From Pre-Approval to Keys in Hand
Your pre-approval gave you the numbers you needed for house hunting, but now the mortgage process gets real.
Your Conditional Mortgage Approval happens when the lender reviews your financial details. While it doesn’t guarantee full approval, it’s a strong sign that everything looks good so far.
Once your information is fully verified and your loan amount and mortgage terms are confirmed, you’ll receive an Unconditional Mortgage Approval from your mortgage broker (make sure to ask for this in writing).
At this point, you can notify your realtor and lawyer to waive your financing condition. Phew, you’re almost there!
Your conditions
Financing Conditon
Complete your mortgage application. Conditional Approval is a sign to go forward with other conditions — but don’t waive this one until you receive Unconditional Approval
Home Inspection
Book your home inspection to occur after you receive conditional mortgage approval, but with enough time to go back to the seller if major problems are found.
Condo Docs (if applicable)
Again, conditional mortgage approval helps you to proceed to this review, which incurs a cost and may require time to react if issues are uncovered.
Conditional vs unconditional approval
Conditional Mortgage Approval happens when the lender reviews your financial details. While it doesn’t guarantee full approval, it’s a strong sign that everything looks good so far
Unconditional Mortgage Approval is granted by your mortgage broker once all your information has been fully verified and your loan amount and mortgage details are officially approved. Be sure to ask for a written confirmation of this approval.
What Can Interfere with Unconditional Approval?
- Your documents aren’t submitted on time.
- The loan amount you’ve requested exceeds what you can afford.
- A significant change in your job, debt, or credit happens after your pre-approval.
- Unforeseen issues with the property impact its value.