Our loan is approved? What does that mean?

[leahkline86]

Sorry for all the questions lately! We had a preapproval and are now under contract for our dream home! After a few weeks of continually supplying new paperwork to our loan officer (we are business owners, so it's a lot of information and proof they need), we got an email that our mortgage loan was "approved" today. What does this mean? They have not done an appraisal yet, so I imagine there are still a lot of steps left. We were called yesterday by a mortgage processer and had been told our file was being sent to underwriting as of yesterday. I know there is no way underwriting can be done in less than 24 hours. Haha, especially since there hasn't even been an appraisal! I'm so confused!

Any info would be great! I have no idea what to expect next.

[Imperfectfuture]

If you doubt the approval, call and confirm. Yes, the other steps come next, escrow, title insurance, appraisals, inspections. After everything is kosher, should get a clear to close, with or without conditions. After that, and everyone gets their moniez, closing date is set.

I kinda check into this prior to app, and in particular for the type of loan(s) I am doing.

Congrats, btw.

[Anonymous]

Underwriting can definitely be done in under 24 hours. It is likely you got an approval subject to the appraisal, and possibly other conditions. I'd call your lender and ask if there are any conditions to the approval.

[Anonymous]

Thank you all! I got another email this morning saying our file did in fact come out of underwriting with the approval. There were a couple of conditions, but all small paperwork things they need. It looks like everything else is just waiting for the appraisal and title work, then to closing! I had no idea it would be this smooth this time around! 

[DallasLoanGuy]

you likely have a conditional approval.  ask them for the conditions

uw in 24hrs?  done all of the time.