(Estimated timeframe: 45 – 60 days)
Mortgage applications cannot be processed before the contract is finalized. Once the mortgage application is complete, your lender will release a commitment letter. This letter is required to complete your board package/condo application if you are financing an apartment.
If you’re financing, now is the time you pass on your fully executed contract to your lender. You’ll need to submit bank statements, pay stubs, W2s, tax returns, and whatever else required for the audit. Along with this due diligence on both your financials and the building, a home appraisal was conducted. On average, the process can take 30-45 days but can make for longer, depending on the process and how many follow-ups are required.
Mortgage applications tend to be the most challenging step in the buying process. You’ll need to consider what lender to choose, the type of mortgage, and compare them for the best deal—a point when a lot of buyers undergo a great deal of stress and confusion. But with an experienced buyer’s agent at your side, that needn’t be the case. We’ll help you choose the right lender, give advice on the best mortgage for you, and explain anything in question. We can even help you start this process while negotiations are still going on.