What Are Mortgage Loan Conditions?
This is usually a formal written list of conditions a lender makes when it "approves a loan". The loan is actually a conditional approval, based on all the loan conditions being satisfied.
Different Kinds Of Mortgage Loan Conditions
Loan conditions come in two basic forms. They are:
-prior to documents
-prior to funding
Generally the more "prior to document" conditions are tougher to satisfy. These are the loan conditions a lender must have satisfied before they will send out the loan paperwork (documents) to be signed. If you do not satisfy these loan conditions you will not see any loan documents from the lender.
Prior to funding loan conditions are conditions that must be satisfied after you sign the loan documents but before the lender funds the loan. These are usually properly filled out documents, identification documentation, and other wrap-up types of items.
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Types of Mortgage Loan Conditions
Lenders can require many different loan conditions, including:
-proper written explanation of any credit issues
-copies of bank statements, income documentation and other paperwork
-explanation of employment gaps
-properly done appraisal
-explanation of why cash is being taken out for a refinance
Generally speaking the more you provide the lender upfront in terms of documentation the better off you are (if your loan is full documentation). When some lenders receive a "thin loan file" they may get concerned that they do not know enough about the borrower.
Many of these mortgage loan conditions are at the discretion of individual underwriters at the lender.
Some lenders have a much larger number of loan conditions than others. If you are working with someone in the industry such as a mortgage broker they should have a good feel for which lender may end up being the best for you.
Nearly everyone has loan conditions. It is not something particular to any one borrower. The lenders need to make sure all the loan legal documents and your supporting documentation is handled properly.
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