Are you a Real Estate Agent? Do you know that 7 Days Loan Commitment will make your offers stand out of the rest and will make your buyers get under contract faster? Yes, as you might know, the Loan Commitment or Conditional Approval Letter from Underwriter is one of the most important steps we must obtain, we will see on this letter the list of the pending conditions from buyer in order to resubmit the loan for final revision and get the Clear to Close.
It is important to read and review a mortgage loan commitment letter, this is because your buyer may lose the deposit if you fail to understand when the loan commitment deadlines is and fail to request an extension of this period or terminate the contract after its due date.
What is next the Commitment Letter?
Once the underwriter decision letter has been received, we have entered in the final stage of the mortgage loan process. This letter is not a final approval; However, the lender would grant the loan if all conditions requested from underwriting are met and your buyer should be finally approved!
Is it the Loan Commitment Letter a Formal Document?
We can define a Commitment Letter as a formal and legally binding document that a lender issues to a loan applicant. The commitment letter indicates that a loan applicant has passed the various underwriting guidelines and that their loan agreement or mortgage note has been approved under conditions to meet.
Can I be denied after conditional approval letter?
Can a loan be denied after the Commitment Letter? Yes, a loan can be denied after receiving conditional approval decision. This usually happens when the borrower doesn’t provide the documents that are required or some circumstances change, for example, employment loss before closing. In addition, the loan may be denied if the borrower doesn’t meet the underwriting requirements.
If you’re really interested in getting results having your buyers under contract faster than ever and want to become a Realtor-Mortgage Pro, just give me a call, or send me a message thru my Contact Page and I’ll be ready to assist you and all your clients.