Mortgage Loan Commitment and Intrest rate?
I am trying to buy a foreclosure home in CA . Sellers contract says that I have a financing deadline of 10 days to provide a written ‘Loan commitment’ by mortageg or deed of trust on property . Contract also says that once I provide this I cannot change the terms of ‘committment’ of loan without property sellers written consent …
Q:1 : I already have the preapproval. How much time it takes to secure a written commitment of loan
Q:2 : Do I lock the intrest rate when i get the commitment ? What if intrest rates go down after i provide the commitment but before i close ?
Q:3 : Am I liable in any way if i get the commitment from a financial institution but sale gets cancelled for some reason and i dont want to proceed with getting the mortgage ?
Your answers and Help is greatly appreciated