This is the time in the process that your final financing and legal elements are prepared. The good news is, it might be time to pack!
Finalizing the paperwork
Within a few days of an accepted offer, you should contact your mortgage broker and begin the full application process. You will need to get them several documents, including information related to income, taxes, employment, and assets.
The bank’s underwriter might continue to ask for updated documents and clarification of your financial situation for several weeks. You should always respond to these requests promptly to keep your transaction on track.
Commitment Date
The mortgage commitment is the date by which the bank plans to provide you a letter indicating that you are fully approved and have everything finalized for your loan. This is an important milestone to monitor.
Your attorney and mortgage broker will review all of the documents with you and ensure that everything is in order prior to closing.