| I have given the conditions of my loan to the underwriters does that mean my loan has been approved?

I have given the conditions of my loan to the underwriters does that mean my loan has been approved?

sallymollyap asked:


My loan officer called the other day and gave me a few conditions on my loan, such as bank statement, tax info from the house that we currently live in etc… We are supposed to close on the house next Thursday, does it sound like our loan has been approved and why do they wait till the last minute to let you know something

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Comments

4 Responses to “I have given the conditions of my loan to the underwriters does that mean my loan has been approved?”

  1. klbythebay@sbcglobal.net on May 1st, 2009 6:05 pm

    I believe that it means you are a worthwhile prospect and theyare considering you.

    A better indicator would be what your score is if over 700 most likely yes, presuming your requested rates,terms are not unreasonable.

  2. lepr0kan on May 2nd, 2009 3:50 pm

    Currently your loan has a conditional approval, meaning that if you provided everything they need and it is as they expected those conditions will be reviewed and cleared by the underwriter and you’ll receive a final approval.
    Once these conditions are reviewed you’ll either receive a clear to close on the loan or possibly more conditions depending on if the underwriter has questions about what you just provided them. It’s a long process underwriting can take several days (or weeks depending on the lender) and then once you have conditions and send them back it usually takes about 2 days to recieve a response back. You should hear back from the underwriter tuesday, hopefully with a clear to close so you can stay on schedule and close next thursday.

  3. Sebastian S on May 3rd, 2009 4:37 pm

    Conditions are from the underwriter trying to make sure things stated on paper and appraisal are being taken care of or veryfied per lender.. so typically your missing copies of your bank statements and maybe you need the some sort of inspection or the certificate itself of an inspection. These are pre cursors to having a completed application, not having these could delay or negate the loan.

  4. tampabaycreditdoctor on May 6th, 2009 5:35 am

    If you have submitted all of the conditions that underwriting has asked for any they are acceptable, the underwriter will issue a CTC ( clear to close ) and your file will be sent to the closing department and final preparations will be made to get your loan closed.

    The flow of documents and paperwork since your loan application began will indicate whether or not it’s “last minute.” Many things happen during the process, and you may not know all that happens. It can seem that it drags on and on but once you reach the stage you now appear to be at, it can close in days or hours once you are cleared to close.

    Those are the important words.