Mortgage timeline for a pre-construction condo purchase
Hi everyone
I apologize in advance if these are dumb questions, but for some reason I can't find clear answers on Google.
I'm a first time home buyer, purchased a pre-construction condo in 2018, and the move in date is now approaching. I have a couple of questions about the timeline for getting the mortgage approved.
1. Assuming the move-in date is October 1st, 2020, and there's a few months of interim occupancy before the closing date, when am I supposed to find and get the mortgage approved? Before October 1st? Or during the interim occupancy?
2. Also, assuming I'll get everything done before October 1st, will that mean I have to go through the whole process again before closing? For how long will a mortgage approval be valid, so I won't have to go again a few months later with paystubs and paperwork and do it all over again?
Thanks! And, once again, I'm sorry if the questions have been asked before.
I apologize in advance if these are dumb questions, but for some reason I can't find clear answers on Google.
I'm a first time home buyer, purchased a pre-construction condo in 2018, and the move in date is now approaching. I have a couple of questions about the timeline for getting the mortgage approved.
1. Assuming the move-in date is October 1st, 2020, and there's a few months of interim occupancy before the closing date, when am I supposed to find and get the mortgage approved? Before October 1st? Or during the interim occupancy?
2. Also, assuming I'll get everything done before October 1st, will that mean I have to go through the whole process again before closing? For how long will a mortgage approval be valid, so I won't have to go again a few months later with paystubs and paperwork and do it all over again?
Thanks! And, once again, I'm sorry if the questions have been asked before.