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What does intention to proceed mean?

As the definition suggests, most letters of intent are not intended to bind the parties to a final agreement, but are a precursor to a final agreement.

What does intent to proceed mean?

When you are shopping for a loan, you may contact more than one potential lender to compare available options. If you intend to proceed with a particular mortgage application, you must notify your lender of your intent to proceed by telling the lender you want to move forward with the application for that loan.

What is the effect of the intent to proceed?

When can an appraisal be ordered? Typically, an appraisal is ordered once a purchase contract is fully executed (signed by both buyer and seller), and the borrower has indicated intent to proceed with a lender.

What is an intent to proceed form?

Once youve chosen a loan offer, you need to tell the lender you want to proceed with that loan application. This is called expressing your intent to proceed. Lenders have to wait until you express your intent to proceed with a particular application before they can charge you application or appraisal fees.

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