Pennsylvania | Real Estate Law
10/30/04, 10:17 pm
Legal Question
Mortgage too much/ can I back out?
I am buying a house. When I originally put the offer in there was a section in the offer which mentioned financing. I was trying to find a mortgage that was no higher than 6.25% interest. Well, apparently I did not qualify for the whole amount of the house at this percentage. Part of it was at 6.25%, and then the mortgage lender put did a second loan for the remainder of the selling price at a higher interest rate ...11%. Can I back out of the deal now that I see how much this is going to be?
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