There is often confusion regarding the difference between a pre-qualification letter and mortgage commitment letter. The two letters, although they sound similar, are completely different. If you are in need of a mortgage commitment letter, yet show up with your pre-qualification letter, you will not be able to secure the house that you want.
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The clear to close letter is essentially the letter of final approval. It means that any conditions that had to be met for the loan to move forward have been met, whether those conditions are from the buyer’s side or the lender’s side.
Mortgage Pre-Approval. A mortgage pre-approval is based on your credit report. The mortgage representative looks at your credit score and your credit history to see if there are problems that might keep your loan from being approved, such as a low score or recent late payments. If you meet the lender’s guidelines,
Real Estate: Pre-Approval Letter vs. a Loan Commitment?. This additional tool is often called a mortgage loan commitment. What’s the difference between a pre-approval letter and a loan.
A mortgage commitment letter is a document that your mortgage lender prepares after approving your home loan application. It informs you and the home sellers that you have a loan and can close on.
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What is the difference between a Preapproval Letter and a Loan Commitment Letter? May 14, 2013 by Rhonda porter 7 comments Last week I shared how it’s pretty much mandatory that if you are a home buyer making an offer on a home located in the greater Seattle area, you better be equipped with a strong preapproval letter from a reputable lender.
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In general: mortgage underwriting can take anywhere from a few days to a few weeks. Five to eight business days is probably a good average (from the time the underwriter receives the file, up until a final determination is made). In many cases, the underwriter will issue a conditional approval.