Approval means that you have successfully qualified for the
loan for which you applied. Having an approved loan application means you
can begin the closing process on the house.
You will receive a formal letter of approval, commonly called
a commitment letter, from the lender that guarantees in writing that they
will lend you a specific loan amount. It also details the conditions of
the loan.
The Letter Will Address:
The loan amount
Loan program and type
Term of loan (How many years you have to pay back the money)
Annual interest rate
Loan origination fee
Points that may be applicable to the loan
How long you have to complete the closing-related activities and transactions
Other costs (neighborhood association dues, special assessments,
etc.)
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If you live in the following states and would like to know more about a Mortgage Loan you should contact our Mortgage Loan specialist as soon as possible:
The information provided on Home Mortgage Loan, Inc. is not intended to be official legal, real estate, or
financial advice but merely conveys general information. Sitemap