that the deposit bond guys need a preapproval to last for the length of the construction period, is this right?
I thought I'd cut through the cr...p and ask questions, I have a limited knowledge unlike you fountains out there.
Regards
joojoo
'Thanks much'
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