Conditional Approval from Chase Bank?

[Anonymous]

Hello,

I am new to the mortgage process, so please bare with me...

I met with a loan officer on Saturday, 10-08, he did his process and gave me a prequalification letter to give to the realtor and I then signed a contract
for the house I want.  Today I was looking through all the paperwork and came across a Conditional Approval with someone elses name on the bottom of it, another Chase bank employees name, and it had a list of conditions.

What does this conditional approval mean, if anything?

Am I one major step closer to final approval?

My brain is fried over worrying about this stuff...

Thanks for reading...

[chasmith]

It's eactly what it says, the approval is conditional.

Is there anything on the list of conditions that's a problem?

This is the more like a prequalification than a pre-approval.    A preapproval means you're approved with the only conditions being the home meets the loan to value criteria, and is within the approval amount.

This means they took a quick look and think you qualify, subject to  the conditions stated and full underwriting of the loan.

[Anonymous]

Apparently not this;

                             "

This is the more like a prequalification than a pre-approval.    A preapproval means you're approved with the only conditions being the home meets the loan to value criteria, and is within the approval amount. This means they took a quick look and think you qualify, subject to  the conditions stated and full underwriting of the loan.

But this:

I spoke to my LO today and he said "At Chase if you get a Conditional Approval" you have already passed through Desktop Underwriting and well pass the PreQual step.

Already picked out the house, signed the contracts got all the paperwork required from the LO, GFE and stuff and he said within 10 business days I should be close to if not completed.

Thanks for replying though...