What Does Loan Approved With Conditions Mean?

What Does It Mean When Your Loan Is Approved With Conditions?

First, take a deep breath. This is a big milestone in the mortgage process and worthy of celebration. As you gave us or your loan officer all the pertinent info, like W-2s, pay stubs, maybe tax returns, bank statements, your employment housing, and credit history… and all of that and more got submitted to a human underwriter. Underwriters carefully examine the documents and when they are mostly satisfied from a guidelines perspective the underwriter can approve the loan with a few unanswered questions or documents needed, which is called conditions.

Perhaps you’ve had a large withdrawal or deposit form your account recently, maybe you have a page missing or an incomplete document. Maybe the employment verification doesn’t match up to your documents provided, maybe proof of mortgage or rental history is still needed, maybe your homeowner’s insurance hasn’t been finalized, maybe a credit supplement needs to be ordered to update your credit report. You get the point right!

There are items where a loan can be approved based on what we have in the file and after the few remaining “conditions” are gathered, the loan is submitted back to underwriting and cleared….Then we will have a “Clear to Close”, which is the best phrase is the mortgage lending process!  This is when you REALLY celebrate!

Let’s talk more about our 6-7-1 process and how you can earn “Clear to Close” in just 8 days!

Chat with us today!

For more details on how to prepare and what to expect at your first meeting with a mortgage professional or if you are interested in getting started on your loan approval process, please contact our Hunter Home Loan Team at 727-315-1635.

Those who are feeling overwhelmed, or are Interested in learning more about loans we offer or loans approved with conditions Check out our resources here for agents or clients…We are here for YOU!


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