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What is preapproval vs conditional Approval terms you need to know. What's the difference between the two? Some first time buyers aren't clear on the meaning of these terms pre-approval and conditional approval. This video aims to give you a better understanding of these concepts. A preapproval in many cases is based on what the borrower prospect tell you and their credit report. Sometimes the loan prospect gives you inaccurate information which leads to false preapproval.

In the case of a preapproval, it's possible that the buyers have not signed an official Uniform Loan Application, and the Underwriter has not reviewed a file yet. On the other hand when you have been conditionally approved, it suggest that the borrower prospects have provided the necessary documentation to the lender, such as Pay Check Stubs, Tax Returns, Bank Statements, Utility Bills, and Asset Statements etc...

When applying for a mortgage one must first be preapproved before one can be conditionally approved. The conditional approval is the strongest of the two. Conditional approval means your loan has been approved pending receipt of sited conditions. Once a person has satisfied all conditions your mortgage loan can be scheduled for funding. A conditional loan approval suggest that an Underwriter has reviewed your loan file and has decided to conditionally proceed with the loan approval. Once all conditions have been satisfied your loan will be allowed to Fund and Close. Congratulations!


Timecodes
0:00 - Intro
0:26 - Preapproval and conditional what's the difference?
1:24 - Preapproval, Current Credit Report and what you tell the loan officer.
1:58 - Conditional approvals you have already provided lender with documents etc...
2:18 - with preapproval borrower may not have submitted most required documents.
3:05 - most loans are approved conditionally

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