Mortgage Decision wait?

[St_Jacques]

Sent off all our documents over a week ago to Credit Agricole in Lyon who have translated them and sent them to the branch where our mortgage is being considered. Still haven't heard from them regarding a Oui or a Non. How long does it usually take and is no news good news??

St Jacques

[Camille]

Silence is probably not a good sign. If you have a deadline, I would run to the nearest branch of a major bank and try to get a backup offer. CA missed my deadline despite having 8 weeks with my dossier and assuring me all was fine and understood and in order. And mine was not complicated. I'm not a self-employed person trying to do a business. I had probably the most simple application. Fortunately, I had a sick feeling in my stomach about it well in time. A local branch of another bank got me an answer a binding answer in just 5 days, a week before my deadline. It saved the deal. Could have been just a fluke, but all the same I think when you're in the middle of a purchase you cannot leave anything to complete chance. If they come through in the end (on time) with the terms you want, great, but in the meantime, if you haven't received a binding offer from someone, and time is just going by, do whatever to ensure you get one that you can abide with and then at least you have some peace of mind. Otherwise, if you wait to the last minute you could be forced to accept whatever terms are offered by the one option you had, or, worse, if they don't come through on the deadline in your compromis (!!!), you'll be faced with making the decision "Should I stay or should I go." Keep your options open, and then when you have your offers, go with whatever makes you feel good and right. I believe in France that (at least most of the time) you don't incur application/dossier fees and such unless you actually go with the offering bank. I certainly didn't. Good luck.

Camille

www.maisonquercy.com

[Lollie]

Abbey Nayional Fr. took over 5 weeks to send out our offer. They kept saying yes they were just waiting the house valuation which seemed to take forever. Only believed it when saw it in print;
Lorraine