What happens when you sign an intent to proceed?
What happens when you sign an intent to proceed?
The “intent to proceed” document is not legally binding. In fact, nothing you sign is legally binding until the closing. And even then, for a refi, equity line or HELOC, you have 3 days to rescind the transaction (but not for a purchase).
What is mortgage intent proceed?
Expressing an “intent to proceed” is another critical step in the home buying process that you need to decide after shopping and getting pre-approved by a few mortgage lenders. In simple terms, intending to proceed means that you’ve finally chosen a lender who you think offers you the most competitive rates.
Is notice of intent to proceed binding?
It might help to know that the Intent to Proceed isn’t a binding document. In fact, none of the loan disclosures or the mortgage documents you sign are binding until you get to the closing. If you’re unsure about the loan officer or the lender, ask your real estate agent to recommend someone he or she trusts.
Can I change lender after appraisal?
Most appraisals aren’t portable, meaning they can’t be transferred from one lender to another (though FHA mortgage appraisals are portable). If you want a new lender, you may have to pay for another credit report, an additional application fee, and a new appraisal.
Do both borrowers need to sign intent to proceed?
Answer: The regulation is silent on this matter. It states you can obtain the intent to proceed in any manner that the consumer chooses as long as it’s documented. The only section that dictates that all consumers primarily liable have to sign is the section on waiving the waiting period prior to consummation.
Can intent to proceed be verbal?
The ability for the consumer to indicate his or her intent to proceed with the transaction verbally does provide a convenience factor to the consumer, but it also puts more responsibility on the lender to ensure the consumer’s intent to proceed is accurately documented to reflect the date in which the verbal intent to …