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What is conditional approval?

Conditional approval is a statement from a mortgage lender indicating a mortgage will get approved provided specific conditions are met at the time of closing. Conditional loan approval does not guarantee a mortgage will actually be approved.

What is a conditional mortgage approval?

A conditional mortgage approval means your underwriter – the person who works for your mortgage lender and determines whether you qualify for a loan – will likely approve your mortgage application as long as you meet certain conditions.

When does conditional approval come after preapproval?

It usually comes after preapproval but before you receive a mortgage approval letter. Keep in mind that getting conditionally approved doesn’t mean you’re guaranteed a mortgage. In some instances, not completing the lender’s conditions or having another issue arise could result in your home loan being denied.

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