jasmine :)
New member
We signed a purchase and sale agreement with a local builder in Ontario for a home that they started building in August 2009. Not we are approaching closing which will be at the end of this month and we still don't have a loan secured.
We have been going from bank to bank, and have dealt with two mortgage brokers and we are still approved for nothing because of being self-employed, and having a really low credit score. We have already payed $20,000 to the builder in 4 instalments during the year.
We are still looking for a mortgage and are now working with a third mortgage broker, but if we don get approved for a mortgage before closing, can we back out without getting sued? Will we lose the $20,000? What will happen exactly and what can we do?
We have been going from bank to bank, and have dealt with two mortgage brokers and we are still approved for nothing because of being self-employed, and having a really low credit score. We have already payed $20,000 to the builder in 4 instalments during the year.
We are still looking for a mortgage and are now working with a third mortgage broker, but if we don get approved for a mortgage before closing, can we back out without getting sued? Will we lose the $20,000? What will happen exactly and what can we do?