You received the loan approval from the lender. Does this mean you are done, and that you can now go to closing? Not quite.
The loan approval is usually issued by the underwriter after the initial review of the file. It is usually a conditional approval listing conditions that need to be met prior to the loan being final approved and cleared for closing. For example: the underwriter may have found other addresses associated with your name. You will be asked to write a letter explaining whether you currently own those properties. If you don’t own them, then that condition will be met. Once all conditions are met, the underwriter will issue a final approval. The loan will be clear to close, and the loan documents will be prepared and sent to title.
You know you are on the right track when you receive the approval. Provide the conditions listed by the lender and you will be on your way to closing.
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