คอนโด ราคาถูก A lender will approve your mortgage loan after reviewing all your documentation you provided as well as the fair amount of compliance documents. After a couple of weeks of gathering the necessary paperwork your completed application is sent to the underwriter for your approval. The underwriter will approve your loan and your loan papers are sent to the closing department. Maybe. Perhaps there are just a few conditions.
Loan conditions are items that need to be addressed or explained in a mortgage application before the mortgage loan be completely approved. There are two types of conditions: underwriting and funding.
Underwriting conditions are things that need to be resolved before your loan papers can be drawn and sent to your closer. An underwriting condition is typically something that will determine whether or not your loan can be approved. For example, your credit report shows a collection account and the underwriter wants you to pay off the collection account as a condition of approving the mortgage loan. You contact the collection agency and pay off the collection account providing a "paid in full"
receipt to your lender.
You have just satisfied the loan condition and your loan documents can now be printed.
A funding condition is an item that, while important, is not as dramatic as an underwriting condition and more of a "paperwork" item. For instance, all loan files will typically require two most recent paycheck stubs covering 30 day period. If your loan has been at the lender for two or three weeks it's likely you're received another paycheck. A funding condition can be that you bring a copy of your most recent paycheck to the closing table in order to bring the loan into full compliance.
If you bring your paycheck stub to the closing table and the lender receives it, your loan will be completely approved and your mortgage funds will be transferred.
Loan conditions are found on almost every single mortgage loan. Some are more important than others but they all must be satisfied before the mortgage can be issued. Loan conditions actually help speed up the loan process instead of slowing it down waiting for one or two items to be presented.
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