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Difference between a loan commitment and final loan approval?

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appexpress Joined: 04 Apr 2009 Posts: 3 2.38 Dollars($)	Posted: Sat Apr 04, 2009 11:50 pm    Post subject: Difference between a loan commitment and final loan approval Like 0 Dislike 0 Whats the difference between a loan commitment and final loan approval?
mtgfixit Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)	Posted: Wed Apr 15, 2009 6:20 am    Post subject: Like 0 Dislike 0 Appexpress, A loan commitment means that you are approved subject to the conditions listed on it, once they are met, and the underwriter signs off, you will then get a final loan approval which means you are clear to close just waiting on a time and date. If you are concerned that you are not approved or just unsure, ask your loan officer for a copy of the actual approval from the lender, not just a commitment letter from the company you are working with. _________________ Karla A. Sitko Sr. Mortgage Banker "Your Interest Is My Priority!" www.LowerMyMortgageRateNow.com

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