What is final loan approval?
The Final Home Stretch
Final loan approval is issued by your lender once the underwriter has reviewed your loan and all conditions have been met. During the loan process, you may have had to supply additional documentation to the lender such as income verification, bank statements, the appraisal, or other items. Once final loan approval is given, no additional documentation is needed at this point, your interest rate is locked in and the lender is ready to release the funding needed so that you may buy your home.
Closing Disclosure
The lender will issue a Closing Disclosure, after you have signed this document, the clock starts ticking as you have three days to review it. This Closing Disclosure will list deposits you have already made, such as the earnest money deposit, all of the fees incurred from all parties involved in this transaction, and that important question of knowing the amount of funds you will need to transfer. We will review that Closing Disclosure as well to make sure all those numbers are in line with where they are supposed to be and that you received all the credit that you are supposed to.
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