Loan Approval
During your first meeting, your Loan Officer will help complete your loan application. After an in-file credit review has been completed, they will issue a pre-qualification letter.
The pre-qualification letter allows Classic to start your new home while the final loan approval is still pending.
You will also discuss what additional items may be needed for complete qualification to close the loan.
Timing
Several weeks after your first meeting with the Mortgage Company, you should receive loan approval. If any of the information requested has not been returned to the mortgage company in a timely manner, the time frame will be longer.
Please discuss any major purchases with your Loan Officer before purchasing the items.
Contingencies
Loan approvals sometimes carry "conditions of approval". The sale of a previous home or proof of funds are two typical examples.
Please be sure to discuss any concern you may have about such conditions with your Loan Officer and obtain any requested documentation as soon as possible.
Once all contingencies are met, final loan approval can be obtained.
Related
- Loan Processing — the verifications that precede approval.
- Design Studio Selections — note that Classic reserves the right to place a hold on your selections until your loan has been approved and all contingencies are released.