What must a borrower do before committing to a mortgage regarding the suitability assessment?

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Before committing to a mortgage, it's essential for a borrower to submit a written acknowledgment at least one business day prior to ensure they fully understand the terms and implications of the mortgage being offered. This requirement is crucial as it protects the borrower by giving them adequate time to review the mortgage details, ask questions, and make informed decisions without the pressure of immediate commitment.

The written acknowledgment serves as a formal confirmation that the borrower has received and comprehended the suitability assessment outcomes, which typically outline the alignments between the borrower's needs and the mortgage terms. Timing is also important; the one-business-day timeframe allows for consideration and ensures that the borrower is not rushed into a decision, fostering a sense of security and clarity.

By contrasting this with other options, it's clear that a mere verbal acknowledgment does not provide the same level of documentation or assurance. Similarly, obtaining a second assessment might not be necessary if the first assessment is adequate, and signing documentation immediately would negate the opportunity for thoughtful consideration and could potentially lead to adverse decisions for the borrower.

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