I’m either going to cry or start a riot. I need some thoughts on this. Can your mortgage approval be revoked..? I literally am supposed to take possession in 10 days..
Timeline of Events Beginning of August – Mortgage Pre-Approval. This entailed all the paystubs, income tax, TDR, banking stuff to make sure I can actually afford a mortgage. Everything a-okay. Fantastic income, TDR and credit.
August 16th – Put offer in on house. Negotiated. And settled on sale price. Signed offer to purchase.
August 18th – Papers finalized and sent to Lender.
August 23rd – Lender sends documents for me to sign which state mortgage amount, payment schedule, and all other details. Also forwarded to lawyers for title check
August 28th – Home inspection done and passed
August 30th – Lender questions where my down payment money is. I state that I was waiting for confirmation of approval before putting into my account.
September 2nd – Realtor asks where financial approval is since deadline is the 6th. Lender states he “forgot” to send it along to myself and the realtor. Turns out I’m approved.
September 3rd – Put money in account. Some money from estate of late grandmother and some from common law partner. As well as my saved money. Gave bank statements to lender.
September 7th – Told this wasn’t good enough. I needed letters of gifting. Completed these and sent along staying one certified cheque was on behalf of the estate of my late grandmother and the other certified cheque from my significant other
September 9th – Told all good, wait for lawyers to complete their work
September 14th – Told by my broker that Lender “will not accept” the money from my partner as valid. When questioned why he states its been flagged (how did you approve me then…?)
The Lender stated at this point that any money gifted for a down payment must be from an immediate family member. Neither me nor my broker were ever told this. We asked what our options were because the money is in my account and due to lengthy estate settlement issues (yay covid) I can’t use that. He claims I can use an excel spreadsheet as proof of income for my home business (never confirmed whether this would actually work or not). When my broker asked him why my partner giving me money was suddenly an issue he very confidently said “well if they’re common law why aren’t they buying the house together.”
Yes both myself and my broker forwarded this and all previous communication, or lack thereof, to the district supervisor. We also mentioned the absolute unprofessional behavior. But now I’m panicking over what is going to happen.