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Old 07-07-2014, 10:59 AM
 
13 posts, read 29,676 times
Reputation: 12

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I just logged into my mortgage loan account.

06/19 - it said Loan application received
06/20/14 - they sent me about 105 pages of stuff to read and sign.
07/07 it said Status update - Loan Status: Loan approved

Does this mean Approved-approved? or Approved with conditions. How would I know the difference....would it say "approved w/ conditions" if that was the case?
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Old 07-07-2014, 11:06 AM
 
12,973 posts, read 12,740,095 times
Reputation: 5419
Loans are always approved with conditions...whether written down or not. It is fully approved when the money changes hands.

Enjoy. That is as good as it gets.
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Old 07-07-2014, 09:31 PM
 
Location: MID ATLANTIC
7,724 posts, read 18,528,185 times
Reputation: 8382
Quote:
Originally Posted by Newhomehopeful View Post
I just logged into my mortgage loan account.

06/19 - it said Loan application received
06/20/14 - they sent me about 105 pages of stuff to read and sign.
07/07 it said Status update - Loan Status: Loan approved

Does this mean Approved-approved? or Approved with conditions. How would I know the difference....would it say "approved w/ conditions" if that was the case?
When do you close? Chances are, if you are buying new home, your approval is subject to updating your file and locking in your interest rate (with rate not to exceed "x").

I am betting games this is only round one.
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Old 07-08-2014, 05:38 AM
 
Location: Southern California
4,417 posts, read 5,268,770 times
Reputation: 2167
I bet there is some fine print clause giving the lender a way out. If for some reason someone doesn't perform a required task, your loan will not go through.
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Old 07-08-2014, 06:21 AM
 
13 posts, read 29,676 times
Reputation: 12
Quote:
Originally Posted by SmartMoney View Post
When do you close? Chances are, if you are buying new home, your approval is subject to updating your file and locking in your interest rate (with rate not to exceed "x").

I am betting games this is only round one.
Closing is supposedly set for 7/31
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Old 07-09-2014, 08:32 AM
 
Location: El Dorado Hills, CA
3,693 posts, read 8,307,015 times
Reputation: 3811
Ask your lender if there are any conditions and what those are. Sometimes it's just more documentation, but sometimes it's more complex.

You logged in to your account. Is there not a human you can talk to?
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Old 07-09-2014, 11:13 AM
 
Location: MID ATLANTIC
7,724 posts, read 18,528,185 times
Reputation: 8382
That "approval" can have so many different connotations. It could be a computer approval, it's could be an intial credit and employment screen. When the loan is approved, the lender should issue you a loan commitment, or, an approvall in writing - that's what you want.

Send your loan officer or processor an email that you noticed your file is showing approved and ask them to forward your loan commitment to you. IF YOU HAVE THE ABILITY TO SEND THIS REQUEST VIA THE WEBSITE: SEND IT THERE.

Those websites are used as the documentation log by many banks and is the borrower's best friend. If you send a stand alone email, print it to a pdf and upload it to the website. DOCUMENT, DOCUMENT, DOCUMENT!
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