Legal Question in Real Estate Law in New Jersey
mortgage approval conditions
''final loan amount and loan to value %
will be determined upon appraisal
review. due to the market classification
and product types this could be up to a
10% reduction''
what does this mean?
2 Answers from Attorneys
Re: mortgage approval conditions
It means you need someone who knows what that means, who you can trust, to tell you what is going on and what if anything you should do about it.
Why don't you hire a lawyer to assist you?
Re: mortgage approval conditions
This means that if the appraised value is less than the contract price, then the loan to value ratio will be based on the appraised value and not the price being paid. The bank is reserving its right to reduce the amount of the loan to reflect a certain loan-to-value ratio that will be based on the appraised value.
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