A Letter of Intent for Mortgage is commonly used in the initial stages of real estate transactions in the United States when a potential borrower wishes to formally communicate their interest in obtaining mortgage financing. This document serves as a preliminary step before the formal mortgage application process, helping to establish the basic terms and conditions of the proposed loan. It typically includes information about the property, proposed loan amount, interest rate expectations, and any special conditions. While not legally binding for the main transaction, it demonstrates serious intent and can help move negotiations forward. The document must adhere to various federal and state regulations governing mortgage lending.
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1. Property Information: Details of the property being mortgaged, including address and legal description
2. Loan Terms: Proposed amount, interest rate, term length, and payment structure
3. Buyer Information: Identity and contact details of prospective borrower
4. Purchase Price: Total purchase price and down payment amount
5. Contingencies: Conditions that must be met (e.g., appraisal, inspection, title search)
1. Closing Timeline: Proposed schedule for closing, use when timing is critical
2. Seller Financing: Include when part of purchase price will be financed by seller
3. Property Use: Include for commercial properties or specific use restrictions
1. Property Photos: Recent photographs of the property
2. Preliminary Title Report: If available at LOI stage
3. Financial Documentation: Proof of funds or pre-qualification letter
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