Do i have to sign a mortgage contract?

Question

I am buying a house and after the home inspection there is alot of things that needed to be fix it's gonna cost me up to $10,000 all the repairs.Now i'm asking the seller to help me at least $3,000 for repairs and i'm still waiting the sellers response...The mortgage company want me to go to their office this coming monday at 10:00 am to sign the contract...my question is Do I have to sign the mortgage contract even if we are not finish negotiating about the house yet? what if the seller and I don't agree the repairs cost. this is my first time buying a house so i dont know how this works..need help

Answer 1

If there is any doubt in your mind about these things getting worked out (ie you may not buy the place) then I would not go.  I'd just call them and tell them that you are negoitiating the repairs but that its possibly you wil not buy the place if you can't work this out, so you need them to wait, just a day or so, on starting your loan.  If you do go to the meeting they will want you to pay something (for appraisal and credit report or fee to submit the application - something) and it will be a pain (or impossible) to get this money back if the contract falls thru.

Answer 2

Go to the appointment and ask them what it is that they want you to sign.  If it is loan documents, then go for it.  If it is a purchase agreement, then tell them that the final purchase price has not been finalize and that you are asking for repair credits.