Mortgage Conditionally Approved

Whatever that means. These updates are incomprehensible – they are purposefully written in legalese with exceptions a plenty. Oh well. still moving!

“Your loan has been approved with contingencies.* The mortgage underwriters decide whether or not to approve mortgage loans based on information provided in the loan application. The underwriter will verify income and employment information, review credit history and calculate the value of a borrower’s collateral and assets. They also ensure the property specification and loan terms meet financial institution requirements and government regulations. After reviewing your application the underwriter has approved your file contingent upon the receipt and satisfactory review of additional documentation or clarification of documentation currently in your file. * Based on the information submitted to Allen Tate Mortgage for review, additional documentation may be requested throughout the processing and underwriting of your loan application. *Your credit will be re-pulled prior to closing. Any additional debt, new accounts, or late payments may affect your loan resulting in either a delay in closing or denial of your loan application. It is very important not to open or incur any additional debt during your application process.”

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3 thoughts on “Mortgage Conditionally Approved

    • Totally! I don’t speak the mortgage dialect. The criminal defense dialect, all day long, but this stuff? Meh. I had to read it aloud several times. It just doesn’t make sense.

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