For those wanting some kind of guideline to getting a better mortgage than a pre-approval, the conditional approval may offer a solution. This approval type, which is a more detailed type of pre-qualification can be shared with a seller, and also lasts 90 days. The difference between the conditional and traditional pre-approval is that the commitment isn’t written. Instead, the commitment is delivered once the borrower’s employment and income have been verified, and the home appraisal has taken place. But experts warn that even this higher level of pre-qualification won’t provide as much leverage to a buyer as would an official pre-approval.
This entry was posted on Friday, January 17th, 2014 at 8:28 pm and is filed under Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.