| If financing, immediately apply for a mortgage. The mortgage application has to be made to receive a Commitment Letter from the bank or lender. The application can only be completed once the contract is fully executed. To pass the Board (Condo or Co-Op) you must produce a Commitment letter with your application. Your agent will work with your mortgage broker/bank to coordinate the appraisal of the property and provide the bank with requested information on the building. The loan process typically involves several steps from application to appraisal and finally approval. This process may take up to 45 days to complete and hinges on your ability to provide all of the required financial data in a timely manner. |
