Is the a period of time a mortgage company will withdraw a remortgage offer?

Question

my ex wife and her husband have been made a offer from a remortgage company they applied to so the can make some home improvements and pay me off too from my share of our marital home, she has been pushing me to compleate my form which i have been doing a quick as i can but the last part has been delayed as my young daughter has been very sick in hospital and well naturally my prioritys lie with her not for filling any how i recieved a email from my ex wife telling me that the mortgage company have only given them 90 days to compleate befor they withdraw then i wont get my money at all, she is just being pushy to try and get me to compleate quicker, but does anyone know if there is a time period after which a mortgage company will withdraw there offer

Answer 1

There is generally two time frames for a mortgage offer, the rate lock expiration and commitment expiration.  The rate lock is usually anywhere from 15-60 days, depending on the program, with refi's usually being 30 days and purchases, 60-90.  A commitment expiration means any docs given to the lender by the borrower are invalid by a certain date and need to be resubmitted, these usually last longer, such as 3-6 months depending again on the program.  She could be pushing as she could lose the rate.  best wishes to you and your daughter

Answer 2

The lender does have the right to limit an offer of refinancing. Usually a particular rate is "locked in" for a certain time period. 90 days is very generous, frankly. Most of the time, it's 30 days.

Take the time to do the paperwork. It won't take long. Then you can go ahead and get started on the rest of your life.  

Answer 3

The mortgage company will give your ex wife 2 years to complete her loan.  They want the business.  That's how they make money.  They can only reserve an interest rate for her for 30 days. After that it will change. Maybe it will go down and she will be glad you delayed.  There is no 90 day rule.  But the bank is a privately owned company.  Maybe they have learned that people who take more than 90 days are the worst customers and they don't want them.  That's possible.  Get to work. /

Answer 4

Mortgage offers tend to be valid for between 1 - 6 months. But mortgage companies are not that strict. As long as financial circumstances dont change, they would probably just renew the offer if it  expired. Your ex is probably pressuring you because she doesnt want to miss out on a particular interest rate deal that the lender has, because these tend to expire quickly.

Answer 5

It is also to your advantage to go to the bank and complete the remortgage quickly so that you can get you share of the marital home. You can ask your ex wife to fix a date and time with the mortgage company so that you can go there to complete the transactions without any delay.

Answer 6

When you make an application, a document called KFI (Key Facts Illustration) is given to you, it will have a date at the top saying "mortgage must commence by this date"

After that, when you are given a formal mortgage offer by the lender, that document will have a date on it too. Usually it is between 3 to 6 months from the date of the offer (different lenders have different time limits)