Posted on: 04th Apr, 2009 11:50 pm
Whats the difference between a loan commitment and final loan approval?
Appexpress,
A loan commitment means that you are approved subject to the conditions listed on it, once they are met, and the underwriter signs off, you will then get a final loan approval which means you are clear to close just waiting on a time and date.
If you are concerned that you are not approved or just unsure, ask your loan officer for a copy of the actual approval from the lender, not just a commitment letter from the company you are working with.
A loan commitment means that you are approved subject to the conditions listed on it, once they are met, and the underwriter signs off, you will then get a final loan approval which means you are clear to close just waiting on a time and date.
If you are concerned that you are not approved or just unsure, ask your loan officer for a copy of the actual approval from the lender, not just a commitment letter from the company you are working with.