Time is of the Essence.
With signed "Offer to Purchase" in hand and a "Pre-Approval" letter in your pocket, you are now ready to move on to the "Mortgage Application". "Addendum A" of the "Offer to Purchase" states dates agreed upon for making "Application By" which is about a week after the signed offer, and "Mortgage Committment" by the lender which is about 30 days after the signed "Purchase and Sales Agreement". So it's important to act right away. You have already done most of the work anyway by researching banks & mortgage companies and by providing the necessary info to get pre-approved. Assuming you are satisfied with the pre-approval provider, return to that mortgage broker and complete the mortgage application.
For more information, please visit the web sites of your favorite banks or mortgage companies or click on Mortgage Info which is the Massachusetts Association of Realtors web site. When it opens, click on "Mortgage Information" which provides the various programs and a full range of information for the mortgage seeker.
One other thing, although many buyers have had smooth running transactions using their off-Cape banks, many have not. It is highly recommended that home buyers use our local banks for a number of reasons. They know their own market better. Being in direct competition with each other forces them to be more responsive and competitive, the appraisers they use understand the Cape values better than off-Cape appraisers and will be more accurate, and time restraints are better met when using all those involved locally in closing the transaction.dfk
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