Buyer's Loan Approval
Minor celebration is appropriate!
This is when the buyers get approval for their mortgage! It differs from Pre-Approval mostly because the underwriting process is updated and "complete" - always with conditions. Like still having their jobs, money, same credit score and debts. And still being alive and capable of signing closing documents.
That's why it's just a minor celebration.
Oh, and the property needs to appraise for the contract price or better. The appraisal is likely already in the works by the time the buyer's loan approval arrives.
This is when the buyers get approval for their mortgage! It differs from Pre-Approval mostly because the underwriting process is updated and "complete" - always with conditions. Like still having their jobs, money, same credit score and debts. And still being alive and capable of signing closing documents.
That's why it's just a minor celebration.
Oh, and the property needs to appraise for the contract price or better. The appraisal is likely already in the works by the time the buyer's loan approval arrives.
