came back from the underwriters, and there ordering the appraisial, does that mean we got the loan?
2007-10-01 09:55:56 · 4 answers · asked by Leeanne 4 in Business & Finance ➔ Renting & Real Estate
There are 3 parts to a loan approval. The first one is you -- your credit. The second is the phyciality of the property -- the appraisal. The third is the right of transfer, -- the title work.
You probably have a conditional approval, meaning that if what you've told them about your income and assets is verifiable, AND the house is physically worth the amount of money you want to pay for it/borrow against it, AND the seller has the right to sell it or you have the right to encumber it, you'll get the loan.
Loans approvals are almost always conditional at first. It used to be that the income and assets were verified first, then the title and appraisal work were ordered. This took weeks. People want an immediate approval on a loan, and by making it conditioned on the information provided being true, we can give you a decision in 24 hours or so. There used to be loan committees that met weekly or monthly to make loan decisions together. Although there are still a few lender who do that, it's pretty rare.
2007-10-01 10:38:52 · answer #1 · answered by Debdeb 7 · 1⤊ 0⤋
It means the underwriters have approved it.
It does not mean they've verified the information off of your application yet. They'll still have to verifiy that your income is what was listed, that you have the amount of reserves you claimed, etc. They will also need the house to appraise for the value you estimated on the application.
Assuming that the application was filled out and inputted correctly, then you're almost done. They'll need to verify all the information, but as long as it's all accurate and true then you're all set.
2007-10-01 17:07:50 · answer #2 · answered by matzael 3 · 0⤊ 0⤋
Not yet.
It will depend on what the appraisal says and if all of your documentation can substantiate whats in the loan package.
Good Luck
2007-10-01 18:57:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, it means that you have passed a preliminary review and they are willing to take a chance on the property. They still have to verify all your info and check the title and value of the property.
2007-10-01 17:01:48 · answer #4 · answered by Patrick G 4 · 0⤊ 0⤋